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7/23/2019 2013 Htx Annual Report
http://slidepdf.com/reader/full/2013-htx-annual-report 1/24
Financing innovative medtech companies
from development to international sales
HTX ANNUAL REPORT | 2012 – 2013
www.htx.ca
7/23/2019 2013 Htx Annual Report
http://slidepdf.com/reader/full/2013-htx-annual-report 2/24
From the EditorsThis report reects work completed or in progress between April 2012 and early 2014.
Materials in this report may be reproduced with the written consent of htx.ca – The Health Technology Exchange.
This is to ensure an awareness of the manner in which these materials may be used for other purposes.
Editor: Rob Hall
Assistant Editor: Cheryl Verscheure
Design, Layout & Print: Slant Creative Group
Photos: provided courtesy of project partners and aliate organizations.
Additional copies of this report in book form are available upon request.
The report in its entirety can be downloaded by visiting www.htx.ca.
HTX is an independent, not-for-prot corporation funded by the Government
of Ontario through the Ministry of Research and Innovation.
© Copyright 2014
HTX i i ddt, ot-for-rot orortio fudd y th
Govrmt of Otrio through th Miitry of Rrh d Iovtio.
VIsIOn & MIssIOn
HTX: Team, Board of Directors, Observers,
Business Advisory Committee
04-05
MessaGes
From the President & CEO 06
From the Chair 09
FInancInG & acTIVITIes
Health Technology
Commercialization Program
10
2012–13 HTX FInancIalsTaTeMenTs CENTRE PULLOUT
seTTInG THe sTaGe FORGlObal cOMpeTITIVeness
32
The Harmony Project 33
So Landing Program 34
Medtech RISE
34
HIGHlIGHTs
22 HInext
24 Profound Medical Inc.
26 Therapeutic Monitoring Systems
28 Octane Biotech Inc.
30 Sensory Technologies
INSIDE
Health Technology Exchange (HTX)
522 University Avenue, Suite 1201
Toronto, ON M5G 1W7
General Enquiry: [email protected]
Tel: 647-258-0381
Fax: 647-258-0390
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HTX BOARD OF DIRECTORS
DAVID AMES
Retired, Ex-Director of
Emerging Technologies
and Health Economics,
Johnson & Johnson
Medical Products
PETER GOODHAND
Board Chairman,
Executive Director (Acting),
The Global Alliance for
Genomics and Health
GARY HODGINS
President, Pharmax Ltd.
DAMIAN LAMB
Co-Founder & Managing
Director, Genesys Capital
KEN LAWLESS
President, Epitope
Capital Corp.
MORRIS (MICKEY) MILNER
Former CEO HTX, Former
CEO Ontario Rehab
Technology Consortum
MICHAEL SEFTON
University Professor, Institute
of Biomaterials & Biomedical
Engineering, University of
Toronto
DAVID SHINDLER
Former CEO of
BioDicovery Toronto
PHIL SPENCER
Life Sciences Counsel
HTX OBSERVERS*
BILL MANTEL
Assistant Deputy Minister,
Research, Commercialization
& Entrepreneurship Division
ALLEN PAUL
Life Science Programs
MARK ROSEMAN
Manager, Innovation
Strategy and Programs
DIMITRI PROKOPIEV
Senior Policy Advisor
HTX BUSINESS ADVISORY COMMITTEE
DAVID AMES
Retired, Ex-Director of
Emerging Technologies
and Health Economics,
Johnson & Johnson
Medical Products
FRANK BAYLIS
President, Baylis
Medical Canada
JEREMY BRIDGE COOK
Senior Vice President,
Assay Group, Luminex
Molecular Diagnostics, Inc.
JOHN BUCKINGHAM
Founder & Partner,
Buckingham
Alliance Partners
TED HEWITT
Former Vice President,
Research & International
Relations, The University
of Western Ontario
FREDERIC LACHMANN
CTO, Medipattern
DAMIAN LAMB
Co-founder & Managing
Director, Genesys Capital
GENEVIEVE LAVERTU
Director, Legal Aairs,
Business Development
& Clinical Research,
Medtronic of Canada
JOHN MACRITCHIE
Regional Director, Central
Region, Ontario Centres
of Excellence
KIERAN MURPHY
Vice Chair & Chief
of Medical Imaging,
University of Toronto
THOMAS REEVES
President & CEO,
Interface Biologics, Inc.
CHERYL REICIN
Partner, Torys LLP
LifeScience M&A
Practice Lead
KRIS SHAH
Vice President, Technical
Division Manager, Baylis
Medical Canada
BILL MCCLEAN
Former GM, IBM Canada
DOUG TESSIER
Former Acting Senior
Vice President of Development
& Implementation, eHealth
Ontario
HTX TEAM
JOHN SOLONINKAPresident & CEO
CHERYL VERSCHEUREExecutive Assistant/ Oce Coordinator
SHAHIRA BHIMANIManager, StrategicInitiatives
ROB HALLVice President,Finance
NORMAN PYOSenior Director,Business Development
From Invention through Innovation
to International Invoice,
HTX provides non-dilutive
project nancing to emerging
and established Ontario-based
companies to develop, produce
and commercialize innovative
market-leading advanced
health technologies.
Through the Health Technology Commercialization
Program (HTCP) and HTX’s MedTech ecosystem support
activities, HTX is the leading resource and catalyst for
accelerating the growth of Ontario’s MedTech industry,
and enhancing Canada’s position as a global leader
in commercializing innovative medical technologies.With 33 recipient companies in its nancing portfolio
conducting 38 projects supporting commercialization
and exports, HTX strives to promote connectivity,
eciency and impact across all healthcare system
silos. HTX manages a $21.4M fund on behalf of the
Ontario Ministry of Research and Innovation and is a
member of the Canadian Venture Capital Association.
The HTCP program has levered more than $65M in
spending from industry and strategic partners, for
total program funding exceeding $86M.
VISIONHTX otiu to th dig rour
d tyt for rtig th growth
of Otrio’ mdi thoogy idutry
utr, d hig cd’ oitio
go dr i ommriizig
iovtiv thoogi.
MISSIONHTX uort th growth of dymi,
rorou Otrio mdth tor
tht ig with d dv word
hthr, ig hd
hthy ivig for it itiz.
HTX AIMS TO GENERATE THE
FOLLOWING RESULTS FOR ONTARIO:
• An enhanced Small and Medium Sized
Enterprise (SME) base, creating export
ready products and companies and
ultimately more high growth international
marketing companies;
• More well founded and nanced start-up
companies with the capability of negotiating
global marketing partnerships and attracting
inward investment and research collaborations;
• Greater capitalization of publicly funded
research, creating more market focused
innovative medical and assistive technology
products validated by eective utilization
of technology evaluation, appraisal
and assessment.
*Ministry of Research and Innovation
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Over this last year
we reviewed 36
applications and
selected another 11
projects to ace,
bringing our total to
38 funded projects
for the last 4 years.
JOHN SOLONINKA, PEng, MBA
President and CEO, The Health
Technology Exchange
As I write, it is February 2014, 3.5 years into my mandate as President and CEO of HTX. With virtually
all of our current round of investment funds committed, we can now forecast more accurately the
impact of the Health Technology Commercialization Program (HTCP) on Ontario medtech…and it is
considerable! We are also deep into our planning for “what’s next” for HTX as our investment phase
of HTCP draws to a close in December 2014, and we embark on exciting new initiatives.
38 Medtech Financings –
$86M in Total Project Value – 4x Leverage
Over this last year we reviewed 36 applications and selected another 11 projects to nance,
bringing our total to 38 funded projects for the last 4 years. We have committed approximately
$21.4M into strategic medtech commercialization and ecosystem projects, which was matched
by $65M from private sector companies, their investors and strategic public and private-sector
partners. The companies have been aggressively hiring and advancing their products to market.
HTX’s project-based funding is designed to help companies “de-risk” both their business models
and technologies for follow-on investment.
New Financing Approvals:
• ApneaDx – An inexpensive sleep apnea detector designed to be easily used by patients at home
that can greatly increase access to care for sleep apnea suerers, and reduce the proportion of
patients requiring expensive polysomnography (sleep clinics).
• Intellijoint Medical Inc. (formerly Avenir Medical Inc.) – Intra-operative hip-to-femur positioning
technology to improve outcomes and reduce revision rates for hip replacement surgery.
• Imagistx – Ultra-high frequency ultrasound imaging for prostate cancer.
• Harmonic Medical – The next generation of high focused ultrasound technology being
pioneered by one of the world’s leading inventors in this space, Dr. Kylervo Hynynen.
• Myndtec – First-in-class electrical neuromodulation therapy that promotes the restoration of
voluntary movement in patients paralyzed by stroke, spinal cord injury (SCI) or traumatic brain injury.
• Perimeter Medical – A spin-o of Tornado Medical, this technology provides intra-operative
assessment of surgical margins during breast cancer surgery.
• Synaptive – Intra-operative visualization, simulation and brain access for neurosurgery.
• Vascularix – A safe technology using CO2 gas to perform cardiac stress testing. Vascularix’s
technology has the promise to dramatically reduce side eects of current drugs, reduce cost
and increase access to this increasingly important diagnostic procedure.
Fllw-n nancings:
• Infonaut – Expanding the footprint of this Hospital Acquired Infection monitoring
technology into US markets customers.
• Profound Medical – Pursuing the next phase of clinical trials in Ontario, the US and Germany
of a novel technology for prostate cancer – the entire prostate gland can be ablated from inside
the urethra, in one treatment session, destroying cancer while sparing surrounding tissue.
• SensoryTech – Implementing their mobile care management platform into US Hospice and
palliative homecare provider customers.
We continue to be impressed by the disruptive potential of these world-class medical technologiesemerging from Ontario: as sophisticated and competitive as any internationally.
Growing the Medtech Ecosystem
In addition to our nancing, HTX is very pleased to support and drive creation of medtech
commercialization capacity in Ontario. We collaborate with a large number of public and private
entities enhancing the sector, including:
• MaRS EXCITE – As a founding member of EXCITE’s Management Board, HTX is very pleased to
see EXCITE’s portfolio grow to 15 companies undertaking eld evaluations and health technology
assessments in the pre-market space. HTX is also working in collaboration with EXCITE in providing
funding support to two EXCITE projects; the rst one being with Rna Diagnostics in supporting eld
studies and clinical trials with leading cancer centers in Ontario and Quebec, and the second with
ApneaDx, described above.
• Harmony – A collaboration with Hull and Associates and an international advisory board,
Harmony will enable medtech companies to select attractive export markets for their technologies
and to reduce the cost, time and risk of evidence development supporting global market access.
Our related So-landing initiative has identied a roster of highly qualied regulatory and
reimbursement consultants internationally to assist companies achieving global market access.
• CORTECHs – HTX led the creation of a 40-organization neuro-imaging, simulation, navigation,
surgery and assessment consortium, capitalizing Canada’s strong global positioning in
neuroscience research. HTX and the Ontario Brain Institute are now exploring further funding
potential for the CORTECHs initiative.
• Medtech RISE – A coalition of 12 organizations across the country coming together to create
a single, comprehensive registry of over 3000 medtech innovators, suppliers and exporters.
• Medtech Working Group and Innovation Procurement Initiatives – public-private
collaborations aimed at improving Ontario’s ability to speed adoption of benecial technologies.
• New Horizons for Medtech - Last year we reported creating a collaboration between HTX,
MEDEC and FEDDEV to provide $1M to support Ontario companies pursuing global markets.
We are very pleased to report that 29 companies were awarded funding for global market
development initiatives that will increase export sales for Ontario’s medtech companies.
Message from the
PRESIDENT & CEO
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As the Chair of the Board, it is hard not to sound repetitive: we have completed yet another
outstanding year, driving towards the completion of the HTCP mandate. As we approach this
nal year of the current HTCP funding program, it’s helpful to take stock on just how far the
Ontario Medtech Ecosystem has progressed since 2002, and the impact HTX has had.
In that year, as the president of MEDEC, I helped to lead the creation of the multi-stakeholder
Medical and Assistive Technologies Consortium (MATC). Its goal: to understand why we were so
good at medical research, and yet so poor at commercialization, adoption and export of medicaltechnologies compared with other industrial clusters around the world. An industry cluster analysis
was conducted and recommendations made which included the creation of an entity like HTX, and
a focus on breaking down the silos dividing providers, innovators, nanciers, regulators, and payers.
My enthusiasm for the creation of HTX was so strong that I became the founding Managing
Director and have stayed fully engaged for more than a decade as the Chair of the Board.
Look at the Ontario medtech ecosystem now: the commercialization awareness, processes,
supports and funding we now have in place would have seemed unimaginable in the medtech
climate of 2002. And with the creation of the Ontario Health Innovation Council, a government/
health system/industry collaboration with a specic mandate to accelerate evidence-based
adoption of benecial technologies, we have all of the necessary players and infrastructure
engaged. But there is still work to do. We have built the infrastructure, but now we need to use
it to ramp up private sector investment levels, commercialization and adoption rates of Ontario
medical technology, increasing exports and reducing our trade decit. When we move the
needle on those, we have accomplished our goals from 2002.
Our President and CEO, and his team have again performed extremely well, and made the Board’s
job very easy. It is indeed a pleasure to see the level of commitment, engagement, collaboration
and accomplishment, all within a lean, professionally managed team. But I must equally say that
the unstinting commitment and creative vision of Bill Mantel and the team within the Ministry of
Research and Innovation, supported so strongly by Minister Moridi and Deputy Minister Tilford,
has been critical to HTX’s success.
Again, the HTX Board saw a steady stream of high quality technologies brought forward by the HTX
team, its external reviewers and the Business Advisory Committee. The continued discipline and
rigour of the due diligence and investment management gave the Board great condence in the
process. The Board appreciates and thanks all involved for their eorts.
On behalf of the HTX Board I am pleased to be supporting HTX’s CEO, the team and the Ontario
Medtech ecosystem in their continued success with a model that has demonstrated its value.
PETER GOODHAND, Chairman of the
Board, The Health Technology Exchange,
Executive Director (acting), The Global
Alliance for Genomics and Health
Message from the CHAIR
What’s Next?
HTX has developed deep experience in medtech company creation, nancing, evidence
generation, market access and adoption issues facing medtech companies. Our tag line
is from “Invention through Innovation to International Invoice”: our early years incented
academic/industry collaborations; our middle phase focused on innovation investments
through the HTCP program; and now we have entered our phase focused on adoption,
foreign market access and export revenue growth.
HTX is well positioned to pursue several areas of additional core and
program funding, including:
• Redistribution of repayments from our $14.2M loan portfolio;
• Funding programs for innovation procurement, incubator and virtual company infrastructure;
• Completion of Harmony and delivery of local and foreign market access services;
• Continued collaboration with OCE, MaRS Innovations, FEDDEV, OBI, CIIRDF, ISTP Canada and
International innovation and funding partners.
In recognition of this next phase of HTX’s trajectory, we are pleased to unveil our new logo
and branding, dropping the imagery of a limited focus on Canada, and presenting international
symbolism combining medical technology, rapid growth, and our continued focus on the need
to invent, innovate, and most importantly, invoice!
Again, this outstanding year would not have been possible without
the contributions of many:
• Our extremely capable and experienced colleagues and sta at HTX;
• Our Board and Business Advisory Committee;
• Our partners at the Ministry of Research and Innovation, the Ontario Brain Institute, MaRS
EXCITE and CIMTEC; my colleagues on various national and provincial medtech working
groups, the Canada Israel Industrial R&D Foundation (CIIRDF); and most importantly
• Our investee and collaborator companies.
Thank you all.
JOHN SOLONINKA, PEng, MBA
President and CEO, The Health Technology Exchange
HTX has developed
deep experience in
medtech company
creation, fnancing,
evidence generation,
market access and
adoption issues facing
medtech companies.
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Financing & Activities
Health TechnologyCommercialization Program Launched in the spring of 2010, the Health Technology Commercialization Program (HTCP)
completed its fourth year of operation in December 2013. HTCP runs for a total of ve
years to December 2014.
As of early 2014, HTCP has committed all of its funding for disbursements to companies
($14.25M). There are a total of 37 projects with small/medium-sized Ontario companies and
1 project with a multinational company. 23 projects have been successfully completed to date.
Over the ve-year life of HTCP, HTX is on-track to disburse $14.25M to its recipient companies
and to spend $7.15M on operations and ecosystem support. Recipient companies and their
partner organizations will spend more than $65M (in addition to HTX funding) on the 38 projects.
Overall, the total value of HTCP, including all recipient and partner spending, will exceed $86M.
Cumulative Spending, HTCP Projects
90,000,000
Total Project Value
Companies and Partners
HTX Disbursements,Operations andEcosystem Support
80,000,000
70,000,000
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
10,000,000
0
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HTX FINANCING PORTFOLIO: as of early 2014
Interface Biologics
Commercial stage, privately held, venture-backed company
that develops biomedical polymer technologies to improve
the safety and eectiveness of medical devices.
PROJECT: Endovascular Stent Gra Materials with
Improved Blood Compatibility
TOTAL PROJECT VALUE: $136,836
HTX VALUE: $68,283
LifeLike BioTissue
Uses proprietary technology to manufacture articial so
tissues such as skin, veins, and aortas that have the same
feel, texture and mechanical properties as real tissue.
Lifelike provides medical trainees with realistic products to
enhance skills training at a price not previously available.
PROJECT: Focus Marketing & Sales eort on the
US Training Hospital and Medical Device Market
TOTAL PROJECT VALUE: $107,379
HTX VALUE: $50,000
Medworxx
Provides an integrated suite of soware solutions for
patient ow, compliance and education. Combining
soware with clinical consulting and best practices to
serve the hospital marketplace, the integrated product
suite allows hospitals to increase competency, improve
quality, reduce costs and simplify distribution of
information to sta.
PROJECT: Marketing in the UK and Europe
TOTAL PROJECT VALUE: $261,000
HTX VALUE: $50,000
OtoSim Inc
OtoSimTM produces and sells an otoscopy training and
simulation system using a clinical image database that
has been shown to improve the accuracy of diagnosingear pathologies by 44%.
In partnership with The Hospital for Sick Children
PROJECT: Initial Sales Program
TOTAL PROJECT VALUE: $202,566
HTX VALUE: $50,000
Calavera Surgical Design
Delivers customized maxillofacial implants that utilize
dierent imaging modalities and materials to generate
custom surgical implant solutions following cancerexcision, trauma or plastic surgery.
In partnership with Stryker Canada Inc. & Sunnybrook
Health Sciences Centre
PROJECT: Surgical Forming Tool
TOTAL PROJECT VALUE: $353,042
HTX VALUE: $117,500
Colibri Technologies
By creating versatile, disposable and inexpensive catheters
that use proprietary technology to create 3D images inside
the body, Colibri will enable a range of cardiovascular
procedures with improved safety and cost.
In partnership with Sunnybrook Research Institute
PROJECT: 3D Probe-Based Imaging
TOTAL PROJECT VALUE: $1,926,468
HTX VALUE: $250,000
Baylis Medical
A developer, manufacturer and distributor of high-technology
medical devices for minimally invasive orthopedic,
cardiology, and radiology applications.
In partnership with Sunnybrook Health Sciences
Centre and the University of Waterloo
PROJECT: Intervertebral Disc Augmentation and RepairTOTAL PROJECT VALUE: $1,403,854
HTX VALUE: $248,750
Infonaut Inc.
The company has developed a proprietary platform that
utilizes Hospital Information Systems, RFID tagging of
hospitals assets, people and epidemiological analyticsoware called ‘Hospital Watch Live’ to address and
reduce infectious outbreaks within hospitals.
In partnership with University Health Network
PROJECT: Hospital Watch Live –
Implementation & Assessment
TOTAL PROJECT VALUE: $1,606,018
HTX VALUE: $749,750
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Profound Medical Inc.
Profound is developing a minimally-invasive treatment
for prostate cancer based on MRI-guided high frequency
ultrasound therapy that is designed to reduce the
collateral damage and side eects associated with
current treatments.
In partnership with Western University,
Siemens AG and York University
PROJECT: Manufacturing and testing of prostate
cancer treatment devices for clinical testing
TOTAL PROJECT VALUE: $2,462,355
HTX VALUE: $750,000
Qvella
A privately-held, medical device company developing an
automated laboratory system for the rapid identication
of bacterial species. The Qvella bacteria identication
platform is aimed to provide a more accurate and faster
bacterial identication while improving workow and
reducing costs for the microbiology lab.
In partnership with University of California, Los Angeles
PROJECT: Rapid Species Identication of Bacteria
TOTAL PROJECT VALUE: $2,407,454
HTX VALUE: $726,708
PatientOrderSets.com Ltd.
Canada’s only provider of a comprehensive evidence-based
orderset solution to hospitals and other health care
institutions. PatientOrderSets.com oers a web-based
collaborative model for its clients, that improves patient
safety and healthcare delivery while reducing costs.
In partnership with the Trillium Health Centre and
the Ontario Hospital Association
PROJECT: Commercializing the world’s only
web-collaborative patient order set technology
built in Ontario for export markets
TOTAL PROJECT VALUE: $2,712,019
HTX VALUE: $750,000
Rna Diagnostics
A molecular diagnostics company that is developing the
RNA Disruption Assay (RDA), a diagnostic test to determine
whether or not chemotherapy is eective early in the
treatment of breast cancer so that non-responders can be
spared the toxic side eects of ineective chemotherapy,
and the opportunity to switch to more appropriate therapy.
In partnership with Sudbury Regional Hospital and
the University of Waterloo
PROJECT: Optimize RNA Disruption Assay
TOTAL PROJECT VALUE: $514,067
HTX VALUE: $100,000
Scisense
Develops miniaturized sensing technology for measuring
cardiac function in animal models. The patented Scisense
ADVantageTM system features consistent and accurateresults, real time data anal ysis, reduced research time
and high delity pressure sensing.
PROJECT: Sales Team Expansion
TOTAL PROJECT VALUE: $107,000
HTX VALUE: $50,000
Segasist
A soware company developing contouring productivity
tools for medical imaging analysis oering clinicians
signicant time savings and greater accuracy for diagnosis,
monitoring and treatment of prostate cancer.
In partnership with Lawson Health Research Institute,
London Health Sciences Centre, and Sunnybrook
Health Sciences Centre
PROJECT: Clinical Validation for Segasist PMR Soware
TOTAL PROJECT VALUE: $120,186
HTX VALUE: $38,000
RoweBots
The production of embedded soware that runs on small
eld programmable gate array (FPGA) based processors
or microcontrollers for medical devices.
PROJECT:Development of FPGA based OS
for Medical Devices
TOTAL PROJECT VALUE: $64,737
HTX VALUE: $25,000
Sensory Technologies
Develops and implements mobile smartphone-based
enterprise systems for the home health care market. The
company oers a mobile remote clinician managementsystem that allows for increased capacity, a reduction in
treatment costs and reduced hospital readmissions.
In partnership with the SWCCAC
PROJECT: eShi Community Care Commercialization
TOTAL PROJECT VALUE: $6,241,848
HTX VALUE: $750,000
HTX FINANCING PORTFOLIO: as of early 2014
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Tornado Medical Systems
A medical imaging and spectroscopy company with
operations in Toronto. The Company develops and
markets high-performance devices and technologies formedical imaging applications with a focus on improving
key systems performance in areas where limited
performance is a barrier to clinical utility.
In partnership with Thunder Bay Regional Research
Institute and the University Health Network
PROJECT: Tumour Margin Assessment Machine
TOTAL PROJECT VALUE: $1,765,382
HTX VALUE: $319,432
Xagenic
Xagenic has developed a revolutionary direct detection
platform for molecular analysis enabling rapid, on-demand
diagnostic testing.
In partnership with the University Health Network
PROJECT: Development of Probe Set for
Point-of-Care Diagnostic Platform
TOTAL PROJECT VALUE: $2,709,969
HTX VALUE: $299,985
Spartan™
A privately held molecular diagnostics company that
develops, manufactures, and markets DNA testing systems
for on-demand applications. The company is focusing on
point-of-care applications where rapid and convenient DNA
testing is particularly important, such as pharmacogenetics,
infectious diseases, and food and water safety testing.
In partnership with Ottawa Heart Institute
PROJECT: Point-of-care DNA testing for Plavix
TOTAL PROJECT VALUE: $136,897
HTX VALUE: $58,032
XLR Imaging
A London, Ontario-based company developing a
complete paediatric-optimized MRI workow solution
to directly address the unique challenges in paediatricimaging. The product will provide high resolution
images with reduced scan times, improving the safety
and eciency of the imaging procedure.
In partnership with Kangaroo Design and Innovation
PROJECT: Paediatric MRI System
TOTAL PROJECT VALUE: $261,269
HTX VALUE: $103,472
HTX FINANCING PORTFOLIO: as of early 2014
Perimeter Medical Imaging
Perimeter Medical Imaging is a spin-out of Tornado Medical
Systems and will be continuing Tornado’s earlier work in
developing a novel imaging device for intra-operative
assessment of surgical margins in breast cancer surgery.
In partnership with University Health Network
PROJECT: Margin Assessment Machine: Reducing
Re-Excision Rates for Breast Conservation Surgery
TOTAL PROJECT VALUE: $1,500,000
HTX VALUE: $300,000
ApneaDX
ApneaDX is conducting an EXCITE-led clinical trial of an
inexpensive sleep apnea detector designed to be easily
used by patients at home that can greatly increaseaccess to care for sleep apnea suerers, and reduce
the proportion of patients requiring expensive
polysomnography (sleep clinics).
In partnership with EXCITE, THETA
PROJECT: Home Sleep Study with ApneaDxTM
for the Diagnosis of Obstructive Sleep Apnea:
A Pragmatic Randomized Controlled Trial
TOTAL PROJECT VALUE: $500,000
HTX VALUE: $165,000
Profound Medical Inc. (2nd Project)
Profound Medical Inc. is developing a minimally-invasive
treatment for prostate cancer based on MRI-guided high
frequency ultrasound therapy that is designed to reduce
the collateral damage and side eects associated with
current treatments.
In partnership with Western University,
Siemens AG and York University
PROJECT: Commercialization Phase and Launch
of Prostate Ablation System
TOTAL PROJECT VALUE: $4,250,816
HTX VALUE: $750,000
Harmonic Medical
Developing a focused ultrasound therapy system for
non-invasive surgery with treatment of uterine broids
and palliation of bone metastases as the lead indications.Harmonic’s technology is designed to oer the precision
and ablation monitoring capabilities of MRI-guided
focused ultrasound but in a portable, easy to use, lower
cost system originated from Dr. Kullervo Hynyen, a
recognized leader in focused ultrasound.
In partnership with Sunnybrook Research Institute
PROJECT: Harmonic Ultrasound Guided Focused
Ultrasound Therapy
TOTAL PROJECT VALUE: $2,081,555
HTX VALUE: $489,270
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Huron Technologies
A Waterloo-based global leader in imaging solutions for
digital pathology, Huron Technologies Inc. is developing
a clinical pathology scanner with unprecedented scanningspeed and image quality. Digital pathology is a high-growth
eld that will provide signicant improvements for patient
care, healthcare costs, and pathology resource constraints.
In partnership with Sunnybrook Health Sciences Centre,
Southlake Regional Health Centre, and CIMTEC
PROJECT: Digital Pathology Solution
TOTAL PROJECT VALUE: $2,925,000
HTX VALUE: $585,000
HInext
A Toronto-based soware company focused in the
area of clinical management of mental health. The
agship product TREAT is a mental-health specic
electronic health record that optimizes the delivery of
care by reducing the time and eort to document clinical
outcomes, standardizing assessments and creating and
tracking multi-disciplinary care plans.
In partnership with Rouge Valley Health System,Maimonides Medical Centre (Brooklyn NY) and
North Bay Regional Health Centre
PROJECT: TREAT Expansion in Canada and the US
TOTAL PROJECT VALUE: $973,880
HTX VALUE: $387,000
Octane Biotech Inc.
Octane Biotech, based in Kingston, ON, is developing
and commercializing ACTES, an automated tissue
culture system designed to standardize protocols incellular therapy development and stem cell manipulation
in regenerative medicine and tissue culture.
In partnership with Aesculap (B. Braun), Queen’s
University, University Hospital Basel (Switzerland),
Hospital Maisonneuve, and the University of Toronto
PROJECT: Advancing the development of
ACTES towards commercialization
TOTAL PROJECT VALUE: $2,262,570
HTX VALUE: $452,050
Imagistx
Imagistx delivers unique high resolution imaging for the
screening, biopsy and potential treatment of cancer. The
company’s rst product, Imagistx Prostate, is currently
in clinical studies. Study results to date have been
overwhelmingly positive, demonstrating Imagistx’s
superior ability to potentially identify prostate cancer
versus current low resolution ultrasound methods.
In partnership with the Brady Urology Institute, JohnsHopkins Medical Institutions; and the Southern Alberta
Institute of Urology
PROJECT: Imagistx Prostate Commercialization Project
TOTAL PROJECT VALUE: $4,913,000
HTX VALUE: $750,000
GE Healthcare
Provides transformational medical technologies and
services that are shaping a new age of patient care.
Their broad expertise in medical imaging and informationtechnologies, medical diagnostics, patient monitoring
systems, drug discovery, biopharmaceutical manufacturing
technologies, performance improvement and performance
solutions services help customers to deliver better care to
more people around the world at a lower cost. In addition,
they partner with healthcare leaders, striving to leverage
the global policy change necessary to implement a
successful shi to sustainable healthcare systems.
In partnership with the University Health Network
PROJECT: Pathology Innovation Centre of Excellence (PICOE)
TOTAL PROJECT VALUE: $15,129,143
HTX VALUE: $514,279
Therapeutic Monitoring Systems
TMS develops clinical decision support (CDS) soware for
critical care sta in the hospital intensive care unit (ICU)
to make better clinical decisions resulting in saving lives
and money. Their proprietary CIMVA soware transforms
patient vital sign monitoring from its current “reactive”
status quo into a “predictive” tool, thereby oering deeper
insights into the changing health status of patients.
In partnership with Phillips Healthcare, OttawaHospital Research Institute, and Cooper University
Hospital (New Jersey)
PROJECT: Novel Application of Anticipatory
Monitoring to the Hospital ICU & ER
TOTAL PROJECT VALUE: $2,159,529
HTX VALUE: $496,912
HTX FINANCING PORTFOLIO: as of early 2014
Vascularix
Developing the RespirAct system, which controls ga s
concentrations in the lungs and blood, to use as a
non-invasive, drug-free, stress agent for use in cardiac
stress testing. Current cardiac stress agents, including
the market leading Lexiscan, a $700M drug, are associated
with a high incidence of side eects, some of which are
considered life threatening.
In partnership with the Cedars-Sinai Medical Center,the University Health Network, and the Ottawa
Heart Research Institute
PROJECT: Commercialization of a novel,
non-invasive cardiac stress test system
TOTAL PROJECT VALUE: $1,382,228
HTX VALUE: $390,511
Rna Diagnostics – EXCITE (2nd Project)
A molecular diagnostics company that is developing the
RNA Disruption Assay (RDA), a diagnostic test aimed to
determine whether or not chemotherapy is eective earlyin the treatment of breast cancer. The RDA test is aimed to
identify non-responders early in treatment so that they can
be spared the toxic side eects of continued dosing with
ineective chemotherapy.
In partnership with EXCITE, THETA
PROJECT: Study of RNA Disruption Assay as a Predictive
tool for Response to Neoadjuvant Chemotherapy in Breast
Cancer – A Prospective Mixed Methods Study – to be carried
out under the MaRS EXCITE program
TOTAL PROJECT VALUE: $1,243,225
HTX VALUE: $300,000
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HTX FINANCING PORTFOLIO: as of early 2014
Morris (Mickey) Milner Award Winner Dr. Milos Popovic, PhD, PEng, Toronto Rehabilitation Institute (TRI)
At or 2013 Aa Ope Hose, we aoced the secod award wier, Dr. Mios Popovic of Toroto Rehabiitatio Istitte
for his otstadi achievemets i the deveopmet of assistive techooies, ad devisi the fctioa eectrica stimatio
(FES) i the treatmet of cervica spia erve ijries. Dr. Popovic is the Toroto Rehab Chair i Spia Cord Ijry Research.
Mickey Milner Award Presentation
HTX Open House | Fm l t ight:
Dr. Mios Popovic, Toroto Rehab Chair, Spia
Cord Ijry Research, Morris (Mickey) Mier,
Former Presidet ad CEO, HTX, Joh Sooika,
Presidet ad CEO, HTX
Interface Biologics (2nd Project)
The major objective of Interface Biologics Inc. II is to
evaluate the compatibility and anti-thrombotic potential
of Endexo technology in several antimicrobial polymers
developed by BASF.
In partnership with BASF Future Business GmbH
PROJECT: Central Venous Catheters with Combination
Antimicrobial and Anti-thrombogenic Properties
TOTAL PROJECT VALUE: $363,475
HTX VALUE: $61,700
Intellijoint Surgical Inc.
Intellijoint Surgical Inc. (formerly Avenir Medical) is developing
PelvAssist™, a low cost and easy to use surgical navigation
tool that allows surgeons to properly align the articial
implant in hip replacement surgery without disruption to
surgical workow. PelvAssist™ improves clinical outcomes
in hip replacement surgery, reduces surgical revision rates,
and reduces healthcare costs while improving patient care.
In partnership with Mount Sinai Hospital, Oakville
Trafalgar Memorial Hospital, Grand River Hospital,
Rush Presbyterian Hospital, Thomas Jeferson
University Hospital, Massena Memorial Hospital
PROJECT: Post Limited Market Release Development
and Commercialization of PelvAssistTM (Gen II)
TOTAL PROJECT VALUE: $3,740,682
HTX VALUE: $750,000
Infonaut Inc. (2nd Project)
Infonaut’s agship product, Hospital Watch Live (HWL),combines business intelligence soware with RFID (radio
frequency identication) tagging of personnel and equipmentto identify, measure, monitor and predict the spread ofinfections in hospitals. This allows for real-time disease
mapping in hospitals to better manage outbreaks and reducerates of hospital acquired infections. The project focuses on
the implementation and evaluation of HWL in the neuro ICU ofthe Gates Vascular Institute which is a member site of Kaleida
Health, the largest healthcare provider in Western New York.
In partnership with Kaleida Health and Dapaso
PROJECT: Kaleida Health Hospital Watch Live –
Infonaut US Market Entry
TOTAL PROJECT VALUE: $676,767
HTX VALUE: $125,083
Sensory Technologies (2nd Project)
Develops and implements mobile smartphone-based
enterprise systems for the community and home health
care market. The company oers a mobile remoteclinician management system that allows for increased
capacity in the overall healthcare system, a reduction
in treatment costs, reduced hospital readmissions,
resulting in improved care.
In partnership with the Hospice of Michigan and SWCCAC
PROJECT: US Pilot and Privacy Certication
for Market Expansion
TOTAL PROJECT VALUE: $883,000
HTX VALUE: $200,000
MyndTec Inc.
Myndtec is commercializing MyndMoveTM, a rst-in-class
electrical neuromodulation therapy that promotes the
restoration of voluntary movement in the upper extremities
of patients severely paralyzed by stroke, spinal cord injury
(SCI) or traumatic brain injury.
In partnership with Toronto Rehabilitation Institute, the
Heart and Stroke Foundation, and ICC HealthNet Inc.
PROJECT: MyndMoveTM Implementation, Integration,
Adoption, and Reimbursement
TOTAL PROJECT VALUE: $3,319,761
HTX VALUE: $749,600
Synaptive Medical Inc.
Synaptive Medical is developing advanced visualization
soware and imaging equipment for surgical navigation
and intervention in neurosurgery.
In partnership with Colibri Technologies Inc.,
Clear Canvas Inc., and P&P Optica Inc.
PROJECT: In-vivo multimodality imaging system
TOTAL PROJECT VALUE: $2,966,300
HTX VALUE: $741,800
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HTCP PROJECT HIGHLIGHTS
HInext Inc.Helping the mental health & addictions
community take care-delivery to the next level
In both Canada and the U.S., the market for Electronic Health Records (EHRs) and health information
exchange in the community mental health and addictions sector (known in the U. S. as behavioral
health) is greatly underserved. As a result, provider organizations operate many processes
manually, and diagnosis and treatment are based largely on subjective personal analysis rather
than objective assessment.
However, ObamaCare and initiatives such as the Aordable Care Act and Meaningful Use Certication
are prompting the mental health community to nd ways to provide additional higher-quality care
at a lower cost. As a result, this community is increasing automation, including implementation
of EHRs and improvement in the quality of electronic clinical documentation and the ability to
exchange it amongst providers.
To capture this market opportunity, HInext is proceeding quickly with signicant enhancements
to its agship product TREAT.
Specically designed for mental healthcare providers, TREAT provides integrated healthcare clinical
documentation (e.g. EHRs), including: powerful clinical assessments; screening and management tools;
comprehensive care planning and clinical documentation; simplied data collection and submission;
and detailed reporting and graphing. The product, which has already been successfully implemented inmore than 30 provider organizations, achieved Meaningful Use Certication in the U.S. in August, 2013.
The enhancement project, expected to be completed by the end of Q1, 2014, includes patient and
resource scheduling, and patient billing. As a result, TREAT will be a fully integrated, market-ready
solution that meets U.S. regulatory requirements. Equally important, it will meet the needs of
standalone mental health organizations and large community organizations, such as those
participating in emerging multi-provider Accountable Care Organizations.
TREAT’s unique value proposition is based on key dierentiators, such as scientically designed,
best-practice diagnosis and screening assessment tools. TREAT’s screening assessment tools take
the determination of a patient’s mental condition from being a subjective, personal analysis to
one that is based on objective measures. HInext has spent years researching and rening these
tools with the help of medical experts. Another dierentiator of TREAT is its focus on the “Recovery
Model” – the idea that, through a multi-disciplinary treatment plan, a person with behavioral
health issues can achieve a level of recovery that is coordinated, managed and measured.
Partners from the mental health community play a key role in contributing to TREAT’s continued enhancement. A prototype for the typical standalone,
community-based mental health organization, for example, is Manhattan’s Village Care, with 30 psychologists and psychiatrists treating outpatients.
The mental health department of New York’s Maimonides Medical Center (MMC), a large acute-care hospital, is a prototype for the use of TREAT
in a typical Accountable Care Organization. MMC is part of a cooperative organization of 50 healthcare providers comprising a network called the
Brooklyn Health Home. This network is responsible for the care and management of about 25,000 people with Bipolar Disease and Schizophrenia.
MMC is particularly excited about TREAT’s Metabolic Monitor, a sophisticated soware algorithm that uses data from standard medical monitors and
measuring devices to calculate a patient’s risk of developing one of the metabolic disorders that oen arise as a side eect of their medications.
HInext’s strategy is to oer TREAT as a fully hosted, Web-based application based on the Soware-as-a-Service (SaaS) delivery model in
which customers pay a monthly subscription fee to access the application via the Internet, using any standard Web browser. The SaaS value
proposition is widely accepted and eld-proven – anywhere, anytime user access; no IT infrastructure for customers to buy and maintain;
fast start-up and little or no upfront costs; and regular, predictable subscription fees. This deployment model will facilitate greater adoption
of TREAT across a broader geographic area.
As part of the healthcare ecosystem, HInext’s goal is to help mental health patients get their disorders addressed and move them out of
high-cost, acute-care into community- or home-based care, where they can live and function like other members of society. As a business,
HInext’s goal is to grow the company as an Ontario-based entity, adding new jobs and new investment in Ontario. At this point, just prior to
full commercialization of TREAT, HInext has 22 sta, with a target of 30. Executive management is grateful for the HTX funding assistance,
particularly because it is dicult to raise money in a secondary, stigmatized, underserved and under-funded niche market such as mental health.
And with TREAT live in numerous provider facilities in the U.S., including a large, nationwide insurance company, HInext has a viable foothold
and has begun to establish credibility in the U.S. market. Completion of the enhancement project will yield a product that is positioned strongly
against any competition and uniquely meets the needs of U.S. mental healthcare providers.
HInEXT InC.“Providing a high quality of care
for our clients whose array of
needs is complex has been made
quite easy with TREAT.”
RICARDO SANTIAGO,
chif Iformtio Or,
Vig cr of nw York
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Profound Medical Inc.Innovative MRI-guided ultrasound ablation
technology sets new standard of care for the
treatment of prostate cancer
Prostate cancer is the most common form of cancer in men. One man in every six in North Americadevelops prostate cancer, and one in every 28 dies from the disease. Although advances in early
detection and treatment have dramatically improved survival rates (99%) for those diagnosed with
this disease, the side-eects commonly associated with current treatments can severely undermine
quality of life for survivors. Loss of healthy bladder, bowel and erectile function are oen part of the
treatment outcome, along with fear of recurrence and long recovery periods.
Profound Medical has developed a safe, accurate, minimally-invasive and non-surgical treatment
for localized prostate cancer that potentially eliminates complications and long-lasting side-eects.
The treatment uses an innovative Ultrasound Applicator (UA) to ablate an entire prostate gland
from inside the urethra, in just one treatment session. This novel technology, combined with
state-of-the-art MRI image guidance, delivers highly accurate and precise treatment, destroying
cancer while sparing surrounding tissue.
The procedure takes place with the patient inside an MRI scanner, which provides image-guidance
for the UA positioning, treatment planning and live monitoring of the prostate being ablated.
During treatment, the UA is inserted into the prostate and rotated 360 degrees, emittingultrasound energy toward the prostate boundary, heating and killing the prostate tissue. Real-time
temperature images from the MRI are used to automatically adjust the energy intensity and rate
of rotation of the UA, resulting in precise conformal targeting of the prostate tissue, while sparing
surrounding structures. The actual ablation takes only about 30 minutes, and early trials show
that subjects are regaining urinary function very quickly.
Following successful completion of a pre-clinical canine study conducted at the University of
Western Ontario, a Phase 1 trial was approved for Canada, U.S. and Germany. The trial is being
conducted at London Health Sciences Centre in Canada and William Beaumont Hospital in the U.S.,
as well as at Heidelberg University Hospital in Germany to facilitate subsequent commercialization.
Following successful completion of the Phase 1 trials in early 2014, a Phase 2 trial of the ecacy of
the Trans-Urethral Ultrasound Ablation (TULSA) procedure in treating cancer is expected to begin.
The 30 patients from the Phase 1 study will be enrolled in the Phase 2 trial and monitored for up to
ve years to ensure they remain cancer-free.
Partnerships continue to be a key success factor in the development of Profound’s technology, which grew out of early work by two scientists
at Sunnybrook Research Institute in Toronto. Of particular note is Toronto’s York University, which has been very accommodating and exible
in making its research MRI scanner available at a very reasonable cost for initial concept validation and testing. Siemens Medical has also been
very helpful, providing technical support and facilitating introductions to the German hospitals where trials are taking place. The project is also
beneting from the ongoing advice and guidance of leading experts in urology and radiology at such prestigious institutions as the Cleveland
Clinic, Vienna University Medical School, Harvard Medical School and Sunnybrook Health Sciences Centre.
In addition to Genesys Capital, the Business Development Bank of Canada and the MaRS Investment Accelerator Fund, HTX has provided
substantial early funding and support for Profound Medical, and management at Profound has been taking full advantage of HTX partnerships
and resources. The rm hopes to provide a return through job creation, the potential for local manufacturing and by helping other emerging
rms learn about clinical trial design, sourcing of complex manufacturing and navigating the FDA’s Class 3 approval process. Perhaps most
important of all, Profound is poised to make a ground-breaking contribution to a new standard of care for men with prostate cancer and to
cost-reduction in the Canadian healthcare system.
“Everything has returned to normal and in some
cases is better tha what it has bee for ve years.”
BRIAN DENTER, TULSA patient
DR. JOSEPH CHIN, Chief of Surgical Oncology at London Health Science Centre,
removed cancer from Brian Denter’s prostate using a world rst procedure.
Derek Ruttan, The London Free Press/QMI Agency
HTCP PROJECT HIGHLIGHTS
PROFOunDMEDICAl InC.“This minimally invasive procedure
has been very well tolerated by
the patients so far. I think it will
be a valuable tool within the
repertoire for the treatment
of this disease.”
DR. SASCHA PAHERNIK,
Uivrity Hoit Hidrg,
Drtmt of Uroogy,
Hidrg, Grmy
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TherapeuticMonitoring SystemsClinical Dcisin Sppt swa hlps
critical-care clinicians predict outcomes
for complex procedures in the ICU
Currently, critical-care vital signs monitors in hospital intensive care units (ICUs) only have cursory
analytical capability, and as a result oer little, if any, point-of-care clinical decision support for
physicians and nurses facing dicult decisions. Despite round-the-clock vital signs monitoring for
the critically ill patient, hospitals commonly resort to a ‘wait and see’ approach to assess how a
patient will respond (improve/deteriorate) to therapeutic treatment. This clinical uncertainty
leads to thousands of unnecessary deaths annually, longer hospital stays and billions of dollars
of avoidable cost to the health system.
Therapeutic Monitoring Systems (TMS) is addressing this critical problem with CIMVA™ clinical
decision support (CDS) soware that incorporates novel predictive analytics that can determine
a patient’s health status in advance of current, standard-of-care clinical indicators.
CIMVA technology was conceived by TMS founder Dr. Andrew Seeley, a practicing ICU clinician
and thoracic surgeon at The Ottawa Hospital. Development has been funded by angel and venture
investors and timely strategic funding from agencies such as the Health Technology Exchange and
the Federal Economic Development Agency. The strategic funding has enabled TMS to l everage
investor money in an eective manner.
Using data collected from patient monitors, CIMVA employs complex mathematics to illuminate
hidden information in patient vital signs and predict the outcome of a patient undertaking a risky
procedure that may result in increased harm and a costly increased length of hospital stay. Presented
to a doctor using a tablet at the patient bedside, CIMVA calculates a ‘risk score’ that, when used in
combination with other clinical metrics and the care team’s judgement and experience, enables
better treatment decisions that can improve patient care and cut hospital costs. TMS envisions
physicians invoking CIMVA episodic CDS applications similar to the way physicians currently order
patient lab tests. CIMVA transforms patient data into actionable information for use by doctors
and nurses at the point-of-care to improve decision-making and the delivery of patient care.
CIMVA consists of two components: 1) the CIMVA Universal™ soware platform, which is the
engine for the complex mathematics and predictive analytics; and 2) individual CIMVA clinical
applications running on top of the platform that address specic clinical interventions andprocedures. The CIMVA Universal platform received U.S. FDA clearance in 2013.
The rst clinical application – CIMVA Extubation Advisor™ – helps the care team better determine
when to take patients o mechanical ventilation (by removing their breathing tube) prior to their
release from the ICU. In the U.S. alone, 1.4 million ICU patients annually are on ventilation and
about 15% of these patients fail the extubation procedure, resulting in increased risk of death and
almost $7 billion of avoidable cost. Other CIMVA applications in the development pipeline include
one for assessing the risk a patients will deteriorate rapidly from infection (sepsis), and another
for determining when to decrease the level of sedation in critically ill patients.
A key partner for TMS has been the Ottawa Hospital Research Institute, which has been very
supportive and its three associated hospitals have been CIMVA soware study sites. Other
noteworthy Canadian and U.S. teaching hospital sites supporting CIMVA testing to date include:
St. Michael’s Hospital (Toronto), Mount Sinai Hospital (Toronto), London Health Sciences Centre,
University of Michigan Hospital, Columbia University in New York City, the Billings Clinic in
Montana and the University Hospital of Case Western Reserve University in Cleveland.
CIMVA Extubation Advisor recently completed a 12-hospital U.S./Canada clinical study involving
700 patients. Comparison of predicted outcomes with the subsequent real-life outcomes showed
that using CIMVA may lead to a 75% reduction in extubation failures. A second study is in the
planning stages to conrm the results seen in the initial study, and once the results data is
complete, an application will be led with the FDA for clearance to market CIMVA Extubation
Advisor, which is anticipated for 2016.
CIMVA will be initially deployed on an OEM basis, as soware embedded within monitors, ventilators
and electronic medical records (EMR) systems from leading healthcare product vendors. This will
give TMS a strong, well-established and far-reaching channel into the marketplace, which, in the
U.S. alone, includes more than 3,500 acute-care hospitals and almost 70,000 ICU beds. In mid-2013,
TMS signed a device integration partnership agreement with Cerner Corporation, a leading vendor
of EMR systems to acute-care hospitals.
HTCP PROJECT HIGHLIGHTS
THERAPEuTIC
MOnITORIngSYSTEMS“CIMVA technology ofers a novel
approach to help me take care
of our institution’s critically ill
patients, and I look forward to
its further development and
eventual commercialization.”
DR. FRANK JACONO,
aitt profor of Mdii,
Diviio of pumory, criti
cr & s Mdii, c
Wtr Rrv Uivrity
shoo of Mdii, cvd
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Octane Biotech Inc.Automated Cocoon™ bioreactor systems overcome
‘living implant’ production barriers and accelerate
adoption of regenerative medicine
Regenerative medicine – the use of cell therapy and tissue engineering to treat trauma and to stop,and even reverse, the progression of disease – is not new, and is becoming increasingly successful
in neurology, cardiology, orthopaedics and numerous other areas.
In orthopaedics, for example, where hip and knee cartilage degeneration leading to joint replacement
has become common, regenerative medicine can be especially eective on two fronts. The
introduction of new cells can stop degeneration by repairing cartilage lesions early, following
detection, thereby delaying or even eliminating the need for full-joint replacement using implants.
Even severe cartilage disease aecting the underlying bone can be successfully treated u sing
advanced ‘living implant’ technology incorporating cells and scaolds to form repair tissue that
integrates with the surrounding cartilage. These biological solutions avoid further medical intervention,
unlike conventional metal or polymer hip and knee implants that have a limited lifetime.
Although clinical trials throughout the world continue to demonstrate the medical ecacy of cell
therapy and living implants, manufacturing is a major barrier to widespread clinical and commercial
adoption. Cell production, which traditionally takes place in a specialized clean-room environment,
is very complicated and expensive. It also requires an extremely capital-intensive infrastructure to
eciently make cells in sucient number – typically hundreds of millions – to be clinically eective.In addition, today’s centralized approach to manufacturing cells and implants creates considerable
transportation complexities and cost associated with delivering living implants to the point of care
in a timely fashion.
With funding assistance from HTX, Kingston, Ontario-based Octane Biotech has overcome these
manufacturing barriers to the adoption for cell/tissue therapy and living implants.
Octane’s innovative Cocoon™ bioreactors allow the automated production of la rge populations of
cells and tissue outside of a traditional clean-room facility. The patented Cocoon technology provides
a complete environment for cell and tissue growth, while protecting the cells from any external
hazards that may be present due to the bioreactor location. Provision of support resources required
to maintain a living environment inside the container is fully automated and soware controlled.
Part of the innovation is in the use of bioreactors within a disposable ‘cassette’ for processing the
cells and allowing the entry/exit of support resources. The cassette, which sits inside the Cocoon
instrument, consists of snap-together modules customized to each clinical application.
The patient’s entire cell production process, including all inputs (donor cells, reagents, stimulatory
chemicals) and outputs (waste products, resulting new cell population), is managed via the patient’s
single-use cassette, in which the patient’s cells are nurtured, grown and directed in terms of their
biological function.
The use of automation and bioreactors not only provides greater control over production, thus
enabling greater cell performance, but also reduces production cost signicantly by eliminating
a lot of the manual labour previously required for the production of cells and tissue. Use of small,
portable and relatively inexpensive Cocoon bioreactors also allows cell production to be dispersed
geographically. As a result, the manufacture of living implants can take place closer to the point
of care, thus eliminating transportation problems and related costs associated with a centralized
manufacturing model.
Octane’s primary channel to market for the Cocoon platform is through partnerships with
large, multinational regenerative medicine companies that have cell therapy and living implant
products on the market or in development but are struggling with manufacturing scalability.
The Cocoon technology and cell production process is incorporated by those companies into
their manufacturing process.
For example, the Israeli company BrainStorm Cell Therapeutics is using the Cocoon platform to
grow, and enhance the performance of, an expanded population of stem cells that can be used
to stop further neurologic degradation for those suering from ALS (a.k.a. Lou Gehrig’s Disease)
by repairing and re-establishing key neurological processes interrupted by the disease. Other
clinical areas being addressed by Octane partners include diabetes, blood-related diseases such
as leukemia, and a host of orthopaedic applications.
While all the product development activity on the Cocoon platform is undertaken in-house,Octane fosters close collaborations with n umerous academic partners, including the Centre for
Commercialization of Regenerative Medicine based at th e University of Toronto, the Centre of
Excellence for Cell Therapy based at Hôpital Maisonneuve-Rosemont in Montreal, the University
of Basel in Switzerland, KU Leuven University in Belgium, the University of Zagreb, the U niversity
of Bristol, and the University of Genoa and the Rizzoli Institute in Italy.
Apart from the obvious clinical benet of Cocoon technology for patients across Canada and
throughout the world, Octane is also bringing value to Ontario and the local economy in the form
of job creation (the company has grown from eight to 24 employees) and local manufacturing
(the rm has recently expanded its production footprint from 17,000 square feet to 50,000).
Octane also provides a signicant amount of training for summer/co-op students and is involved
in multiple collaborations through Centres of Excellence across Canada.
Octane has taken Cocoon from functional prototype to a pilot production run of roughly 20
complete systems that have been successfully tested internationally. The company is currently
preparing its marketing launch package, and plans full commercialization by mid-2014.
Automated Productionf Allga and
Atga Implants
• Versatie
• Atomated• Ecoomica
• Stadardized
Cocoon™ Instrument
OCTANEBIOREACTORTECHNOLOGY
Sterile Cassette
Cell Source
HTCP PROJECT HIGHLIGHTS
OCTAnEBIOTECH InC.“Octane possesses the technology,
multidisciplinary expertise and
stem cell experience we require
to scale-up the production of
our NurOwn stem cell therapy
candidate. Cocoon technology
could signicantly accelerate
the commercialization of this
promising therapy.”
DR. ADRIAN HAREL,
Dirtor of Rrh,
bristorm c Thruti
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Sensory TechnologiesNew model for home care delivery leverages
limited nurse resources and cuts health system
costs by reducing hospitalizations
With the continually increasing costs of healthcare, whether from economics or demographics, thedesire to manage more patients at home and prevent admissions (& re-admissions) is a growing
and necessary trend for health systems. However, home care delivery today follows an extremely
inecient human resource model. While a hospital may be expensive, it is relatively resource
‘ecient’ because varying levels of medical skill (specialist, GP, nurse, allied health) are available
and thus reasonably accessible; community care is extremely inecient in this manner as one
professional is generally responsible for the home visit. This ineciency, coupled with an increasing
shortage of nurses for home care complicates the capacity to deliver home care at lower costs.
Sensory Technologies has worked with the Community Care Access Centre (CCAC) in Southwestern
Ontario to look closely at home care in that region. The CCAC, which is responsible for orchestrating
home care service providers for the region, was struggling with the problem of insucient nurses to
deliver care, and wanted to gure out how to expand the reach of the nurses it does have within the
region. Based on this work, Sensory Technologies created a new clinical service model called “eShi”
for treating and managing end-of-life patients at home that optimizes nurse utilization, lowers costs,
increases capacity and improves patient care.
The new service model is based on hybrid virtual home care teams, which are led by a delegating nurse
(DRN) that directly supervises four personal support workers (PSWs). The DRN manages, mentors and
monitors the PSWs during home care visits, in-home patient data-collection and medical tasks. eShi
allows the DRN to work at home or a telemedicine centre with a laptop, and connect to the PSWs via
smartphones and provide constant communication and care while the PSWs visit patients’ homes.
The service model enabled by eShi better leverages available nurse resources by expanding each
nurse’s reach by managing multiple PSWs at one time. PSWs are delivering near-nursing level care
under guidance of that specialized and experienced DRN. By using the DRN’s skills to remotely guide
any additional interventions required, the capacity to adjust the level of care needed at the bedside
is greatly expanded. This approach allows both DRNs with eShi and visiting nurses to cover many
more patients than compared to existing service models.
This new hybrid home-care team, enabled by eShi, delivers a higher level of complex care
management to considerably more patients. eShi enables higher-acuity patients that could
otherwise be in an institution to be cared for at home and reduces hospital re-admissions. In
Southwestern Ontario, for example, hospitalizations for palliative care patients were reduced
from 50% to 2%, which is a signicant impact on health system cost as well as patient satisfaction.
In the US, eShi can deliver even greater value, given the higher cost of healthcare. This is especially
true under the recently enacted Accountable Care Act, whereby Accountable Care Organizations
(ACOs) that create eciency and process improvements that save money for the health system
receive signicant incentive bonuses, which is a signicant driver of innovation adoption. Using
eShi to reduce expensive hospital stays through better home care allows ACOs and their partners
to deliver these cost-savings.
With this strategy in mind, Sensory Technologies has entered the U.S. through its relationship
with Hospice of Michigan (HOM) headquartered in Detroit. HOM is a member of one of the leading
Accountable Care Organizations in the U.S. HOM, through eShi, is actively pursuing adult patients
with complex care needs, such as Type II diabetes, congestive heart failure or chronic obstructive
pulmonary disease (COPD). Again, the new hybrid home-care team enabled by eShi can manage
those patients better, reducing the risk of hospitalization where the really expensive care kicks in.
The eShi home care model and soware is an ideal t for groups like HOM and other ACOs, and
Sensory Technologies has used nancing from HTX to localize the soware for the U.S. and
international markets. This includes modications allowing for regional requirements for privacy and security of patient data collected at home,
and added functionality to make the eShi application and the mobile client used by the PSWs on their iPhones suitable for use with adult
complex-care patients.
HTX nancing has been critical in leveraging the investment of local Angel investors and founders. As Sensory Technologies transitions from
a company that was primarily focused on developing soware to a company that is delivering healthcare technology and services, it will be
expanding its current sta of 18 to include technical sales & support, training and quality assurance professionals.
In addition to the HTX nancing, S ensory currently has one local angel investor and will be raising more capital with Series A funding, likely
late-2014 or early 2015. This will allow the company to increase internal development, deliver more services within Canada and expand its
reach internationally. This will include securing HIPPA certication in the U.S. by mid-2014, and delivering eShi pilots in the U.K. and France
with leading healthcare organizations f rom each country.
The eShi soware is a full y hosted, Web-based application based on the Soware-as-a-Service (SaaS) delivery model in which customers pay a
monthly subscription fee to access the application via the Internet, using any standard Web browser. For Canadian customers, the application is
hosted at a third-party datacentre site in Ontario to ensure patient data remains within Cana da; similarly for HOM, eShi is hosted at a secure
datacentre in Detroit to ensure clinical data generated or accessed within the U.S. stays within the borders.
Overall, Sensory Technologies, through the development of eShi, is a good example of the application of technology and service innovation
to transform care and deliver better service at lower cost.
Delegating
Nurse
Visiting
Nurse
FamilyPortal
CaseManager
s ClinicalAnalyt ics
HTCP PROJECT HIGHLIGHTS
Tritioig to shi
DelegatingNurse
VisitingNurse
Physicians
CaseManager
ClinicalAnalytics
FamilyPortal
NurseAide
1 Nurse
1 Patient
DelegatingNurse
NurseAide
Ciica Data Coectio
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Setting the Stage forGlobal CompetitivenessHTX expands its services to promote international
sales of Ontario medical technologies
In 2012, purchases of medical technology by Canadian healthcare providers were ~$7B, of which ~$5B was imported and only ~$2B
was met by Canadian suppliers. In addition, Canadian companies exported ~$2.3B, mostly to the slow-growing US market. Canada
represents only about 2% of the global medtech market, but we perform on the order of 3-7% of global medtech clinical trials, and
are the 3-5th ranked globally in medical research productivity. Canada has about the same domestic medtech revenue per capita as
France and the UK, about 20% less than Italy, but only 1/3rd as productive as Germany and the US, with Switzerland a startling 11 times
more productive! A large factor in this is that the Ontario health care system, like those of other Canadian provinces, is not a leading
adopter of innovation. The implications of this are critical to Canadian medtech success:
• We are ivesti i medica research, bt ot reaizi the beets from that research
i terms of Caadia compay domestic saes, job rowth ad exports.
• Or domestic market mst become more strateic for Caadia medtech compaies,
providi beets to Caadia patiets ad eary revee to compaies.
• Caadia medtech compaies MuST aim to icrease their focs ito oba markets,
especiay to hih-rowth markets sch as Korea, Chia, Idia ad Brazi.
HTX’s tag-line is “Invent, Innovate, Invoice”. HTX’s early evolution focused on “Invention” and “Innovation”; Now, increasingly HTX is building
capacity for companies to pursue “International Invoices”. Here are several initiatives that HTX has either led or actively participated in
over the past year, that will help Ontario companies reduce the risk, cost and time to access both domestic and foreign markets.
The Harmony ProjectNavigating the complex world of foreign market regulatory, reimbursementand health technology assessment requirements.
Regulatory and reimbursement environments globally are becoming increasingly stringent and complex to navigate for medical technology
companies. Overcoming the hurdle of safety and ecacy alone is no longer sucient to ensure access to foreign markets. The demand to
demonstrate value for money and comparative eectiveness is increasing evidentiary requirements on manufacturers, as more and more
jurisdictions are relying on Health Technology Assessment (HTA) as a gateway to market access. In the past, companies with limited knowledge
and experience might generate sucient data for their rst market, only to nd out that data proves insucient for subsequent markets,
necessitating additional trials, delays and expense. MaRS EXCITE, of which HTX was a founding collaborator, uses a highly innovative and ecientapproach to consolidate regulatory, reimbursement and HTA requirements into a single integrated pre-market process for Ontario. What is
needed is an integrated, strategic approach to evidence development across multiple foreign markets.
The Proposed Solution
The Harmony Project, led by HTX in collaboration with MaRS EXCITE, is the rst step in developing a process and related content to assist
medtech companies in anticipating a nd simultaneously addressing regulatory, reimbursement and HTA evidentiary requirements for
multiple jurisdictions and payers. Harmony’s strategic approach is intended to reduce medtech product time-to-market, reduce investor
risk, eliminate redundant evidence generation and speed product adoption. Although isolated components of this concept have been
developed in select medtech and bi opharma eco-systems, to our knowledge, there are no companies currently oering the integrated
scope and value proposition of the proposed Harmony Methodology. Harmony will be a “world’s rst”, and has received extremely positive
reception from the medtech industry to-date.
The Project
Through a Request for Qualications (RFQ) and Request for Proposals (RFP) process, several highly qualied global market access
specialists were identied for the purposes of Harmony. A combination of an internal due diligence process with support from an
international Advisory Board, led to the retention of Hull Associates – a global medtech consultancy, as a key partner for HTX in the
development of the Harmony Methodology.
Harmony will focus on key markets of interest to the medtech community – Canada, US, UK, France, Germany and Australia. Using
a combined pathway and case-study based approach, Harmony is identifying regulatory, reimbursement and HTA requirements for
a cross-section of medical devices, and optimal evidentiary coverage across multiple target markets.
Harmony’s goal is to identify areas of similarities and dierences in the commercialization pathway of medical devices across the target
markets, providing end-users with a practical and heuristic based approach in developing and planning their market access strategy.
Additionally, through collaboration and partnerships, Harmony will provide insight, education, and connectivity for medical device
innovators and enable expedited access to key international resources and individuals versed in market access. HTX anticipates
launching a web-accessible Harmony collaboration service in late 2014.
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Medtech Working Group,
The Ontario Health Innovation Council
and Innovation Procurement
Canada, and Ontario are rightfully proud of their world-class levels of medical
research funding – a fundamental input to global medical technology innovation.
Canada represents only 1.5-4% of the global market for various medical
technology sectors, yet we perform a strong 3-7% of global clinical trials in those
sectors. Canada is one of the world leaders in medical research, and Ontario
represents about 60% of Canada’s medical technology ecosystem. However, weneed to become as eective in medtech commercialization as we are in research.
HTX is very pleased to have played a key role in several initiatives, which will
fundamentally change the dialogue between the health system, research, industry,
and Ontario’s eectiveness as a medtech commercialization cluster. MaRS EXCITE
was the rst initiative arising several years ago from the Open-For-Business
process between the Ontario Government and the Medtech industry. The second
is the Medtech Working Group-a multi-stakeholder public/private forum that
identies priorities and recommends changes to facilitate a more rapid adoption
of medical technologies benetting patients, reducing costs to the health system
and increasing economic growth in the province. The third is an Innovation
Procurement and Adoption working group initiated by the Ministry of Government
Services and Ontario Buys, seeking to reform the procurement process for
medical technology, transforming it into a highly collaborative process, where
dialogue on priorities and technical feasibility occurs early and oen in the
evolution of medical technologies.
Most recently, the Ontario Government has created the Ontario Health Innovation
Council (OHIC), representing Government, the health system, and industry, with a
goal of transforming Ontario into one of the leading adopters of benecial health
technology. Virtually all of HTX’s past and planned programs align with OHIC’s
mandate. Collectively, these initiatives represent an inection point for Ontario,
positioning it to become as strong in commercialization as it is in research, and
one of the leading medtech clusters globally.
Medtech RISE (Registry of Innovators, Suppliers and Exporters)
A comprehensive pan-Canadian medtech ecosystem database
Access to accurate data on the number and type of medtech companies and entities in Canada, along with other industry statistics, is critical for
aligning innovation and import/export opportunities with companies that can use them. In addition, a strong need exists to increase connectivity
between researchers, customers, collaborators, suppliers and talent at a global scale. Over 20 medtech databases have been created in Canada
within the last decade to address subsets of this overall challenge however, all suer from single-organization mandates, limited data sets, and
atrophy over time due to a lack of regular maintenance and updates.
This year, HTX in conjunction with key Canadian medtech ecosystem partners, led the
development and establishment of a national, shared, online registry containing all identied
players within Canada’s medtech ecosystem. Medtech RISE – Registry of Innovators, Suppliers
and Exporters, is accessible online and provides the most up-to-date portrayal of Canada’s
medtech ecosystem. Medtech RISE is maintained on a cloud-based platform provided by
Biotechgate of Switzerland, a company operating similar databases for BIOTECanada, Life
Sciences Ontario, and many of the world’s leading medical technology clusters. To support
the growth of our medical and assistive technology industry, Medtech RISE provides a
platform to monitor the growth, trends, and needs of a constantly changing medtech
market, and exposes Canadian medtech companies to the rest of the world.
There are currently over 2500 entities that have been identied through this collaborative endeavour, ranging from medtech manufacturers
and distributors to research and government organizations, investors and service providers. Over the next twelve months, combined eorts of
HTX and its partners will foster continued expansion of this iterative database, making it a robust and comprehensive tool of high value to the
local, national and international medtech community. Medtech RISE is accessible through the HTX website as well as through partner websites.
HTX CoAuTHorS THeCANADIAN MEDTECHMARKET ACCESS
PATHWAY FOR ISPORThis year, HTX in conjunction with a select
group of Canadian academics and market
access experts, jointly contributed to the
Global Health Care Systems Road Map,
published online by ISPOR (International
Society for Pharmacoeconomic Outcomes
and rsach). As a st stp in nd-
standing the Canadian Health Care system
as it relates to commercialization of
medical devices, this tool provides an
overview of the Canadian regulatory,
reimbursement and health technology
assessment pathways and acts as a
valuable preliminary resource for medtech
companies. This publication marks thest f sval pblicatins that hav
been planned for this coming year. Access
to the Canadian Health Care System Road
Map for medical devices can be found at
www.ispor.org.
So Landing ProgramA critical milestone for medtech companies that are seeking to expand into international
markets, is establishing sound relationships with key individuals within local settings.
Through the So Landing Program, HTX oers an international registry of partners in
specic geographic areas that can deliver the services required to reduce the time, cost and
risk of market entry and/or provide collaboration opportunities for Ontario-based companies.
As a component of Harmony, the HTX led So Landing Program is designed for small and medium enterprises (SMEs) seeking assistance with
all, or a subset of regulatory, reimbursement and HTA compliance, corporate representation, manufacturing and clinical research, sales and post
market support, within their priority foreign markets. The program is aimed at decreasing the cost and risk associated with premature pursuitof foreign markets, as well as minimize the burden and challenge of identifying the optimal commercialization pathway in unfamiliar regions.
HTX envisions that the So Landing Program will also provide reciprocal resources and bilateral introductions to the Canadian market for
innovative international companies seeking to gain market access into Canada.
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•
Health Technology Exchange (HTX)
•
Centre for Addiction & Mental Health
• MaRS
•
Mount Sinai Hospital
• Princess Margaret Hospital
•
Ontario Legislature
•
The Hospital for Sick Children
•
Toronto General Hospital
•
Women’s College Hospital
•
University of Toronto
Health Technology Exchange (HTX)
522 uiversity Avee, Site 1201
Toroto, On M5g 1W7
geera Eqiry: [email protected]
Te: 647-258-0381
Fax: 647-258-0390
www.htx.ca
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SUMMARIZED FINANCIAL STATEMENTS 2013
2013
SUMMARIZED FINANCIAL STATEMENTS 2013 SUMMARIZED FINANCIAL STATEMENTS 2013
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To the Board of Directors of htx.ca – The Health Technology Exchange
The accompanying summarized nancial statements, which comprise the summary statements of nancial position as at March 31,
2013, March 31, 2012 and April 1, 2011 and the summary statements of operations and changes in net assets and cash ows for
the years then ended are derived from the audited nancial statements of htx.ca – The Health Technology Exchange for the years
ended March 31, 2013 and March 31, 2012. We expressed an unmodied audit opinion on those nancial statements in our report
dated July 17, 2013. Those nancial statements, and the summarized nancial statements, do not reect the eects of events that
occurred subsequent to the date of our report on those nancial statements.
The summary nancial statements do not contain all the disclosures required by Canadian accounting standards for not-for-prot
organizations. Reading the summary nancial statements, therefore, is not a substitute for reading the audited nancial statements
of htx.ca – The Health Technology Exchange.
Management’s responsibility for the nancial statements
Management is responsible for the preparation of a summary of the audited nancial statements in accordance with
Canadian accounting standards for not-for-prot organizations.
Auditor’s responsibility
Our responsibility is to express an opinion on the summary nancial statements based on our procedures, which were
conducted in accordance with Canadian Auditing Standard 810, “Engagements to Report on Summary Financial Statements”.
Opinion
In our opinion, the summary nancial statements derived from the audited nancial statements of htx.ca – The Health
Technology Exchange as at March 31, 2013, March 31, 2012 and April 1, 2011 are a fair summary of those nancial
statements, in accordance with Canadian accounting standards for not-for-prot organizations.
Grant Thornton LLP | Suite 200 | 15 Allstate Parkway | Markham | ON | L3R 5B4 | T +1 416 366 0100 | F +1 905 475 8906 | www.GrantThornton.ca
HTX.CA | THE HEALTH TECHNOLOGY EXCHANGE
Report of the Independent Auditoron the Summary Financial Statement
CHARTERED ACCOUNTANTS, LICENSED PUBLIC ACCOUNTANTS | Toronto, Canada | August 30, 2013
2013 2012Revenue
Ontario Ministry of Research and Innovation grant $ 4,844,906 $ 3,462,171
Educational seminar grant 4,000 10,000
Interest 42 9
4,848,948 3,472,180
Expenses
Health technology commercialization program 3,643,516 2,192,854
Commercial market development program 490,423 463,076
Research and development program 339,485 437,690
General and administrative expenses 332,807 313,851
Amortization 40,512 69,071
4,846,743 3,476,542
Excess (deciency) of revenue over expenses 2,205 $ (4,362)
See accompanying notes to the nancial statements.
HTX.CA | THE HEALTH TECHNOLOGY EXCHANGE
Summary Statements of Operations Years ended March 31
SUMMARIZED FINANCIAL STATEMENTS 2013 SUMMARIZED FINANCIAL STATEMENTS 2013
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March 31, 2013 March 31, 2012 April 1, 2011ASSETS (Note 2)
Current
Cash $ 460,363 $ 1,649,121 $ 184,337
Accounts receivable 69,350 29,214 32,191
Prepaids 13,448 9,276 5,792
Contributions receivable – – 717,489
543,161 1,687,611 939,809
Property and equipment 55,521 94,628 108,895
$ 598,682 $ 1,782,239 $ 1,048,704
LIABILITIES
Current
Accounts payable and accrued liabilities $ 106,089 $ 95,932 $ 79,028
Payable to Ontario Ministry of Research and Innovation 307,290 302,065 302,065
Deferred contributions – 1,201,144 480,151
413,379 1,599,141 861,244
Net assets
Invested in equipment 55,521 94,628 98,986
Unrestricted 129,782 88,470 88,474
185,303 183,098 187,460
$ 598,682 $ 1,782,239 $ 1,048,704
See accompanying notes to the nancial statements.
HTX.CA | THE HEALTH TECHNOLOGY EXCHANGE
Summary Statements of Financial Position Years ended March 31
2013
Invested in property
Total and equipment Unrestricted
Balance, beginning of year $ 183,098 $ 94,628 $ 88,470
Excess (deciency) of revenue over expenses 2,205 (40,512) 42,717
Purchase of capital assets – 1,405 (1,405)
Balance, end of year $ 185,303 $ 55,521 $ 129,782
2012
Invested in
Total equipment Unrestricted
Balance, beginning of year $ 187,460 $ 98,986 $ 88,474
Deciency of revenue over expenses (4,362) (59,162) 54,800
Purchase of capital assets – 54,804 (54,804)
Balance, end of year $ 183,098 $ 94,628 $ 88,470
See accompanying notes to the nancial statements.
HTX.CA | THE HEALTH TECHNOLOGY EXCHANGE
Summary Statements of Changes in Net Assets Years ended March 31
SUMMARIZED FINANCIAL STATEMENTS 2013 SUMMARIZED FINANCIAL STATEMENTS 2013
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2013
2012
Increase (decrease) in cash
Operating
Excess (deficiency) of revenue over expenses $ 2,205 $ (4,362)
Items not affecting cash 40,512 59,162
Change in non-cash working capital items (1,230,070) 1,464,788
(1,187,353) 1,519,588
Investing
Purchase of property and equipment (1,405) (54,804)
(Decrease) increase in cash (1,188,758) 1,464,784
Cash
Beginning of years 1,649,121 184,337
End of years $ 460,363 $ 1,649,121
See accompanying notes to the nancial statements.
HTX.CA | THE HEALTH TECHNOLOGY EXCHANGE
Summary Statements of Cash Flows Years ended March 31
HTX.CA | THE HEALTH TECHNOLOGY EXCHANGE
Notes to Financial Statements March 31, 2013
1. Criteria for presentation of summary nancial statements
The information selected by management for presentation in the summary nancial statements has been identied as being the
most pertinent and useful nancial data for inclusion in the htx.ca – The Health Technology Exchange annual report.
Audited nancial statements are available upon request from management of htx.ca – The Health Technology Exchange.
2. Impact of the change in the basis of accounting
These summary nancial statements are HTX’s rst summary nancial statements prepared in accordance with Canadian accounting
standards for not-for-prot organizations (“ASNPO”). The date of transition to ASNPO is April 1, 2011. These accounting standards
were used to prepare the summary nancial statements for the year ended March 31, 2013, the comparative information and the
opening statement of nancial position as at the date of transition.
The adoption of ASNPO did not result in adjustments to the previously reported assets, liabilities, fund balances and excess of
revenue over expenses of HTX. Accordingly, the reconciliations and disclosures required by Section 1501, First-time adoption for
not-for-prot organizations, for the net assets at the transition date, and the comparative period statements of operations and
cash ows are not necessary and have not been presented in these summary nancial statement notes.
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SUMMARIZED FINANCIAL STATEMENTS 2013
HTX is an independent, not-for-prot corporation funded by the
Government of Ontario through the Ministry of Research and Innovation.
Health Technology Exchange (HTX)
522 University Avenue, Suite 1201
Toronto, ON M5G 1W7
General Enquiry: [email protected]
Tel: 647-258-0381
Fax: 647-258-0390
www.htx.ca