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Med-tech company secures commercialization funds

Radialis receiving $500,000 in provincial money to advance imaging tech
Thunder Bay's Radialis has developed high-definition imaging technology.

Radialis Inc., a Thunder Bay medical technology company, has received $500,000 in provincial funds to advance its imaging technology.

The company was one of 11 announced on July 8 that will share in $5.5 million from the province’s Life Sciences Innovation Fund (LSIF).

“These investments signal our government’s continued commitment to promoting the very best of Ontario’s life sciences sector,” Vic Fedeli, minister of Economic Development, Job Creation and Trade, said in a news release.

“These ambitious companies demonstrate the innovation, talent and expertise that has the potential to improve lives around the world while creating good-paying jobs at home.”

Radialis has developed high-definition positron emission tomography (PET) imaging technology that can create a clear image of an area of concern in a patient’s body, which helps the clinical team make the best diagnosis and treatment plan.

The company, which is a joint initiative of the Thunder Bay Regional Health Research Institute and Lakehead University, got approval last year from the U.S. Food and Drug Administration to market the device in the U.S.

It’s been the recipient of accolades since it was founded in 2016, including an outstanding commercialization award from Mitacs for its co-founder Oleksandr Bubon in 2019.