H|T: The Healthtech Times – Canadian pharmaceutical research spending dropped in 2022

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Plus: Myanmar Molecular seeks Health Canada approval.

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Big Pharma’s research spending in Canada declined in 2022, despite federal push

Despite the federal government’s major pandemic-driven investments in rebuilding Canada’s pharmaceutical industry, drug companies spent less on research in Canada in 2022 than they did the year before.

The industry says Canada needs more coordinated policy and “reasonable, predictable and stable” price regulations to make pharma companies really want to work here.

(The Logic)


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Medical sharing platform Figure 1 acquired by Physician’s Weekly

Toronto-based healthtech startup Figure 1, which has developed a collaboration platform for healthcare professionals, has been acquired by Physician’s Weekly for an undisclosed amount.

Founded in 2012, Figure 1 has developed a software platform that allows healthcare professionals to view, discuss, and share medical cases with a goal of improving patient outcomes.


Peter Thiel resigns from AbCellera’s board

The Vancouver-based biotech company said Thiel, one of Silicon Valley’s highest-profile investors, will vacate his seat for personal reasons as of March 7 after serving since November 2020.

Thiel, an AbCellera investor, said in a statement that the company “continues to expand the frontier of biotech, a nefariously difficult and vital yield.”

(The Logic)

Four Canadian companies selected to Comcast SportsTech Accelerator

Four Canadian tech startups have been selected to join Comcast NBCUniversal’s 2024 SportsTech Accelerator.

Vancouver-based startup Plantiga has been selected for the cohort. It provides an AI-powered sensor insole for athletes’ shoes and a supporting software platform. The sensor can detect and measure the effect of walking, running, and jumping on an athlete, providing data-based insights that can help with injury prevention and performance analysis.

The program gives companies access to mentors from sports brands such as the Premier League, PGA TOUR, NASCAR, and NBC Sports.


ViVE 2024: Veradigm buys ScienceIO in $140M deal to build out healthcare AI solutions

Healthcare data and tech company Veradigm is picking up ScienceIO in a $140 million deal to build out large language models for healthcare.

With ScienceIO’s AI capabilities, Veradigm plans to fast-track new features across its business segments, including provider, payer and life sciences businesses, to improve customer experience and enhance outcomes, the company said.

(Fierce Healthcare)

Canadian-founded Power closes $16.3-million CAD Series A to connect patients with clinical trials

Canadian-founded, San Francisco-based Power has raised $16.3 million CAD ($12 million USD) in Series A funding to bolster its clinical trial discovery platform.

Founded in 2021 by Canadian entrepreneurs Brandon Li and Michael ‘Bask’ Gill with a mission to modernize the discovery and accessibility of clinical trials, Power’s software allows patients in the United States to find treatment options within their area.


OMERS Ventures’ Laura Lenz explains how startups can stand out when fundraising

VCs are paying more attention to company quality and pushing past what Laura Lenz, a partner at OMERS Ventures, called “ego-raising.” An investor for over 20 years, Lenz has prioritized in-depth diligence for companies regardless of economic cycle. And in her experience, one of the best ways a startup can stand out in the fundraising process is with a high-quality data room.

Speaking with BetaKit, Lenz explained the significance of a well-crafted data room and offered her three-step process for building one.


b.well Connected Health raises $40M to scale platform unifying patient data

b.well Connected Health, maker of a platform unifying patient data, has announced a $40 million series C funding round.

The funding and expertise will help scale the company, according to the announcement.

It works to unify a patient’s data by connecting a variety of stakeholders, including doctors, pharmacies, labs and devices, in one platform.

(Fierce Healthcare)

Myomar Molecular closes $1.1 million to bring its muscle monitoring device to market

Halifax-based healthtech startup Myomar Molecular has closed $1.1 million CAD in pre-seed funding as it looks to commercialize its muscle health monitoring device.

Following what CEO Rafaela Andrade described as a “very successful” beta test of its device with clinics last year, the startup is now looking to secure regulatory approvals with Health Canada. The device is currently available for early access, and Myomar plans to begin selling it in the fall.


Redi Health secures $14M for healthcare management platform

Ohio-based Redi Health, a tech-enabled health management platform for patients and healthcare providers, announced it closed a $14 million Series B funding round led by Blue Heron Capital.

Redi Health offers a patient-facing mobile app and web platform that includes medication and symptom tracking.


Fuelled by new funding, RetinaLogik wants to prevent vision loss with AI and VR

Calgary-based startup RetinaLogik has closed $783,000 CAD in an oversubscribed round of pre-seed funding as it looks to scale its portable eye test device that combines artificial intelligence (AI) with virtual reality (VR).

RetinaLogik’s platform allows vision care providers to collect and analyze visual field data with a virtual reality headset and advanced analytics software.


How money actually flows from VCs to startups

Speaking with BetaKit, Robert Rosen, Managing Director of Innovation Banking at CIBC, explained what capital call lines are, how they operate, and how liquidity instruments like these help keep Canada’s innovation economy moving.


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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