MaRS Catalyst Fund is investing in CellAegis, a Canadian medical device company with promising technology to help substantially improve patient recovery from heart disease.
CellAegis’ autoRIC® device is a portable and easy-to-administer therapy for reducing damage to tissues following a heart attack or cardiovascular procedures. The autoRIC Device has already been approved for use in Canada and the European Union. The current funding round will finance the company through the U.S. FDA approval process.
- The autoRIC Device is an inflatable arm cuff that operates automatically to deliver a type of therapy called Remote Ischemic Conditioning (RIC) to patients following a heart attack or stroke. This treatment can significantly reduce tissue damage, resulting in improved health outcomes and quicker recovery.
- The device could significantly reduce the cost to Canada’s health system of treating heart disease.
- The autoRIC Device can be used in both clinical and non-clinical settings, which gives it high potential for use in rural and remote areas.
- There are 70,000 heart attacks each year in Canada and cardiovascular disease accounts for 17 per cent of hospitalizations. $7.6 billion is spent treating heart disease each year.1
- MaRS Catalyst Fund, backed by the Virgin Group foundation Virgin Unite and other leading Canadian foundations, was launched in 2016 to provide funding and support to Canadian companies pursuing social and environmental impact outcomes with business models that scale. MaRS Catalyst focuses on healthcare, clean technologies and education. The fund will invest $375,000 in this round.
“We believe that Automated Remote Ischemic Conditioning will become standard of care as an adjunct therapy in cardiovascular treatment, and the potential impact on improving healthcare costs and patients’ outcomes is significant.” – Rocky Ganske, CEO, CellAegis
“Cardiovascular disease is one of the leading causes of death. It hits rural and remote communities particularly hard as it is more difficult to access timely medical care. Because autoRIC can be used by paramedics and even at home, it could have a major impact on care in these communities.” – Kathryn Wortsman, Fund Manager, MaRS Catalyst Fund
1. Source: Heart and Stroke