Retnia will be able to develop and market a first-generation ocular diagnostic tool

The Government of Canada awards $200,000 in funding to the Québec City business

QUÉBEC CITY, Aug. 1, 2018 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

In order to create and market innovative products, businesses need to be able to rely on adequate resources. To this end, the Government of Canada is committed to supporting innovative Canadian businesses. A driving force of the economy, innovation is the key to success because it generates growth that benefits both businesses and communities.

Joël Lightbound, Member of Parliament for Louis-Hébert and Parliamentary Secretary to the Minister of Finance, announced that the highly innovative company Retnia Inc. would receive $200,000 in financial assistance, in the form of a repayable contribution, to support its startup and the marketing of its first-generation ocular diagnostic tool.

Created in 2012, Retnia is an internationally renowned startup company that is developing a non-invasive ocular oximetry tool for eye-care professionals. The aim of the tool is to improve the prevention, diagnosis and treatment of ocular diseases such as glaucoma and diabetic retinopathy. Retnia owns the intellectual property needed to market the tool.

The funding provided under CED's Quebec Economic Development Program will cover all of the project activities and costs, including the development of prototype demonstrators and promotional tools and the organization of commercial prospecting meetings.

Quotes

"The Government of Canada is focusing on businesses' innovative capacity and expansion plans to support economic growth in Canada. By assisting Retnia, we are providing an impetus for the development of this SME, which has made resourcefulness the cornerstone of its business plan. I am pleased with CED's financial support as it will allow this young company, which has a clear vision, to go ahead with its projects."

Joël Lightbound, MP for Louis-Hébert and Parliamentary Secretary to the Minister of Finance

"With its Innovation and Skills Plan, the Government of Canada has introduced an ambitious approach to supporting innovative Canadian businesses that are coming up with new ways of creating value, and which are looking to capture new markets. This represents a firm commitment to the creation of sustainable jobs and to the prosperity of the community."

The Honourable Navdeep Bains, Minister responsible for CED

"We are entering into a very exciting phase in the development of our business. The upcoming commercialization of our tool represents a significant milestone for Retnia and a major breakthrough for eye‑care professionals and their patients. The Government of Canada's support will allow us to go ahead with our most inspired projects."

Patrick Sauvageau, President, CEO and founder of Retnia Inc.

Quick facts

• CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
• This year marks the 50th anniversary of federal regional economic development in Quebec: half a century of concrete action dedicated to the development of the regions and local businesses.
• For more information on CED and its priorities, consult the 2018–2019 Departmental Plan or visit www.dec-ced.gc.ca.

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SOURCE Canada Economic Development for Quebec Regions

For further information: Media Relations, Canada Economic Development for Quebec Regions, Tel.: [phone], Email: [email protected]