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17 July 2017

Ontario provides spinout funding

Two spinouts have secured funding from the Fight Against Cancer Innovation Trust’s Prospects Oncology Fund.

Author: Sam Shaw, reporter

The Fight Against Cancer Innovation Trust (Facit) has invested $375,000 in spinouts from Canadian universities through its Prospects Oncology Fund.

Radialis Medical, spun out of Lakehead University and KA Imaging from University of Waterloo have received investment from Facit.

DNAstack, an affiliate of the Beacon and Matchmaker exchange projects of the international genomics research coalition Global Alliance for Genomics & Health, is also among the recipients.

Facit was set up by the Ontario Institute for Cancer Research to accelerate oncology startups.

Radialis Medical is working on a faster, more sensitive and more comfortable mammography imaging system designed to improve detection and treatment of pre-invasive breast cancer.

KT Imaging is developing a new type of X-ray panel, claiming bring down costs and levels of radiation in traditional CT scans used to screen for lung cancer.

DNAStack is a cloud-based data management and administration platform specialising in genomics.

The funding will be used to take the three Ontario-based companies to proof-of-concept stage.

David O’Neill, vice-president business development at Facit, said: “We are thrilled to partner these Ontario entrepreneurs and their oncology medical innovations through the Prospects Oncology Fund.

“Through access to risk capital, these exciting technologies can now accelerate their path toward commercial validation. 

“Congratulations to all the strong applicants and in particular these awardees in their fight against cancer.”

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