ONTARIO NEWS RELEASE: Ontario Supporting Over 1,000 Good-Paying Jobs in Life Science Sector

MISSISSAUGA — The Ontario government is supporting $61 million in investments by 11 local health technology companies through the Life Sciences Scale-Up Fund (LSSUF), as they expand production capacity and commercialize their Ontario-made health technologies to provincial and global markets. With the first round of funding now fully deployed, the LSSUF program has officially leveraged nearly $75 million in investment, supporting over 1,000 good-paying jobs across 14 projects.

“Ontario’s life sciences sector plays a critical role in supporting the discovery and development of innovative medicines and technologies, which is why our government is proud to support local companies as they take their Ontario-made products to the next level,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “We congratulate all the recipients of round one and look forward to seeing the renewed Life Sciences Scale-Up Fund further position Ontario as a leading jurisdiction for life sciences investment for generations to come.”

First launched in 2024, the $24 million LSSUF works in tandem with the government’s Health Innovation Pathway to advance the objectives of Phase 2 of Ontario’s Life Sciences Strategy and strengthen Ontario’s position as a global leader in health innovation.

Among the 11 fund recipients announced today was Baylis Medical Technologies, a leading manufacturer of medical devices for the interventional neurology and radiology sectors. With a $13.1 million investment, Baylis will advance the development of an innovative neurovascular access platform, as well as technologies that enable interventions for patients with chronic vessel occlusions, including those at risk of limb amputation. Supported by $2.5 million in funding through the LSSUF the project will help support 190 existing positions, while creating 25 new high-skilled jobs.

“Through the support of the LSSUF, we can accelerate the launch of our neurovascular access platform, which will help improve brain access for life‑saving neurovascular interventions, while expanding advanced manufacturing in Mississauga,” said Laura Conquergood, CEO of Baylis Medical Technologies. “We are proud to develop and commercialize world‑class medical technologies in Ontario and are grateful for the Ontario government’s continued support.”

To build on the momentum of the fund’s initial success, the 2026 Ontario Budget invested an additional $24 million dedicated to supporting Ontario companies whose work will accelerate the adoption of innovative technologies into the healthcare system and support the province’s broader vision to provide connected, convenient care closer to home. Applications for round two of the fund opened today and will be accepted until August 3, 2026.

By helping small and medium-sized Ontario companies scale, commercialize their health innovations and build domestic manufacturing capacity, the government is strengthening Ontario’s leadership in the life sciences and advancing next-generation technologies across the health-care supply chain.