H|T: The Healthtech Times – BC’s Kardium secures $143M CAD for heart treatment

Plus: Telehealth execs charged with fraud.

Welcome to H|T: The Healthtech Times, covering healthtech news from Canada and around the globe.

Kardium secures $143 million CAD to help bring irregular heartbeat treatment to market

Burnaby, BC-based medical device company Kardium has secured $143 million CAD ($104 million USD) for its Globe Mapping and Ablation System, a device meant to treat an abnormal heart rhythm called atrial fibrillation.

Kardium said the new financing will allow it to complete a clinical study needed to obtain regulatory approvals for the Globe System. The funding will also help grow its manufacturing team and capacity, as well as build a clinical support and commercial team to prepare for Globe System’s commercial launch.


Telehealth startup Done’s CEO and clinical president arrested, charged with fraud

The CEO and clinical president of telehealth startup Done have been arrested and charged with fraud, accused by federal authorities of participating in a scheme to distribute Adderall online.

The two executives were charged with conspiring to commit healthcare fraud in connection with the submission of false and fraudulent claims for reimbursement for Adderall and other stimulants, the DOJ said.

Done marketed itself as a membership-based platform that connects patients seeking treatment for attention-deficit hyperactivity disorder with qualified clinicians.

(Fierce Healthcare)

Parliament sets the stage to enact capital gains tax changes

The House of Commons passed a motion Tuesday that will bring forth legislation on proposed changes to capital gains tax measures, with 208 MPs voting in favour of and 118 voting against the motion.

Deputy Prime Minister Chrystia Freeland introduced the ways and means motion to Parliament on Monday, a 59-page document outlining draft legislation to increase the capital gains tax inclusion rate from 50 percent to 66 percent beginning June 25.


Would you trust a surgeon trained with AI? CHEO and Carleton developing cutting-edge simulator

Studies have shown health-care professionals believe there are gaps or deficiencies in laparoscopic training, however. During the COVID pandemic, the need for surgical supervisors became particularly acute.

Surgeons Ahmed Nasr, a division chief at CHEO, eastern Ontario’s children’s hospital in Ottawa, and Georges Azzie, a program director at Toronto’s SickKids, began to brainstorm a solution.

They partnered with biomedical engineering students at Ottawa’s Carleton University to develop a laparoscopic simulator that uses artificial intelligence to assess the progress of surgical trainees.


The BetaKit Guide: Collision Week 2024

Last week, BetaKit learned Vancouver has an agreement with Collision parent company Web Summit to bring a rebranded version of the major North American technology conference to the West Coast in 2025.

For those ready to make the most of the last ever Collision conference in Toronto, kicking off on June 17, BetaKit will remain your go-to source for breaking news and conference insights.

In the meantime, we’ve created The BetaKit Guide: Collision Week 2024, presented by Interac.

The BetaKit Guide outlines the most anticipated speakers, recommendations for side parties and local hot spots, as well as tips for getting around, all provided by you, our readers.


23andMe data breach under investigation in UK and Canada

Privacy authorities in Canada and the United Kingdom have launched a joint investigation to assess the scope of sensitive customer information exposed in last year’s 23andMe data breach.

The Privacy Commissioner of Canada and The Information Commissioner’s Office will also look into whether the company had adequate safeguards to secure customer data stored on its systems.

The joint investigation will also examine if 23andMe alerted affected individuals and the privacy regulators as required by Canadian and UK privacy and data protection laws.


Michelle McBane knows how to play the long game

It’s fitting that Michelle McBane’s first foray into venture capital was a bet that paid off.

Her journey in the space began as a short term assignment, when she was seconded by her employer to Primaxis Technology Ventures, one of its early-stage investments.

“As far as the idea that you put $1 in here and you’re going to get $2 back out, these companies aren’t at that point at all, and I like that early-stage gray area,” she said.


Vancouver Startup Signalytic Wins Top Prize at This Year’s Okanagan Angel Summit Finale

After eight weeks of pitches, due diligence, and training, a winner of the Okanagan Angel Summit competition has been crowned.

Nico Christofi, chief executive officer of Vancouver-based Signalytic, took home a $195,000 investment fund prize.

Christofi’s company Signalytic is in the business of empowering rural regions with digital-forward healthcare.

“We’re bringing digitally invisible communities online with a low-cost infrastructure for national drug stock data management,” reads a snippet from the startup’s website.


A match made by AI

The pitch to the recruiter was compelling.

No, the candidate didn’t have five years of experience, which had been listed as a prerequisite for the position. They did, however, boast comparable skills and relative experience within their four years of work history.

And they were actively looking for a role, unlike many of the others who would appear to be qualified candidates.

In short, this was not someone who should be overlooked. At least, according to AI.


MIMOSA Raises Capital, Launches in US

MIMOSA Diagnostics, the Halifax- and Toronto-based maker of a medical device for non-invasively assessing tissue health, has raised an undisclosed funding round as it launches in its beachhead market, the United States.

Chief Executive Dr. Karen Cross said in an interview that the money from the funding round will go towards scaling the organization as it commercializes its product. This will involve hiring another 15 to 20 people in Canada, in addition to new, United States-based employees and the 11 who already work at MIMOSA.


Medical Data Firm Tempus AI Raises $410.7 Million in IPO

Tempus AI Inc., a technology platform company using artificial intelligence to process medical data, priced its initial public offering at the top of a marketed range to raise $410.7 million.

Joining a rush of companies going public while touting their AI credentials, Tempus sold 11.1 million shares for $37 each after offering them for $35 to $37.

(BNN Bloomberg)

Feature image courtesy Piron Guillaume via Unsplash.

Alex Riehl

Alex Riehl

Alex Riehl is a staff writer and newsletter curator at BetaKit with a Bachelor of Journalism from Carleton University. He's interested in tech, gaming, and sports. You can find out more about him at alexriehl.com or @RiehlAlex99 on Twitter.

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