Canon U.S.A. announced Thursday it has made a strategic investment in Ottawa-based Spartan Bioscience Inc. to fund research and development of new diagnostic testing products.
Canon’s wholly-owned subsidiary, Canon BioMedical Inc. is looking into ways it can work with Spartan on other products like rapid genetic testing.
“We are excited to continue our efforts as we move into new markets for rapid genetic testing,” Spartan CEO Paul Lem said in a statement. “Working with Canon will help accelerate our progress in the future.”
Seymour Liebman, who currently sits on Canon BioMedical’s board of directors will also join Spartan’s board.
“Spartan’s goals align with our mission to provide enhanced diagnostic testing systems that can help improve human health worldwide,” Mr. Liebman said in a statement.
Terms of the investment were not disclosed.