Good afternoon, ladies and gentlemen. Thank you for having me here today.
It is a great pleasure to be with you today.
For nearly a century, NRC has excelled at putting science at work for Canada, advancing knowledge, generating technological solutions for Canadian industry, creating wealth, and improving the quality of life of Canadians and others around the world.
You have already interviewed our president, so to some extent you've heard some of this. This is just a very short introduction to NRC. NRC plays a leading role in creating Canada's future. We bring together key stakeholders based on a national and international network of research and technology partners, including universities, governments, and the private sector.
Our institute, the NRC Institute for Biodiagnostics, which we shall call NRC-IBD, was established here in 1992 as part of that network. It is a leading research centre for the development and application of tools for medical diagnosis and an integral element of the local innovation system.
Our impact on Canada extends beyond Winnipeg to satellite laboratories in Calgary and Halifax. Currently we have about 150 researchers and staff. Affiliated collaborators and students are engaged in about $11.3 million worth of research and development and in technology transfer. Since 1997 we have created seven technology spinoff companies, and I will tell you about them in a moment.
Along with our NRC partners--IRAP and the Canadian Institute for Scientific and Technical Information--we work directly with small and medium enterprises and entrepreneurs. We bring research strengths and business expertise to bear on their market-driven challenges and opportunities, and thus we enhance their competitiveness.
We have recently constructed an industrial partnership facility in Winnipeg to accommodate a greater number of entrepreneurs and early stage technology companies, providing them with access to NRC's programming and services that can significantly enhance their success.
I would like to take a few moments to tell you about our research in the area of medical devices, why it is important to NRC and to Canada overall, and how we are helping to create a competitive advantage for Canada through science and technology.
From a business entrepreneurial perspective, Canada faces an annual trade deficit for medical devices of approximately $2 billion per year. Canada is a net importer of medical imaging instruments and peripherals from major multinational corporations. Certainly these corporations will continue to play a significant role in the global medical imaging market. However, NRC-IBD's research and development in technologies and techniques has led to the creation of several very successful imaging-based medical device companies that export their products to other countries, thereby reducing the trade deficit and benefiting both patients and Canada's economy.
For example, Winnipeg-based IMRIS, an NRC spinoff company, incorporates NRC technology into interoperative MRI systems, many of which have been installed in hospitals in North America and abroad, including China and India. IMRIS has a market capitalization of $100 million and employs about 120 highly qualified people here in Winnipeg. In 2007, IMRIS created the largest initial public offering of any Canadian medical device company in the history of the Toronto Stock Exchange--$40 million.
Another of our medical device companies, Novadaq Technologies, makes a camera system that validates cardiac bypass procedures--heart bypasses. They currently employ over 75 people and have a market capitalization of nearly $100 million. In 2005, they succeeded in the third-largest Canadian medical device offering on the Toronto Stock Exchange--$25 million.
From a knowledge perspective, NRC-IBC is developing new methods to help detect, monitor, and treat disease, bringing social and economic benefits to Canada. The technologies we have developed help reduce the invasiveness of surgical procedures, improve the effectiveness of treatment and therapy, and limit the complications of surgery--factors that are central to the well-being of Canadians and others around the world.
From a people perspective, our research programs employ internationally recognized researchers. We collaborate with universities and technical colleges to train scientists and researchers each year. We increase the supply of highly qualified and globally connected science and technology graduates with experience in knowledge commercialization, thus enabling them to succeed in today's global market.
Our collaborations with hospitals in Calgary, Winnipeg, Toronto, Halifax, and other Canadian cities help translate our discoveries into clinical practice. For example, our collaboration with the Ross Tilley Burn Centre at Sunnybrook Hospital in Toronto is noteworthy. NRC-IBD is developing a device that assists surgeons in determining the depth of a burn. By doing so, we are helping to decide upon the appropriate treatment, which improves the patients' outcomes and reduces costs. This product will soon be commercialized.
By implementing the Government of Canada's science and technology strategy, mobilizing S and T to Canada's advantage, NRC's Institute for Biodiagnostics is well-placed to serve many R and D needs of the Canadian high-tech industry. We are creating knowledge, value, and a highly skilled workforce, and we are contributing to improving the health of Canadians through earlier diagnosis of disease and less-invasive therapy.
Thank you very much.