Last week, the federal government announced about $5.6 million in funding for Alberta institutions developing medical technologies.
The announcement made by Jim Carr, the special advisor for the Prairies, on behalf of the Mélanie Joly, the minister of economic development and the minister responsible for Western Economic Diversification Canada, reported that the money would specifically be given to 2 companies and 2 non-profit organizations who support businesses.
Circle Cardiovascular Imaging, a Calgary-based health technology company, will receive about $2.65 million to develop and commercialize new products that help physicians accurately diagnose complex cardiovascular diseases, including diagnostic tools integrated with artificial intelligence. This money from Western Economic Diversification will be repayable.
Kent Imaging, another health technology company based in Calgary, will receive $1.75 million, also repayable funding from Western Economic Diversification. They plan to use this money to enhance its medical imaging devices to further support wound care clinicians and vascular surgeons in assessing patient tissue health and quickly determining the required level of treatment.
This is in addition to $1.13 million in federal funding the company received in 2018.
Health City, an Edmonton-based not-for-profit organization, will receive $200,000 to teach 12 digital technology companies to integrate their products into regional healthcare information technology systems.
Finally, The Institute of Health Economics, another Edmonton-based not-for-profit organization, will receive $953,250 over 3 years to support 30 health companies in Western Canada with customized economic analysis. This support will include providing product analysis and enabling clinical testing, which will help companies develop and commercialize innovative products faster. Up to 20 products may be developed for market through this initiative.
In total, 44 health and technology companies could benefit from this funding.