Vena Medical, a company born out of a fourth-year Capstone Design project and now a Velocity Health company, just became one of the first recipients of Ontario’s new Life Sciences Scale-Up Fund (LSSUF). The LSSUF is part of the Government of Ontario’s larger efforts to support medical-based companies within the province. The fund’s goal is to help advance innovation and attract more interest and investment into the field.
Vena Medical received $1.5 million from the fund, which will allow them to establish their new Manufacturing Centre of Excellence in Kitchener, as well as support 9 existing jobs and allow for the creation of 13 new high-skilled jobs.
“Our team has engineered a highly complex, microscopic medical device, and now we have the state-of-the-art cleanroom and manufacturing infrastructure to build it at scale. With the backing of the LSSUF, we are scaling our manufacturing right here in Kitchener. We are ready to take this Kitchener-Waterloo-born innovation to the rest of the world.” Phillip Cooper (BASc ’17), co-founder & COO of Vena Medical, shared.
In addition to this amazing new funding, Vena Medical also announced that it received regulatory clearance from the U.S. Food and Drug Administration (FDA) for its Vena MicroAngioscope System for use in the peripheral vasculature.
Vena Medical continues to take bold steps forward in the medical world, striving to push its ideas further and help more people.
To learn more about Vena Medical and the LSSUF funding they’ve received, visit Intellijoint Surgical Inc. and Vena Medical awarded $1.9 million from Ontario’s Life Sciences Scale-Up Fund.