HIGH Q TECHNOLOGIES SECURES $3.75 MILLION FROM GOVERNMENT OF CANADA TO SUPPORT EXPANSION OF PROTEIN MEASUREMENT PLATFORM FOR DRUG DISCOVERY
Funding through Government of Canada's Regional Quantum Initiative supports product development and commercialization efforts
WATERLOO, ON, Feb. 26, 2024 /CNW/ - High Q Technologies Inc., an innovative life sciences company that develops quantum-enabled scientific instruments for protein characterization in drug discovery, announces 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. The funding 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.
"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," said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario.
Protein characterization is an indispensable part of the drug discovery process. Over 95 percent of drug targets are proteins, involved in diseases ranging from cancers to neurodegenerative disorders. 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.
"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," said Wendy Hinchey, CEO of High Q Technologies. "This investment will improve access to cutting-edge EPR Spectroscopy that will enable scientists to further understand protein dynamics and accelerate drug development."
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.
"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," said Hinchey.
The company is currently in global Beta testing with key academic partners and plans to launch its first system this year.
High Q Technologies is a fast-growing company that provides drug hunters and structural biologists with solutions designed to resolve historically complex problems in protein dynamics and accelerate the development of novel therapeutics. With more than a decade of research and development, High Q has patented quantum devices and control techniques for Electron Paramagnetic Resonance (EPR) Spectroscopy, offering unprecedented levels of sensitivity, speed, and stability. High Q EPR instruments are fully automated, intuitive systems that provide customers with quick and easy access to critical protein interaction data via a modern and compact design. The company is headquartered in Waterloo, Ontario. Visit http://www.highqtechnologies.com for more information.
For 14 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada's most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario's Twitter, Facebook, Instagram and LinkedIn.
SOURCE High Q Technologies Inc.
Media Contacts: Rudra Maharajh, [email protected]; Edward Hutchinson, Press Secretary, Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario, [email protected]
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