April 9, 2019
Entrepreneurs from Ontario’s Nanology Labs and Xpan Inc. receive FACIT investment for early-stage cancer innovations
Latest recipients slated to accelerate Ontario’s commercialization momentum are a 2018 finalist and 2019’s winner of FACIT’s Falcons’ Fortunes pitch competition
TORONTO, ON (April 8, 2019) – FACIT, an Ontario First business accelerator and investor for oncology innovations, is pleased to announce recent successes in its mission to help bridge the capital gap often experienced by early-stage entrepreneurs. The newest recipient of FACIT’s Prospects Oncology Fund is Nanology Labs, a start-up based out of the University of Toronto.
Nanology has developed an innovative low toxicity MRI contrast agent that circumvents the limitations of other MRI contrast agents currently available. This exciting nanoparticulate system leverages manganese to illuminate early stage tumours, including those in the brain, in a manner that allows clinicians to make better treatment decisions. Concurrently, it produces oxygen molecules in the tumour which enhances therapeutic efficacy of irradiation. “This seed funding is critical in enabling our technology to reach its next inflection point, moving our system closer to the clinic and positioning our company for further investment,” said Dr. Mohammad Ali Amini, CEO and Co-Founder of Nanology. “We were fortunate to have been chosen as a finalist in FACIT’s 2018 pitch competition, which helped to strengthen our subsequent application to the Prospects Fund.”Continue reading – Entrepreneurs from Ontario’s Nanology Labs and Xpan Inc. receive FACIT investment for early-stage cancer innovations
March 27, 2019
The winner of last year’s FACIT Falcons’ Fortunes pitch competition is already seeing early success in moving her product to the clinic
The winner will soon meet with U.S. regulators, marking a major step towards commercializing her innovative polymer product, ReFilx™, and bringing it to breast cancer patients.
It took only 10 minutes for a panel of investors and industry experts to recognize that Dr. Soror Sharifpoor and her oncology product – ReFilx™ – were worth supporting. Last spring, she pitched ReFilx™ in the FACIT Falcons’ Fortunes competition and won the top prize – the $50,000 Ernsting Entrepreneurship Award. Almost 12 months later, Sharifpoor and her team at Polumiros Inc. will be meeting with the U.S. Food and Drug Administration (FDA) to officially begin the regulatory submission process – a necessary first step in bringing their product to patients.
ReFilx™ is a polymer designed to fill the breast tissue cavities left in breast cancer patients following a lumpectomy. The polymer dissolves over time, allowing the patient’s cells and tissue to regrow in its space, thus preventing breast tissue defects from forming.
“ReFilx™ could improve the emotional and mental well-being of breast cancer patients,” says Sharifpoor. “In addition to the psychosocial benefits, it could also encourage surgeons to take more aggressive margins around the tumour, thereby reducing the chances of cancer recurrence.”
Bringing ReFilx™ to the clinic requires rigorous clinical testing and regulatory review, which begins with a pre-submission meeting with the FDA. FACIT’s support allowed Sharifpoor to continue with pre-clinical testing, hire a regulatory consultant and further develop ReFilx™ into an injectable form.
In a few months, Sharifpoor and her team will have the pre-submission meeting to collect feedback on their product, which will then be used to guide their future submission to the FDA and their plans for further clinical research. Polumiros Inc. intends to pursue this research in Canada.
“We’re excited to initiate our regulatory submission process,” says Sharifpoor. “We’re fortunate to have had FACIT’s support, allowing us to develop ReFilx™ faster and smarter than we would have on our own.”
FACIT, OICR’s strategic partner in commercialization, is hosting its 6th annual pitch competition this year on April 4, 2019. The Falcons’ Fortunes event will feature six aspiring entrepreneurs from across the province who are developing oncology-related innovations. FACIT runs the annual competition as part of its broader mandate to support translation of cancer research to benefit Ontario’s economy and patients worldwide.
Learn more about Falcons’ Fortunes – FACIT’s annual pitch competition or read about this year’s event details.
February 7, 2019
Op-ed in The Globe and Mail hails innovation strategy that resulted in record-breaking investment by Celgene
In a contribution to The Globe and Mail titled “For Innovation, open science means business”, E. Richard Gold and Max Morgan point to the recent investment by U.S. pharmaceutical giant Celgene into a potential treatment for leukemia developed by OICR researchers, as an example of how Canada can successfully commercialize its scientific discoveries. The authors note that the uniquely Canadian approach employed by FACIT and OICR working together will, unlike other strategies, keep the intellectual property (IP) in Canada longer and see research and development, clinical trials and other outcomes, benefit Canada and Ontario.
Gold and Morgan point out that it was an open science collaboration between OICR and the University of Toronto’s Structural Genomics Consortium (SGC) that allowed for the initial scientific discovery behind the new potential drug to take place rapidly, since traditional concerns around IP weren’t a factor. This approach allowed FACIT and OICR to move towards targeted drug development much earlier than possible under other models, enabling them to create a patented drug candidate. Gold and Morgan call on Canadian governments to replicate the open science to IP model, which Celgene’s investment shows is a viable path to commercialization in Canada.
E. Richard Gold is James McGill professor, McGill Faculty of Law; senior fellow, Centre for International Governance Innovation; former technology lawyer. Max Morgan is chief policy officer and senior counsel, SGC; corporate secretary and legal consultant, M4K Pharma Inc. OICR has provided funding to M4K Pharma Inc. through its Cancer Therapeutics Innovation Pipeline initiative. SGC and OICR are long-term partners.
From the Globe and Mail (subscription required): For Innovation, open science means business
January 29, 2019
FACIT and Triphase Accelerator Announce New Partnership with Celgene for First-in-class WDR5 Leukemia Therapy
Largest transaction to date for Canadian-discovered preclinical asset arises from Ontario collaborators
TORONTO, ON (January 29, 2019) – Triphase Accelerator, together with its majority shareholder FACIT, today announced a new strategic collaboration with Celgene for a first-in-class preclinical therapeutic targeting the WDR5 protein for the treatment of blood cancers including leukemia. Triphase is a drug development company advancing novel compounds through Phase 2 proof-of-concept, including the WDR5 program.Continue reading – FACIT and Triphase Accelerator Announce New Partnership with Celgene for First-in-class WDR5 Leukemia Therapy
January 29, 2019
First-in-class drug for blood cancers discovered by Ontario researchers receives record-setting industry investment
Years of hard work by OICR’s Drug Discovery group and Ontario partners moves potential new treatment for leukemia towards clinical trials
On January 29, 2019, Celgene Corporation made an investment of up to US$1 billion that will facilitate further research and development of the potential drug and support clinical trials in Ontario. The potential drug was designed to exploit a weakness in leukemia centred on the protein WDR5 that was discovered by Ontario researchers. If all options under the investment are exercised, the deal will be the largest transaction to date for a preclinical asset discovered in Canada.
“The progress of this pre-clinical drug towards the clinic is an example of how OICR, working with its partners, is accelerating cancer research in Ontario and increasing investment so that new innovations can help patients as soon as possible,” says Dr. Laszlo Radvanyi, President and Scientific Director of OICR. “This announcement shows how OICR and FACIT’s unique model for research and commercialization can generate long-term impact for the province of Ontario.” FACIT is OICR’s strategic commercialization partner.
The WDR5 project’s development demonstrates the unique expertise of OICR DD, the advantages to the OICR-FACIT model, and how OICR effectively harnesses the strengths of Ontario’s diverse cancer research ecosystem by collaborating with groups such as the Structural Genomics Consortium (SGC), the group that initially identified the potential of targeting WDR5 as a treatment for cancer.Continue reading – First-in-class drug for blood cancers discovered by Ontario researchers receives record-setting industry investment
January 10, 2019
Capital leverages Ontario’s strengths in genomics and informatics, deepens FACIT’s tech portfolioContinue reading – FACIT makes follow-on investment in AI-based genomics company, DNAstack
October 11, 2018
Strategic appointments of seasoned entrepreneurs add expertise and strengthen governance
TORONTO, ON (October 11, 2018) — FACIT announced the appointment of two new members to its Board, Mr. Har Grover and Mr. Ken Lawless. Both leaders are passionate supporters of the Ontario life science sector, have broad industry experience and decades of work with entrepreneurial ventures. As FACIT drives oncology innovations to the marketplace and highlights Ontario as a top-tier destination for biotech investment, strong governance by its Board is critical to achieving this mandate.
September 13, 2018
Prospects Oncology Fund seeds developing pipeline of Ontario-based biotech innovations
TORONTO, ON (September 13, 2018) – With an expanding portfolio of breakthrough innovations, FACIT is committed to supporting Ontario entrepreneurs through the latest round of its Prospects Oncology Fund. FACIT has selected three novel cancer therapeutic discoveries to receive early-stage capital – biotechnology start-up Talon Pharmaceuticals (“Talon”), the Drug Discovery team at the Ontario Institute for Cancer Research (“OICR”) and CCRM. The Prospects Fund provides entrepreneurial scientists with the capital resources necessary to achieve critical proof-of-principle studies for their cutting-edge breakthroughs aiming to benefit future patients.
August 22, 2018
OICR-developed software tool, Heliotrope, gains attention from the private sector for its potential to analyze large amounts of genomic information and inform clinical decision making
August 2, 2018
The Centre for Probe Development and Commercialization (CPDC) awarded $10.5 million to expand molecular imaging probe work in Ontario
Translating new scientific discoveries into products and moving those products to the market is a challenging process. This is especially the case for highly-regulated medical products such as radiopharmaceuticals – a special class of drugs that are used to accurately diagnose and treat diseases. Over the past decade, the CPDC in Hamilton has been bridging the gap between the innovation and commercialization of radiopharmaceuticals in Ontario and, in turn, reaping benefits for patients and the province’s economy.
June 27, 2018
World-leading genomics cloud computing group builds clinical tool for cancer care in Ontario
TORONTO, ON (June 27, 2018) – Ziliomics Inc., a start-up created by FACIT, received seed financing from the Prospects Oncology Fund. Derived from a leading oncology bio-computing group and leveraging insights from the world’s largest cancer genomics projects, Ziliomics develops web-based, modular software platforms that help physicians make actionable treatment decisions for patients living with cancer. Together with FACIT’s interim executive management model, the capital advances the development of Heliotrope, Ziliomics’ lead software product, and positions the company for corporate partnerships and additional financing. Financing terms were not disclosed.
June 13, 2018
Entrepreneur adds US oncology management experience to Ontario commercialization
TORONTO, ON (June 13, 2018) — The Board of Trustees announced the appointment of David O’Neill as the President of FACIT. Dr O’Neill joined FACIT in 2013 as Vice President, Business Development, bringing cancer drug development expertise as well as an extensive business network in pharma and biotech. As Acting President for the last year, he has elevated the profile of the organization and enabled FACIT to continue to deliver critical commercialization financing to innovative start-ups in the growing Ontario market.