CPRGlove receives $500,000 in Ontario Market Readiness funding

[img_inline align=”right” src=”http://padnws01.mcmaster.ca/images/cprcheck.jpg” caption=”Nilesh Patel, Corey Centen and Sarah Smith of Atreo Medical Inc. hold a $500,000 cheque from the province’s Market Readiness Program. Photo by Sheldon Smart. “]The Ontario government is helping to bring to market the award-winning CPRGlove developed by three alumni from the electrical and biomedical engineering program at McMaster.

Corey Centen, Nilesh Patel and Sarah Smith's CPRGlove interactively guides users on how to most effectively perform life-saving Cardio-Pulmonary Resuscitation (CPR). The technology will improve the survival rates of the nearly 350,000 annual out-of-hospital cardiac arrests that occur within Canada and the United States.

Ontario's $500,000 investment in their company, Atreo Medical Inc., is one of two new grants awarded through the province's Market Readiness Program, which helps innovative Ontario companies grow to the point where they can attract investment from other sources. Toronto-based Metabacus Inc. will also receive $500,000.

“Companies like these are on the vanguard of the Ontario economy, turning local expertise into companies poised to tackle global markets,” said Minister of Research and Innovation John Wilkinson.

The market for a CPR training and assistance device like the CPRGlove is growing. According to Atreo Medical, approximately 13 million North Americans receive CPR training each year, with numbers expected to climb to 20 million by 2010.

When correctly administered, CPR can double the chance of survival for out-of-hospital cardiac distress.

“OCE has supported both Atreo and Metabacus by funding the development of their technologies from the early stages of development to market readiness. Thanks to Ontario's support for the Market Readiness Program, the Investment Accelerator Fund will help these companies cross the bridge from a great idea to a thriving business,” said Mark Romoff, president and CEO, Ontario Centres of Excellence.

Patel, Centen and Smith will be presented with the McMaster Arch Award at the Alumni Gallery, MAA Dinner and Induction Ceremony on Thursday, May 29. For more information, please click here.

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[img_inline align="right" src="http://padnws01.mcmaster.ca/images/cprcheck.jpg" caption="Nilesh Patel, Corey Centen and Sarah Smith of Atreo Medical Inc. hold a $500,000 cheque from the province's Market Readiness Program. Photo by Sheldon Smart. "]The Ontario government is helping to bring to market the award-winning CPRGlove developed by three alumni from the electrical and biomedical engineering program at McMaster.<br />
<br />
<p>Corey Centen, Nilesh Patel and Sarah Smith&#039;s CPRGlove interactively guides users on how to most effectively perform life-saving Cardio-Pulmonary Resuscitation (CPR). The technology will improve the survival rates of the nearly 350,000 annual out-of-hospital cardiac arrests that occur within Canada and the United States. <br />
<br />
<p>Ontario&#039;s $500,000 investment in their company, Atreo Medical Inc., is one of two new grants awarded through the province&#039;s Market Readiness Program, which helps innovative Ontario companies grow to the point where they can attract investment from other sources.  Toronto-based Metabacus Inc. will also receive $500,000.<br />
<br />
<p>"Companies like these are on the vanguard of the Ontario economy, turning local expertise into companies poised to tackle global markets," said Minister of Research and Innovation John Wilkinson. <br />
<br />
<p>The market for a CPR training and assistance device like the CPRGlove is growing. According to Atreo Medical, approximately 13 million North Americans receive CPR training each year, with numbers expected to climb to 20 million by 2010. <br />
<br />
<p>When correctly administered, CPR can double the chance of survival for out-of-hospital cardiac distress.<br />
<br />
<p>"OCE has supported both Atreo and Metabacus by funding the development of their technologies from the early stages of development to market readiness. Thanks to Ontario&#039;s support for the Market Readiness Program, the Investment Accelerator Fund will help these companies cross the bridge from a great idea to a thriving business," said Mark Romoff, president and CEO, Ontario Centres of Excellence.<br />
<br />
<p>Patel, Centen and Smith will be presented with the McMaster Arch Award at the Alumni Gallery, MAA Dinner and Induction Ceremony on Thursday, May 29. For more information, please click <a href="http://dailynews.mcmaster.ca/images/aginvite.pdf">here</a>.<br />

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