Life Sciences Growth Fund

The Life Sciences Scale-Up Fund (LSSUF) is an initiative aimed at providing financial support to small and medium-sized enterprises (SMEs) within the life sciences sector in Ontario. The primary goal of the fund is to assist these companies in scaling their operations and enhancing their competitiveness in the market. By facilitating innovation and the commercialization of new healthcare products, LSSUF seeks to foster the growth of a robust pipeline of innovative life science companies that are well-positioned to respond to procurement opportunities.

Eligible applicants must meet certain criteria to qualify for this funding. Specifically, they must be for-profit businesses that are registered with a business number from the Canadian Revenue Agency. Additionally, applicants should have at least two years of operational history, supported by financial statements that are either audited or reviewed by an accountant. The enterprise must classify as a small-to-medium sized company, employing between five to a maximum of 500 full-time equivalent staff in Ontario by the project’s commencement date.

Geographically, companies must either be located in Ontario or have plans to establish themselves in the province by the project's start. Compliance with all applicable laws is crucial for eligibility, which includes adherence to the Accessibility for Ontarians with Disabilities Act. Companies should also ensure that they are not delinquent on any fees, levies, or taxes owed to the Government of Ontario. It’s important to note that life science companies specifically operating in the food and agriculture sector do not qualify for LSSUF support.

The fund is designed not only to drive growth within individual firms but also to strengthen the overall healthcare supply chain in Ontario. By supporting the development of domestic manufacturing capabilities, LSSUF plays a vital role in enhancing the province's readiness for healthcare procurement needs.

Applicants are encouraged to familiarize themselves with the program guidelines for comprehensive details regarding eligibility and application procedures. For general inquiries or further assistance with the application process, prospective applicants can reach out via email to [email protected]. Additionally, companies seeking personalized guidance may contact a Ministry Business Advisor based on their geographical location in Ontario, with dedicated emails provided for the Central, Western, Eastern, and Northern regions.

The submission deadline for the LSSUF application is set for March 3, 2025, at 5:00 p.m. (EST). Eligible companies looking for funding to propel their initiatives in the life sciences sector should prepare their applications ahead of this timeline to secure the necessary financial support.

In summary, the Life Sciences Scale-Up Fund is a strategic funding opportunity for Ontario-based SMEs in the life sciences field, focused on fostering innovation and strengthening healthcare supply chains. Companies looking to apply must adhere to specific eligibility criteria, and are encouraged to seek guidance as needed to improve their chances of securing funding.