The Federal Economic Development Agency for Southern Ontario has made a C$900K investment in Colibri Technologies Inc., a Toronto-based developer of technologies focused on improving patient quality of life, reducing healthcare costs and enabling better treatment options for large patient populations. The investment facilitated an additional C$1.8 million in funding for the company from angel group Omega Star.
Colibri Technologies Inc. will receive an investment to develop and commercialize its specialized medical catheter imaging systems. The funding was announced today at the company’s Toronto office by Joe Daniel, Member of Parliament for Don Valley East, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
“Our government continues to focus on innovation, small businesses and growth,” said MP Daniel. “With support for companies like Colibri Technologies, we boost private sector investment to create jobs and meet the growing demand for high-quality, affordable healthcare solutions in Canadian and international markets.”
Under FedDev Ontario’s Investing in Business Innovation initiative, Colibri Technologies Inc. will receive up to $900,000 to complete development and commercialize its catheter imaging systems for use in cardiovascular procedures. This project will enable Colibri to meet the increasing demand for instruments that produce the higher quality real-time images needed for minimally invasive procedures. With the introduction 3D imaging, Colibri’s imaging systems will result in significant improvements to patient outcomes with shorter procedure times and reduced costs. The company expects to create up to 17 highly skilled, full-time jobs in the Toronto area during project activities with an additional 130 jobs by 2016.
“Colibri’s mission is to provide technologies that will make minimally invasive procedures safer, faster and more affordable,” said Brian Courtney, CEO of Colibri Technologies Inc. “As the volume and breadth of minimally invasive procedures continue to grow in cardiovascular and other areas of medicine, our products will be ideally positioned to address these demands, while having a positive impact on patients worldwide.”
The success of the Investing in Business Innovation initiative relies on leveraging capital from venture capital and angel investors. FedDev Ontario funding for this project has allowed the company to attract up to $1.8 million of investment from Omega Star, an angel investor group registered with the Network of Angel Organizations – Ontario.
For more information on this project and the Investing in Business Innovation initiative, please refer to the backgrounder.
Investing in Business Innovation is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. The Government of Canada is focusing on a portfolio of early-stage businesses that are recognized by the investor community as having the potential for high-growth and a net long-term economic benefit for southern Ontario. The investor community includes accredited angel investors from recognized angel investor networks in southern Ontario registered with the Network of Angel Organizations – Ontario and venture capital providers who are members of Canada’s Venture Capital & Private Equity Association.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region’s strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region’s businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
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This news release is available online at: www.FedDevOntario.gc.ca.
CONTRIBUTION TO COLIBRI TECHNOLOGIES INC.
Based in Toronto, Colibri Technologies Inc. was established in 2007 with technology licensed from Sunnybrook Health Sciences Centre. The company is developing specialized catheter imaging systems used in a broad range of cardiovascular procedures.
These imaging systems allow diagnostic procedures (such as pressure measurement and sample collection) and surgical treatments (such as heart valve replacements) to be performed inside the heart and blood vessels using minimally invasive methods. This emerging technique is commonly referred to as the “keyhole” method because of the small openings needed to accommodate the instruments. The keyhole method significantly improves patient outcomes because the procedure time, risk and recovery are reduced in comparison with open surgery.
Colibri’s catheter imaging systems will provide high-quality, real-time images not available from existing systems. Better quality images allow physicians to more effectively visualize the anatomy of the heart and blood vessels for the delicate maneuvering required by these procedures. The company is currently developing two catheter imaging systems. One system offers 3D ultrasound imaging capabilities in real-time, a significant advancement over the two-dimensional imaging currently available. The other imaging system currently in development by Colibri combines two previously separate imaging technologies in one catheter tube, simultaneously providing the benefits of both ultrasound and optical imaging in a single procedure.
FedDev Ontario, through its Investing in Business Innovation initiative, is providing Colibri with a repayable contribution of up to $900,000 to help develop and commercialize its catheter imaging systems. Funding from FedDev Ontario has allowed the company to attract up to $1.8 million of investment from Omega Star, an angel investor group registered with the Network of Angel Organizations – Ontario.
The company expects to create up to 17 highly skilled, full-time jobs in the Toronto area during project activities, with an additional 130 jobs by 2016. Making use of local talent and providing additional training to the highly qualified personnel are priorities for Colibri. This project will support the company’s goal of greatly expanding its research, development, and manufacturing capacity in Canada.
Investing in Business Innovation
Investing in Business Innovation provides improved access to financing for start-up businesses, boosts private sector investment in start-up businesses, and helps accelerate the research and the development of new products and ideas and bring them to the marketplace.
The initiative addresses the development and commercialization challenges faced by start-up businesses in southern Ontario by helping them to obtain angel and venture capital investments in the development of their business.
For more information, please refer to www.FedDevOntario.gc.ca.
Office of the Honourable Gary Goodyear
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