The HTX 2011-2012 Annual Report is Now Available

TORONTO, Nov. 9, 2012 /CNW/ - HTX announces that its Annual Report for the year-ended March 31, 2012 is now available on the HTX website at www.htx.ca. 2011 marked a year of execution and achievement for HTX in delivering on its promise of advancing the commercialization of Ontario-developed medical technologies (MedTech) that improve the cost-effectiveness of healthcare while creating high value jobs and global exports.

Launched in the spring of 2010, the Health Technology Commercialization Program (HTCP) completed its second year of operation in March 2012.  The HTCP strengthens Ontario's medical technology cluster through matching fund projects that accelerate the commercialization of market-leading, next-generation medical technologies. To date, HTX has completed financing agreements with 26 companies representing a wide spectrum of Ontario-developed medical technologies that address unmet clinical needs and improve the cost effectiveness of healthcare delivery.

Highlights from the year ended March 31, 2012 include the following:

• Attracting matching investment to emerging Ontario MedTech companies: At the end of the fiscal year, 21 projects were active with a further 5 approved for funding. HTCP's total allocation of $10.6 M has attracted $39.5 M of matching investments. A detailed listing of HTX's financing portfolio is provided in the Annual Report.

• HTX funding attracts subsequent private investment:  HTX-funded companies have gone on to raise an additional $19 M in venture capital and angel financing.

• Creating jobs in the MedTech sector: Operation of HTCP has created 82 jobs to date directly through HTCP projects and the Program is on track to meet its objective of creating more than 650 job-years over the 5 year life of the Program.

• A year of innovation for GE's Pathology Innovation Center of Excellence (PICOE):  Through the Ontario Flagship Program, HTX is providing $2.25 M towards the $17.2 M PICOE initiative, GE's global center of excellence in digital pathology. In its first year of operations, PICOE, together with its collaborators including the University Health Network and the Center for Imaging Technology Commercialization (CImTec), have made significant advancements in product development, clinical validation, and digital pathology systems integration and deployment. PICOE has hired 8 employees over the year with more hires to come as the center expands its activities and projects.

John Soloninka, HTX's President and CEO commented, "I am very pleased with the success of the HTCP to date.  We have enabled Ontario Medtech companies to generate high quality jobs while de-risking their technologies and business models.  Our goal is to prepare Medtech SMEs for follow-on financing and success in Global markets…and it is working."

"Many thanks go to the HTX team who successfully ran the program and allocated funding 2 years ahead of schedule with a reduced staff and under budget. With faster deployment of capital we hope to achieve our outcomes faster so that we are able to raise additional funding to further support the growth of Ontario's med tech sector and build upon the great momentum we have created."

About HTX
From Invention, through Innovation to International Invoice, HTX supports emerging and established Ontario-based companies to develop, produce and commercialize innovative market leading advanced health technologies. Through the Health Technology Commercialization Program (HTCP) and HTX's MedTech ecosystem support activities, HTX continues to be the leading resource and catalyst for accelerating the growth of Ontario's MedTech industry, and enhancing Canada's position as a global leader in commercializing innovative medical technologies. For more information about the Health Technology Commercialization Program, please visit www.htx.ca.  HTX is supported by the Province of Ontario and is a member of the provincially funded Ontario Network of Excellence - a network of organizations that help entrepreneurs turn innovative ideas into jobs.

SOURCE: htx.ca - the Health Technology Exchange (HTX)

Norman Pyo, Senior Director of Business Development, HTX
[email protected]
647-258-0381 x226