Sixteen thousand people in Ontario experience a stroke every year. Many never regain arm function and become dependent on caregivers to perform routine daily tasks like bathing and eating. The economic burden of long term care and management of stroke survivors in Ontario is estimated at one billion annually.
Mississauga-based MyndTec Inc. has developed a proprietary therapy that uses electrical stimulation to retrain the brain to restore voluntary arm and hand movements. Stroke and spinal cord injury (SCI) patients have realized dramatic gains in self-care independence after just eight weeks of treatment.
OCE supported MyndTec Inc., the University of Toronto, and Toronto Rehabilitation Institute at University Health Network through two rounds of Market Readiness
funding in 2011. The investments catalyzed the development and implementation of a commercialization strategy and team. In August 2012, the company closed one of the largest life sciences angel investments reported in Ontario.
MyndTec Inc., together with Mississauga-based contract manufacturing partners, plans field testing of beta prototypes early next year. Market clearance in Canada is anticipated by mid-2013 with submissions to European Authorities and the US FDA planned during 2013.
MyndTec Inc. won the 2012 TiEQuest and TiEQuest Intellectual Property Award and was also honoured this year with the University of Toronto Connaught Innovation Award.
“OCE was instrumental to get us on the right track and help us both financially and through connections and advice. I don’t think we would be here today if it was not for OCE.” —Dr. Milos R. Popovic, Director and co-founder, MyndTec Inc.
Return on Innovation
- Projects dramatic cost savings in Ontario healthcare system
- Employs two full-time and three part-time employees
- Plans to hire an additional seven full-time employees in the next 12 months
- Projects a total of 40 employees in three to five years
OCE©2012 Last updated 10/2012