ONTARIO INVESTING $5 MILLION TO STRENGTHEN PROVINCE’S POSITION AS A GLOBAL
LEADER IN LIFE SCIENCES
Life Sciences Innovation Fund will help 10 companies create good-paying jobs and
commercialize innovative medical technologies
May 11, 2026
Ministry of Economic Development, Job Creation and TradeTORONTO — The Ontario government is investing $5 million through the fourth
round of the province’s Life Sciences Innovation Fund(LSIF) to help 10 companies develop and launch made-in-Ontario medical
technologies, create good-paying jobs and strengthen Ontario’s position as a
global leader in the industry. Advancing the goals of Ontario’s Life Sciences
Strategy, the LSIF helps companies across the province turn breakthrough
discoveries and prototypes into real-world health solutions and unlock new
commercial opportunities to bring innovative Ontario-made medical technologies
to market, from AI-enabled diagnostics to next-generation drug discovery and
advanced biomaterials.
“Through strategic investments like the Life Sciences Innovation Fund, our
government is advancing Ontario’s leadership in this vital sector by
accelerating the path to market for made-in-Ontario technologies,” said Vic
Fedeli, Minister of Economic Development, Job Creation and Trade. “This latest
round of recipients demonstrates the strength of the province’s innovation
pipeline and sends a clear signal that the breakthroughs of the future will be
developed, commercialized and scaled right here in Ontario, by Ontario workers.”
The following companies will each receive up to $500,000 to help grow their
businesses, commercialize their technologies and create local jobs:
* Esphera SynBio Inc.
,
located in Ottawa and Hamilton, is an in vivo engineering company developing
its next-generation ExoGen™ platform to create in vivo immunotherapeutics for
cancer and chronic disease.
* Kare Chemical Technologies
,
located in Mississauga, is a pharmaceutical manufacturer developing a
patented platform to produce non-psychoactive therapeutic alternatives to
opioids for pain management, obesity and neurodegenerative diseases.
* Myomar Molecular Inc.
,
located in Sudbury, is a health technology company transforming muscle health
management by developing the first non-invasive, urine-based test to monitor
muscle degeneration.
* MyStoria Inc.
,
located in Kitchener, is a digital health company building a care
coordination platform to help patients organize medical records and navigate
reproductive healthcare.
* mDETECT Inc.
,
located in Kingston, has developed next-generation DNA-methylation liquid
biopsy technology to support earlier, more accurate detection and ongoing
management of metastatic cancers including lung, breast and prostate cancers.
* NodeAI
,
located in Hamilton, is a health technology company developing an AI-powered
platform to help clinicians identify lymph nodes, predict malignancy and
improve biopsy guidance to better inform treatment decisions and patient
outcomes.
* ScriptRunner Innovations Inc.
,
located in King City, is building AI-powered infrastructure for modern
pharmacy delivery, enabling pharmacies to improve patient care through
streamlined operations and an Amazon-like prescription delivery experience.
* Stoked Bio
,
located in Hamilton, is a biotechnology company harnessing machine learning
in a proprietary, biology-first process to discover novel therapeutics to
treat drug-resistant diseases such as infections, microbiome-related
conditions, cancers and Parkinson’s Disease.
* Synakis Corp.
,
located in Toronto, is a biotechnology company developing breakthrough ocular
disease solutions to enhance the quality of life for retinal disease,
detachment and glaucoma.
* Synmedix
,
located in Hamilton, is a biotechnology company developing a new generation
of antibiotic therapies that effectively treat serious drug-resistant
infections while preserving the health of the microbiome.
To date, LSIF has generated nearly $63 million in private-sector co-investments
while creating and retaining almost 1,400 good-paying jobs, supporting the
government’s plan to protect Ontario and build a more competitive, resilient and
self-reliant economy at a time of growing global uncertainty.
“Ontario has the research strength, talent and entrepreneurial drive to lead in
life sciences and LSIF is helping turn that advantage into real-world impact,”
said Claudia Krywiak, President and CEO of the Ontario Centre of Innovation. “By
connecting capital with breakthrough innovation, we are accelerating
commercialization, strengthening our domestic supply chains and ensuring that
Ontario-made solutions reach patients and markets around the world.”
Building on the success of the LSIF’s initial launch in 2022, the 2025 Ontario
Budget: A Plan to Protect Ontarioincluded an additional $15 million investment over the next three years to renew
the fund. By fostering the conditions for companies to innovate and compete in
the global market, the government is reinforcing the province’s position as a
global biomanufacturing and life sciences hub and building the strongest, most
resilient and self-reliant economy in the G7.
QUICK FACTS
* LSIF is an important contributor to achieving the goals set out in the
government’s life sciences strategy – Taking Life Sciences to the Next Level
,
to solidify Ontario as a global biomanufacturing and life sciences hub.
* Delivered by the Ontario Centre of Innovation (OCI)
,
LSIF supports Ontario-based early-stage companies as they develop and
commercialize new life sciences and health technologies.
* Over the past three years, LSIF has delivered measurable economic impact,
generating $77.5 million in incremental sales and attracting $82.8 million in
follow-on investment.
* Ontario is home to the largest life sciences jurisdiction in Canada,
employing more than 74,000 people in good-paying jobs across close to 2,000
companies, with annual exports exceeding $11.8 billion.
* Ontario’s life sciences sector generated over $86.6 billion in revenue in
2024.
* Ontario produces more than 94,000 STEM graduates annually, strengthening the
province’s ability to attract investment and support growth across life
sciences, biomanufacturing and health technology.
QUOTES
“It takes a village to turn ideas to inventions to innovations — at Synakis, we
are thrilled to be part of the LSIF community where we can bring our expertise
in science and engineering together with those of our colleagues in translation
and commercialization to build a great Canadian biotechnology company here in
Toronto.”
– Molly S. Shoichet
Co-founder, Synakis
“Through the Life Sciences Innovation Fund, our government is empowering Ontario
companies to turn breakthrough discoveries into real-world health solutions that
benefit patients and communities. This investment will help advance cutting-edge
technologies, from AI-enabled diagnostics to next-generation drug discovery and
advanced biomaterials, while strengthening Ontario’s leadership in life sciences
and creating good-paying jobs.”
– Michelle Cooper
MPP for Eglinton-Lawrence
ADDITIONAL RESOURCES
* Taking Life Sciences to the Next Level
* Life Sciences Innovation Fund
* 2026 Ontario Budget: A Plan to Protect Ontario
