Heart attacks are a leading cause of death in Canada. In fact, there are an estimated 70,000 heart attacks each year in Canada. That’s one heart attack every seven minutes.
Toronto start-up CellAegis Devices
has developed a device that activates the body’s self-defence mechanisms to protect heart muscles in case of a heart attack, reducing damage to organs by up to 50 per cent. Based on research conducted at Toronto’s Hospital for Sick Children, the autoRIC™ Device can be used adjunct to other medical procedures and is simple, convenient and time-efficient.
OCE supported CellAegis Devices with Market Readiness
funding in 2008 to perform a market assessment, determine regulatory requirements, establish the feasibility of the business, and build the early external support that helped launch the company.
CCR’s Embedded Executive program then helped the founders engage a senior executive to build a business plan and prototype, establish strategic alliances, and position the company for investment. A Commercialization investment soon followed, allowing CellAegis to hire a CEO, secure further financing, and fund trials.
CellAegis just received approval from the European Medical Device Directive to sell its autoRIC™ Device in the European Union. The device has been tested in 85 clinical trials around the world and is expected to be available in Canada and worldwide next year.
“CCR’s Embedded Executive program did exactly what it was meant to do. We were in a situation where we needed a business plan and some initial market work done in order to get financing. We needed an executive to write a business plan but you can’t get an executive unless you get the financing. So it helped solve that problem.” —Rocky Ganske, CEO, CellAegis Devices Inc.
Return on Innovation
- Will significantly impact healthcare costs, up to $10 billion in North America alone
- Manufactured in Ontario and sold worldwide, contributing to Canada’s exports
- Currently employs three staff and 2.5 full-time staff in Ontario manufacturing facility
- Plans to hire three more employees and three to seven additional people in manufacturing facility by end of 2012
- Projects hiring 20 people in the next three to five years
OCE©2012 Last updated 10/2012