Canadian microultrasound system developer Exact Imaging has been chosen to receive a nearly $1 million (Canadian) contribution from the Federal Economic Development Agency for Southern Ontario.
The $980,000 Canadian ($810,252 U.S.) contribution was announced at the 2015 Business Innovation Summit in Toronto by Ontario Minister of State Gary Goodyear. It is part of the agency's Investing in Business Innovation initiative, which supports new entrepreneurs and early-stage businesses, Exact Imaging said.
The company plans to use the repayable funding to finalize the design and development of a commercial version of its high-resolution ultrasound system for real-time imaging and guided biopsy of the prostate. Exact Imaging hopes to gain regulatory approval in Europe and the U.S. and bring the device to market in 2016.
