Government of Canada Invests in Innovative Medical Technology in Toronto

Toronto, Ontario—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).

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"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.

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"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 click here or call 1-866-593-5505. As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.

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