A few Canadian cancer-focused companies are consolidating.
Vancouver-based Canexia Health Inc. is merging with Imagia Cybernetics Inc. in a transaction expected to close by the end of the month.
The newly formed company, Imagia Canexia Health Inc., will be led by CEO Geralyn Ochab from Imagia’s current headquarters in Montreal.
Meanwhile, Sue Paish, CEO of Vancouver’s digital technology supercluster, is expected to serve as president of the newly merged company.
Rather than an outright acquisition, Ochab described the transaction as “a merger of equals.”
“These are two Canadian companies, one in British Columbia and one in Quebec, that are tackling one of the most critical issues facing our healthcare system and those around the world, and that is access. to cancer diagnosis, treatment and care,” she said. VBI ahead of the merger announcement on Wednesday.
Canexia specializes in offering genomics-based cancer tests, while Imagia is known for harnessing artificial intelligence to better understand health data.
“The pandemic has really shown the problems in our healthcare system,” Ochab said.
“This has been even more evident in cancer care. Delays in diagnosis, delays in surgeries. I think we’re going to face some really tough times with cancer care globally. We’re really organized as two companies to solve really big problems and together we can handle them.
The goal of the merger is to expand the new company’s footprint across North America, integrate AI into analytics and testing, and develop new products, according to Ochab.
“It’s really about having the right people at the right time and in the right place to start having a real impact on this issue of accessibility and health equity,” she said.
The deal also means more capital flowing within the combined companies.
Imagia Canexia secures a $20 million equity investment following the merger, with participation from BDC Capital’s Women in Technology Venture Fund, Desjardins Capital and PacBridge Capital.
The combined company will have a total workforce of 90 workers.