A giant Chinese state-owned enterprise is eager to invest in seven groundbreaking medical devices developed by an Ottawa research institute, including one touted as having a worldwide impact comparable to the computer.

And though he’s pleased by the Chinese interest, Tofy Mussivand, director and CEO of the Medical Devices Innovation Institute — known as MDI — fears Canada is “missing the boat” on a lucrative export market for medical devices.

The Chinese enterprise, ZDG, is the investment arm of Z-Park, a 488-square-kilometre research park that has been called China’s Silicon Valley.

ZDG officials have made several trips to Ottawa over the past year. During one visit, staff from Invest Ottawa, the region’s economic development agency, took the Chinese visitors to see devices under development by Mussivand’s team, based at the University of Ottawa Heart Institute.

“It was almost like a kid in a candy store,” recalled Bruce Lazenby, Invest Ottawa’s president and CEO.

ZDG has now signed an agreement with MDI giving ZDG an exclusive 45-day option, which expires in mid-December, on the seven devices. Company officials are coming to Ottawa later this month to finalize negotiations.

“It’s all very early, but the interest is genuine, and so it should be,” Lazenby said. “These are really good projects, and it’s a really good match.”

MDI was created in 2009 by the University of Ottawa in partnership with the University of Ottawa Heart Institute. It works collaboratively with hospitals, universities and industry in Canada and abroad.

Mussivand hasn’t yet revealed the secrets of the seven devices to the Chinese, but will do so if ZDG agrees to pay about $7 million to fund further research and development.

“If they want to go farther and do prototype versions, they’ll have to spend at least $500 million, $600 million, $700 million,” he said.

Mussivand, who was part of Ottawa Mayor Jim Watson’s delegation to China in October, wants to share ownership of the devices 50-50 with ZDG. He estimates each device has sales potential of at least $1 billion a year.

One device can provide full identification of an individual’s DNA in less than 15 minutes using only the oil from a fingerprint. Mussivand’s team hopes to reduce that to 15 seconds within the next year or two, which would make it an indispensable tool for medical, forensic and security use.

“The impact of this, if it becomes reality, would be as big as computers around the world,” Mussivand predicted.

Another would treat heart failure patients — who now may require an artificial heart or a heart transplant to survive — using a thermal therapy device that can be worn like a T-shirt.

Since returning from China, Mussivand said he’s received several phone calls and emails from his ZDG contact, suggesting the company is eager to nail down the investment. “They’re rushing it more than I am.

“They have the money and they have the interest. I’ve been all over the world. I’ve never seen so much enthusiasm for technology as the Chinese have,” Mussivand said.