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Dr. Raphael Hofstein in Biotechnology Focus: It’s time to declare an end to Canada’s two research solitudes

Dr. Raphael Hofstein
Dr. Raphael Hofstein, president & CEO, MaRS Innovation.

Biotechnology Focus, a compendium of the Canadian life sciences industry, has published a guest column by Dr. Raphael Hofstein, MaRS Innovation’s president & CEO, and Elizabeth Monier-Williams, director of marketing and communications.

The article explores the way research focused on discovery and commercialization are often viewed or positioned as competitors within the funding ecosystem and the need to align their goals:

The time of Canada’s French and English solitudes may be past, as Governor General Michaëlle Jean notably stated when she took office in 2005, but the solitudes of thought concerning how Canada supports basic and commercial research persist.

This thinking is most easily spotted after the government announces a federal budget, triggering a flurry of opinion pieces debating the breakdown for the $2.7 billion Canada spends on research.

Most recently, Jim Balsillie, co-founder of Research in Motion (now BlackBerry Ltd.), wrote for the Globe & Mail about the Canadian need to understand that “geopolitics is at the heart of commercializing ideas,” and create better policies to protect Canadian ideas, including “better
incentives for researchers to spur commercialization,” such as during an academic’s consideration for tenure. Yet, like any business endeavor whose success depends on people, there’s more involved in changing Canada’s approach to commercialization than just policy.

The people must want to change, too.

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MaRS Innovation joins new financing round for AvidBiologics Inc.

AvidBiologics Inc.TORONTO, Sept. 29, 2014AvidBiologics Inc., an oncology drug development company, today announced the closing of a financing round. The company is founded on antibody-drug conjugate (ADC) technologies co-developed with the National Research Council of Canada (NRC).

Led by Lumira Capital, the financing round included MaRS Innovation (MI), MaRS Investment Accelerator Fund (IAF), Rosseau Asset Management, and the company’s founding investors.

This announcement was covered by Dow Jones: Private Equity and Venture Capital and by Canadian Private Equity.

Today’s financing builds on prior support from the Ontario Centres of Excellence (OCE), the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP), Ontario Ministry of Research and Innovation’s Business Accelerator Program (MRI-BAP) and other Canadian life science development organizations.

“This financing round enables us to rapidly advance our lead ADC into clinical trials,” said Ilia Tikhomirov, President and CEO. “We would like to thank the NRC and all of our partners for their support as AvidBiologics transitions from a discovery-stage to a development-stage company.”

Dr. Raphael Hofstein
Dr. Raphael Hofstein, president & CEO, MaRS Innovation.

“The high quality pre-clinical package and exceptional leadership team, including pioneers in the development of ADCs, position the company for a successful transition towards clinical development,” said Dr. Raphael Hofstein, president and CEO of MI. “The cooperation among funding organizations, such as those involved in this financing, represents the strengthening foundation on which commercialization within Toronto’s start-up community can be successfully realized. We are glad to be part of this financing syndicate that supports one of Canada’s leading life sciences companies.”

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