Will centralize R&D activities for the development of a number of new product lines.
TORONTO — A medical devices manufacturing firm is getting more than $18 million in loans and grants to build an innovation centre for innovation in medical technology in Mississauga, Ont.
Bayliss Medical Co., a manufacturer of medical devices used in cardiology, radiology and spinal procedures is getting a a loan of up to $9.46 million and a grant of up to $7.74 million through the province’s Jobs and Prosperity Fund.
Baylis Medical develops and manufactures medical devices that are used in cardiology, radiology and spinal procedures. It is one of the few medtech companies with both research and development (R&D) and manufacturing operations in Canada.
The Baylis Medical Innovation Centre will centralize the company’s R&D activities for the development of a number of new product lines, including four technologies that will be produced for the first time, anywhere in the world. It will also help the company expand into new international markets in Europe and Asia.
The $130.91 million project is scheduled for completion in the summer of 2023 and add 233 jobs to the companies 339-person payroll.