Harper Government invests in the GTA's Advanced Manufacturing Sector, creating highly-skilled jobs
MISSISSAUGA, ONTARIO--(Marketwired - April 17, 2015) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Today, FedDev Ontario Minister Gary Goodyear, along with MP for Mississauga-Streetsville Brad Butt and MP for Mississauga South Stella Ambler, announced an important investment that will accelerate the development and commercialization of new, first-in-Canada medical devices to be used by physicians during heart procedures.
Baylis Medical, a manufacturer and distributor of medical devices, will receive a $15.2 million repayable contribution under FedDev Ontario's Advanced Manufacturing Fund.
The Government of Canada's investment will allow Baylis to commercialize and manufacture three new medical device product lines and improve productivity for in-house manufacturing. This will enhance Baylis' global competitiveness and strengthen Ontario's medical device cluster.
This project will lead to the development of transformative products and first-in-Canada technologies to help Ontario manufacturers create high-quality, highly-skilled jobs and compete globally.
"I am delighted to be here in Mississauga to announce Baylis Medical as a recipient through the Advanced Manufacturing Fund. Our Government's investment will bolster the life sciences ecosystem in Ontario, strengthen Ontario's manufacturing sector, and create jobs in this region and across Canada.
-The Honourable Gary Goodyear, Minister of State for FedDev Ontario
"Baylis Medical stands as an example of true entrepreneurship and innovation, growing from three to over 200 employees dedicated to creating medical devices that help improve patient outcomes and create more efficient and effective health care practices."
- Brad Butt, MP for Mississauga-Streetsville
"Innovative companies, like Baylis Medical, are taking Ontario's manufacturing sector into the future. The Government of Canada is proud to support Baylis and continues to be committed to investing in trailblazing manufacturers by helping them become more competitive, more productive and by ensuring we keep and create higher quality jobs here in Canada."
- Stella Ambler, MP for Mississauga South
"FedDev Ontario, through the Advanced Manufacturing Fund, will help Baylis Medical solidify our competitive position in the medical device market for heart procedures. Today's announcement of support from the Government of Canada is not only important for Baylis, it is important for Canada's life-sciences industry, for our manufacturing sector, and for patients who will benefit from more efficient and effective health care practices."
- Kris Shah, Executive Vice-President and Chief Technology Officer, Baylis Medical Company
Backgrounder: FedDev Ontario Investment in Baylis Medical
April 17, 2015
FedDev Ontario Investment in Baylis Medical Company
Through the Advanced Manufacturing Fund (AMF), FedDev Ontario is providing Baylis Medical Company Inc. with a repayable contribution of up to $15.2 million.
Baylis Medical is a Canadian-based manufacturer and distributor of medical devices, with its research and development and manufacturing facility located in Mississauga, Ontario.
The Government of Canada's contribution will match Baylis' investment to accelerate the development and commercialization of the company's new, first-in-Canada medical devices that will be used by doctors during heart procedures. The project will involve three new products or product lines including:
Funding under the AMF will help the company to commercialize and manufacture these new medical device product lines, improve productivity for in-house manufacturing and it is expected that 30 research and development jobs and 60 manufacturing jobs will be created in Ontario.
In addition, the project will enhance Baylis' global competitiveness, while strengthening Ontario's medical device cluster. This is in line with the AMF's objective of investing in transformative projects within sophisticated niche sectors.
About Baylis Medical Company Incorporated
Founded in 1986, Baylis Medical develops, manufactures and distributes medical devices. Baylis is a world leader in advanced radiofrequency catheters for puncturing cardiac tissue. It is the only manufacturer in Canada of radiofrequency devices for use in interventional cardiology and interventional radiology.
Baylis Medical is actively engaged in the emerging medical device cluster in Ontario and collaborates with hospitals and research organizations, including Sunnybrook Research Institute, Toronto's Hospital for Sick Children, the University Health Network, the University of Waterloo and the University of Western Ontario.
The company employs close to 200 employees, with sales in more than 30 countries.
News Release: Investing in First-in Canada Medical Devices
Speech: Advanced Manufacturing Fund Announcement for Baylis Medical Company