Baylis Medical Partners with Sunnybrook Health Sciences Centre and The University of Waterloo
TORONTO, April 21 /CNW/ - HTX today announced it is providing $248,750 in financing to Baylis Medical Company, a developer of innovative cardiology, endovascular, pain management, and orthopaedic devices. HTX financing will support the final development of a novel surgical device, including research-based evidence, enabling worldwide regulatory submissions, sales and marketing of the device.
"This minimally invasive device positions Baylis Medical well to address a growing market need and has the potential to create several high-quality jobs in product development, engineering, sales and marketing over the next few years," said Frank Baylis, President of Baylis Medical.
Baylis Medical will be partnering with Sunnybrook Health Sciences Centre and The University of Waterloo for field evaluation and device refinement in clinical models. Sunnybrook will be performing imaging studies of the implanted device as well as histological examination of tissues post-implantation. The University of Waterloo will be examining the impact of the device on mechanical behaviour of the relevant tissues and examine various injury mechanisms leading to device intervention. Both institutions are leveraging their expertise as clinical centres and educational leaders within the partnership.
"Baylis is a great example of an established, Ontario medtech company benefiting from investment in medical technology research. Although HTX invests mostly in early stage companies, and multinational commercialization partnerships, there is a large, untapped resource of established Ontario medtech companies that could benefit from increased R&D investment to expand their businesses and revenues. Baylis has focused on an important market need, and we look forward to watching the trajectory of this device towards global markets," said John Soloninka, President & CEO of HTX.
About Baylis Medical Company (www.baylismedical.com)
Baylis is a leading developer, manufacturer and supplier of high-technology medical devices for chronic pain management, interventional cardiology, endovascular, and orthopaedics. Founded in 1986 in Montreal, Quebec, Baylis has grown to have offices across Canada as well as in the United Kingdom and Asia. The company's research, development and manufacturing departments are located in Mississauga, Ontario. Baylis presently employs over 130 staff and markets its products in over 60 countries. Baylis Medical's vision is to bring to market state-of-the-art medical products that will improve the lives of people around the world.
About HTX (www.htx.ca)
From Invention through to Innovation to International Invoice, HTX supports emerging and established Ontario-based companies to develop, produce and commercialize innovative market-leading advanced health technologies. HTX is funded by the Government of Ontario through the Ministry of Research and Innovation. For more information about the Health Technology Commercialization Program, please visit www.htx.ca. HTX is a member of the Ontario Network of Excellence (oneinnovation.ca).
For further information:
Marcelle Mundle,
Marketing and Communications Manager,
mmundle@htx.ca
647-258-0381
647-258-0381