A London company may be on the verge of a groundbreaking treatment for diabetes — and an infusion of federal money announced yesterday in London may help it get there.
Gary Goodyear, minister for FedDev Ontario, announced the economic development agency for southern Ontario is giving $45 million to fund research at several businesses, including Sernova Corp. at the Stiller Centre.
“We need another study that will take us to the next level of clinical work,” said Philip Tosleikis, chief executive of Sernova.
Sernova received nearly $500,000 last year to fund its research. The funding announced Thursday will allow the company to apply for $5 million next year to fund clinical trials, the next stage in bringing its medial device to market.
“With that federal funding, we were able to go out and secure $2 million in private money and that has all come back to London,” Tosleikis said.
The Industrial Research Assistance Program (IRAP) gave money to 25 businesses last year in London.
“We are supporting and encouraging business to innovate and maximize potential, to create jobs,” said Goodyear, who made the announcement at the Stiller Centre for Technology Commercialization.
“These are our job creators, these are our community builders and they are businesses like Sernova. Sernova is a great example of what we can do. It is truly a Canadian success story.”
Read more >> Feds back local diabetes discovery | Money | London Free Press.
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