Partnerships

Dr. Raphael (Rafi) Hofstein joins Quebec’s CQDM Board of Directors

February 21, 2014
Susanne Staer
Industry Partners

**Dr. Raphael Hofstein** has joined the Quebec Consortium for Drug Discovery (CQDM) Board of Directors.

MaRS Innovation’s President and CEO, Dr. Raphael (Rafi) Hofstein, was appointed to the Quebec Consortium for Drug Discovery (CQDM) Board of Directors on February 18.

CQDM is a Quebec-based not-for profit that funds and supports joint projects in private and biopharmaceutical sectors.

Here’s an excerpt from CQDM’s announcement:

Dr. Hofstein, actively involved in the field of biotechnology, partnerships and technology transfer for over 30 years, greatly contributed to defining Israel as a world leader in biotechnology. In Israel, Dr. Hofstein held various positions including R & D Manager and Chief of Immunochemistry with the International Genetic Scientific Partnership, Scientific Director at Biotechnological Applications Ltd., Scientific Director and Vice-President, Business Development at Ecogen Inc., prior to becoming President of Mindsense Biosystems Ltd., and then founder, President and CEO, and chairman of the Board of Hadasit Ltd.

Dr. Hofstein was also president of BIOMED, the annual biomedical conference of Israel for many years. He was also co-founder and member of the Israeli Life Sciences Industry Organization and co-founder and executive of Israel’s Tech Transfer Network. Dr. Hofstein now serves on various boards, including Life Sciences Ontario, Clinical Trials Ontario as well as the Organizing Committee of the Public Policy Forum on venture capital and innovation. Dr. Hofstein holds a Ph.D. in the life sciences and chemistry, and completed his postdoctoral studies at the Harvard Medical School.

$200,000 donation to establish Student Training Fund in Otoscopy at U of T

OtoSim™ device’s integration into medical students’ curriculum to help improve diagnosis accuracy by 44 per cent

A $200,000 donation led by Mr. Ralph Chiodo of Active Green + Ross will help establish a Student Training Fund in Otoscopy at U of T in partnership with OtoSim Inc.

TORONTO, ON (Feb. 5, 2014) — The University of Toronto (U of T) is creating a Student Training Fund in Otoscopy in partnership with OtoSim Inc., thanks to a $200,000 donation led by Mr. Ralph Chiodo, founder of Active Green + Ross. Other donors include some franchisees of Active Green + Ross and others among Chiodo’s friends and associates.

The Halldale Group, a publisher specializing in simulation and training information, covered this funding announcement.

Through the donation, undergraduate medical students will have access to better otoscopy training through the use of the OtoSim™ in their curriculum. Otoscopy, the diagnostic examination of the ear, is one of the most poorly-acquired medical skills in students, general practitioners and pediatricians, achieving a fifty per cent accuracy rate.

Ralph Chiodo’s donation allows OtoSim Inc. to provide 66 otoscopy training units, known as the OtoSim™, to U of T. The devices, which can be networked to facilitate mass training exercises, will help undergraduate medical students to be effectively trained to diagnose ear problems using an otoscope.

Watch how the OtoSim™ can be used in mass training exercises. Nearly 100 second-year medical students voluntarily attended the OtoSim™ training session to better prepare their otoscopy skills for the clinic.

“We are excited to be the first official OtoSim™ mass-training site and thank Mr. Ralph Chiodo for leading the charge on fundraising for this unique learning opportunity,” said Ian J. Witterick, professor and chair in U of T’s Department of Otolaryngology-Head & Neck Surgery.

“A clinical study demonstrated that with only a couple hours of group training, the accuracy of third-year medical students increased from 54 per cent to 78 per cent,” said Dr. Andrew Sinclair, OtoSim CEO and former senior director at MaRS Innovation. “Mr. Ralph Chiodo’s donation will help us to ensure that more medical students graduate with a much higher proficiency in this critical primary physical examination skill.”

Slyce acquires YorkU computer vision technology for retail e-commerce

February 4, 2014
Susanne Staer
Acquisitions

Deal led by MaRS Innovation and Innovation York to strengthen Slyce’s mobile image recognition application for retail e-commerce

York's technology will help Slyce in developing a mobile app that can be used to take pictures of a product in-store, enabling a user to purchase the item from the retailer immediately on his or her smartphone. — York’s technology will help Slyce in developing a mobile app that can be used to take pictures of a product in-store, enabling a user to purchase the item from the retailer immediately on his or her smartphone.

TORONTO, Feb. 4, 2014—Slyce today announced that it has acquired a computer vision technology developed at York University that quickly analyzes and aggregates similar images.

Through the acquisition, Slyce also hired former York PhD student, Dr. Ehsan Fazl-Ersi, to lead the integration of the intellectual property into Slyce’s Visual Search Platform as their new head of Research & Development.

Slyce is a premium provider of visual search technology for retailers, brands and publishers. Their platform allows customers to take a picture of real-world products with their smartphone and then find direct or close-matching products from the retailer’s catalogue, which they are able to purchase on the spot.

Slyce’s acquisition of York’s technology was covered in the Financial Post, Dx3 Digest, BetaKit, Mobile Payments Today, Global University Venturing, World News, Consumer Electronics Net and Retail Customer Experience. You can also read the York University announcement.

“Identifying and classifying an object captured within a scene is difficult due to the effects of background clutter, lighting variations and viewpoint changes on the object’s appearance,” says Fazl-Ersi, who designed and developed the technology with his PhD supervisor, Dr. John K. Tsotsos, a professor in the Lassonde School of Engineering’s Department of Electrical Engineering and Computer Science, and a member and former director of York’s Centre for Vision Research.

“This is a much bigger problem for mobile applications where the algorithm’s speed and efficiency are the difference between losing a consumer or making a sale,” says Fazl-Ersi. “Our technology will provide higher accuracy when quickly identifying retail items so that consumers can choose among similar items according to style, colour or pattern using a mobile device.”

The researchers partnered with MaRS Innovation and Innovation York, York’s commercialization office, to file patent protection on the initial technology, develop a commercialization plan, secure grant funding, facilitate business development meetings and negotiate the resulting transaction.

MI’s Rafi Hofstein featured in Biotechnology Focus

Dr. Raphael Hofstein (left), the Honourable Minister Reza Moridi (centre) and Dr. Mark — MI’s Dr. Raphael Hofstein (left), the **Honourable Minister Reza Moridi** (centre) and **Dr. Mark Poznansky** of the Ontario Genome Institute on the January 2014 cover of *Biotechnology Focus*.

In a January 24, 2014 Biotechnology Focus cover article, author Shawn Lawrence discusses MaRS Innovation President and CEO Dr. Raphael (Rafi) Hofstein‘s recent visit to learn more of the emerging science and technology markets in Singapore and Japan.

The trip allowed Hofstein to discuss current MI projects, specifically start-ups XLV Diagnostics Inc. and DVLR Therapeutics Inc., whose products could benefit from Singapore’s proximity to medical technology markets in India and China.

Hofstein joined other delegates from Canada, including Dr. Mark Poznansky, president and CEO of the Ontario Genome Institute (OGI).

Crowdmark announces new partnership with Ricoh Canada Inc.

January 23, 2014
Susanne Staer
Crowdmark

Crowdmark, a MaRS Innovation and University of Toronto start-up incubated through the UTEST program, has reached a deal with Ricoh Canada Inc.

Announced January 20, 2014, the deal outlines national printing and scanning service for Crowdmark customers, with U.S. discussions coming up in the future, to improve the start-up’s online marking process for teachers.

Here’s an excerpt from the release (emphasis ours):

Toronto, Ontario (January 20, 2014) – Crowdmark Inc., a software company that delivers an ultra-scalable collaborative assessment platform to educators worldwide, announced today that it has entered into an agreement with Ricoh Canada Inc., to support Crowdmark’s customers, and with plans to explore additional enhancements to the relationship that will deliver additional client benefits.

Today’s announcement covers standardized terms and pricing from Ricoh Canada to provide a national printing and scanning service to Crowdmark’s customers in post-secondary institutions and K-12 school systems across Canada. Discussions about a similar service for USA-based Crowdmark customers are next on the agenda.

Xagenic founder Shana Kelley’s MRI blog post on bringing research to market

U of T professor shares tips to her team’s commercialization success

When it comes to bringing research from the lab to the market, the University of Toronto’s Dr. Shana Kelley knows firsthand what it takes. She’s co-founder of Xagenic, a MaRS Innovation and U of T start-up company that’s developed the first lab-free molecular diagnostic platform with a 20-minute time-to-result based on her research with fellow U of T colleague Professor Edward Sargent.

Xagenic recently announced a Series B financing announcement following their successful $10 million Series A round and more than $2 million seed funding round.

In her guest blog post for the Ministry of Research and Innovation, Kelley outlines what she’s learned through her experience in the commercialization process (emphasis ours):

1. When ready to commercialize, look in your own backyard for investment and support

Dr. Shana Kelley, co-founder of Xagenic Inc. and University of Toronto professor.

When the Xagenic technology was mature enough to consider commercialization, we started to call venture investors all over the world to see if we could get them to back the company. We always got the meetings we wanted, and lots of enthusiasm and encouragement, but it was difficult to get people engaged. We were fortunate to get seed funding from a group of local organizations including MaRS Innovation, Ontario Institute for Cancer Research, the Innovation Acceleration Fund (IAF), and Ontario Centres of Excellence and then finally found the group that would eventually be our Series A lead investors, CTI Life Sciences Fund.

With CTI, we immediately got the traction we had been looking for from a venture investor that indicated genuine interest in the company. When we later made the rounds for the Series B investment outside of Canada, we repeatedly heard the comment: “we’re glad to see you could do the Series A in your own backyard.”

When I probed about why this was important, I found that the investment community thinks it is important to have your early investors as close geographically as possible. The level of interaction when a company gets off the group needs to be fairly intense — being geographically closer helps entrepreneurs and investors keep in better contact. This is definitely not a hard-and-fast rule, but I found it interesting that many investors had this perception. And it creates a particular challenge for Canadian companies given how little venture capital is available locally!

Financial Post lists Whirlscape as Canadian Start-Up to Watch

January 17, 2014
Susanne Staer
Media Coverage

2014 set to be big year for the start-up and UTEST grad

Whirlscape’s Minuum keyboard leads the way in Matthew Braga‘s January 5 Financial Post article highlighting promising start-ups from across Canada.

In 2013, Whirlscape’s Minuum keyboard app debuted at number 2 on Google’s Top New Paid Apps List after raising over $87,000 on an Indiegogo crowdfunding campaign. They’ve also been accepted into Y Combinator, a prestigious U.S. accelerator program.

Here’s an excerpt from the article:

Minuum’s potential goes far beyond improved touchscreen typing. The company’s so-called “one-dimensional” keyboard approach can actually be applied to a wide range of scenarios, in particular, highly touted new wearable technologies like Google Glass, and motion-sensing technologies such as Microsoft’s Kinect and the Leap Motion 3D controller, enabling users to type “anywhere.”

Triphase signs collaboration and option agreement with Celgene Corporation, leading innovator of cancer therapies

MI portfolio company actively seeking additional products for licensing and development

TORONTO and SAN DIEGO, Jan. 9, 2014 — A unique collaboration of life science leaders, including the Fight Against Cancer Innovation Trust, MaRS Innovation Ventures Trust and MaRS Phase II Investment Trust, have formed Triphase Accelerator Corporation, an oncology development accelerator.

Triphase Accelerator’s announcement was covered in Yonge Street Media, Bloomburg Businessweek and Global University Venturing.

Formed in 2010, Triphase Accelerator Corporation is a cancer-focused biotechnology development company that aims to reduce the time and expense between an investigational new drug application and “proof-of-concept” at Phase II.

Triphase, spun out of the Ontario Institute for Cancer Research (OICR), develops and advances late pre-clinical, Phase I or early Phase II potential products. Triphase and its founding investors are in a position to take advantage of the excellent research and development capabilities in the Toronto healthcare and innovation ecosystem.

The Fight Against Cancer Innovation Trust (FACIT), MaRS Innovation Ventures Trust, and MaRS Phase II Investment Trust, are all Toronto-based equity investors in Triphase.

After company formation, Triphase entered into a strategic relationship with Celgene Corporation. Through this arrangement, Celgene obtained rights of first refusal on the first three oncology products Triphase advances to clinical proof-of-concept (POC), plus a right of first negotiation on three more future oncology products which may be acquired by Triphase.

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