High Q Technologies – an innovative life sciences company that develops quantum-enabled scientific instruments for protein characterization in drug discovery – announced a $3.75-million Government of Canada investment through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) as part of the Regional Quantum Initiative.
This funding round will support High Q’s commercialization of transformative Electron Paramagnetic Resonance (EPR) Spectroscopy systems to study protein dynamics for use in pharmaceutical and biotechnology applications.
Protein characterization is an indispensable part of the drug discovery process and over 95% of drug targets are proteins, involved in diseases ranging from cancers to neurodegenerative disorders. And with such a vast array of target proteins, the development of new and enhanced tools helps equip drug hunters with the resources to accelerate their discoveries. By investing in quantum-enabled technologies, researchers will be able to create more effective and targeted treatments for a wide range of diseases.
In 2019, the federal government invested $6.5 million in High Q Technologies through the Strategic Innovation Fund to support early research and development of revolutionary quantum sensor technologies designed to help academic structural biologists solve historically complex problems in protein dynamics.
KEY QUOTES:
“Southern Ontario is well-positioned for quantum breakthroughs because we are home to world-leading research centres and high-potential quantum companies, like the ones we are celebrating today. Businesses in this sector are creating incredible technologies and our government is providing support so they can bring them to market faster, advancing Canada’s role as a world leader in quantum technologies.”
– Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario
“We are incredibly grateful for the Government of Canada’s commitment to advancing innovation in health sciences and biotechnology, ushering in a new era of breakthroughs in disease treatment and therapeutics. This investment will improve access to cutting-edge EPR Spectroscopy that will enable scientists to further understand protein dynamics and accelerate drug development.”
“The Government of Canada continues to show its foresight in critical technology investments. The funding High Q received in 2019 supported formative work that led to these core technologies, and the latest funding will support further product development and commercialization into the larger pharmaceutical and drug discovery market.”
– Wendy Hinchey, CEO of High Q Technologies
