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The Ontario government is providing more than $1 million to help two companies in Sudbury develop new treatments, devices and technologies to support the health sciences sector. The funding will be delivered through the Northern Ontario Heritage Fund Corporation (NOHFC) and create eight new jobs.
“Supporting the health sciences sector across Northern Ontario is an important part of our government’s plan to create more jobs and economic development in the North,” said Parliamentary Assistant Dave Smith, on behalf of Greg Rickford, Minister of Energy, Northern Development and Mines. “With these investments, we are supporting the growth of cutting-edge technologies and enhancing patient care across Ontario and beyond.”
FloSonics Medical is receiving $975,000 to develop and commercialize FloPatch – a non-invasive product that monitors patient vitals and fluids and provides instant feedback to clinicians. It will also develop a learning database for FloPatch to better analyze data collected, transforming it from a monitoring device to a predictive diagnostic device.
Medicor Research is receiving $127,174 to expand its offices and diversify its service line by conducting academic research to support the development of new treatments, devices and technologies. Medicor manages clinical research studies for physicians that improve patient health.
“Flosonics Medical is very pleased to receive support from NOHFC for the pilot and commercialization efforts of FloPatch – the world’s first wireless, wearable blood flow monitor using Doppler ultrasound,” said Andrew Eibl, COO, Flosonics Medical. “This support will also aid Flosonics Medical in developing the world’s largest Doppler blood flow database in order to train artificial intelligence algorithms to detect unique patterns of cardiovascular disease through the ‘blood flow fingerprint’.”
“Thanks to NOHFC’s Business Expansion program, we are upgrading our facilities in a new space,” said Barbara Ward-Dagnon, CEO, Medicor Research. “We finally have room to grow and within the first year of our expansion, we are experiencing a substantial revenue increase, allowing us to create three new full-time jobs. NOHFC is an amazing partner for SMEs and we are proud to work with them to create economic growth in Northern Ontario.”
The NOHFC promotes economic development across Northern Ontario by providing financial assistance to projects – big and small, rural and urban – that stimulate growth, job creation and skilled workforce development. Since June 2018, the NOHFC has invested more than $193 million in 1,386 projects in Northern Ontario, leveraging more than $748 million in investment and creating or sustaining 3,912 jobs.
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