October 11, 2017

Ontario start-up makes major deal to develop cancer-fighting viruses

Partners congratulate Turnstone Biologics

Canadian academic institutions and research organizations are congratulating Turnstone Biologics on a new partnership with AbbVie to develop cancer-fighting viruses (also called oncolytic viral immunotherapies).

Turnstone was founded in Ottawa based on research led by Dr. John Bell (from The Ottawa Hospital and uOttawa), Dr. Brian Lichty (from McMaster University) and Dr. David Stojdl (from the Children’s Hospital of Eastern Ontario and uOttawa). The Ontario Institute for Cancer Research (OICR) and BioCanRx have also played a key role in advancing the technology.

Quick Facts and Links

  • Turnstone was recently recognized as one of the top 15 biotech start-ups in the world.
  • In 2016, Turnstone secured US$41 million in venture capital (VC) funding. This is believed to be the largest VC deal in Ottawa since 2013 and the second largest biotech VC deal in Canada in 2016.
  • As of October 2017, Turnstone had 25 employees in Ottawa, Hamilton and New York. It expects to approximately double its employees by the end of next year.
  • Turnstone’s most advanced product is called Ad-MG1-MAGEA3. It is produced in The Ottawa Hospital’s Biotherapeutics Manufacturing Centre and the McMaster Immunology Research Centre.
  • Top journal Science called cancer immunotherapy the “breakthrough of the year” in 2013.
  • Ad-MG1-MAGEA3 is currently being tested in clinical trials at several hospitals across Canada. People who are interested in participating in these trials can read these frequently asked questions.
  • While public funding is crucial for cancer research discoveries, private investment is almost always necessary to advance the development of new therapies, as this can cost more than US$2.5 billion.
  • Turnstone was co-founded by FACIT, The Ontario Institute for Cancer Research’s commercialization partner, which provided initial management, seed financing, intellectual property consolidation and hiring of initial employees including the CEO.
  • Numerous organizations have supported the research team, including the Alliance for Cancer Gene Therapy, Angels of Hope, BioCanRx, the Canada Foundation for Innovation, the Canadian Cancer Society Research Institute, the Canadian Institutes of Health Research, CHEO Foundation, Hair Donation Ottawa, the Ontario Institute for Cancer Research, the Ontario Ministry of Research, Innovation and Science, The Ottawa Hospital Foundation, the Ottawa Regional Cancer Foundation and the Terry Fox Research Institute.

Continue reading – Ontario start-up makes major deal to develop cancer-fighting viruses

November 9, 2015

FACIT start-up company Turnstone Biologics secures $11.3 million in financing, boosts leadership

turnstoneTurnstone Biologics Inc., a FACIT-incubated company spun out of research conducted in OICR’s ORBiT Program, has secured $11.3 million in new financing. This investment in the company has allowed it to take another step forward in its development with the hiring of Dr. Sammy J. Farah as Chief Executive Officer and Dr. Brian D. Lichty as Chief Technology Officer (CTO). Farah is a veteran vaccine executive with extensive technology and product development expertise. Lichty, a distinguished scientist, is a leader in the development of oncolytic viral therapies and one of Turnstone’s founding scientists. The financing round was led by Versant Ventures and more than $20 million in follow-on capital has been committed.

“We are very pleased to have concluded this financing with an experienced venture capital firm of Versant’s calibre, and to be able to enhance the Company’s leadership with compelling management,” said Jeff Courtney, Chief Commercial Officer of FACIT, which is Turnstone’s founding investor.

Continue reading – FACIT start-up company Turnstone Biologics secures $11.3 million in financing, boosts leadership