HTX provides $248,750 financing to Baylis Medical for development of novel surgical device

Baylis Medical Partners with Sunnybrook Health Sciences Centre and The University of Waterloo

HTX today announced it is providing $248,750 in financing to Baylis Medical Company, a developer of innovative cardiology, endovascular, pain management, and orthopaedic devices. HTX financing will support the final development of a novel surgical device, including research-based evidence, enabling worldwide regulatory submissions, sales and marketing of the device.

"This minimally invasive device positions Baylis Medical well to address a growing market need and has the potential to create several high-quality jobs in product development, engineering, sales and marketing over the next few years," said Frank Baylis, President of Baylis Medical.

Baylis Medical will be partnering with Sunnybrook Health Sciences Centre and The University of Waterloo for field evaluation and device refinement in clinical models.  Sunnybrook will be performing imaging studies of the implanted device as well as histological examination of tissues post-implantation.  The University of Waterloo will be examining the impact of the device on mechanical behaviour of the relevant tissues and examine various injury mechanisms leading to device intervention. Both institutions are leveraging their expertise as clinical centres and educational leaders within the partnership.

"Baylis is a great example of an established, Ontario medtech company benefiting from investment in medical technology research.  Although HTX invests mostly in early stage companies, and multinational commercialization partnerships, there is a large, untapped resource of established Ontario medtech companies that could benefit from increased R&D investment to expand their businesses and revenues.  Baylis has focused on an important market need, and we look forward to watching the trajectory of this device towards global markets," said John Soloninka, President & CEO of HTX.