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MaRS Innovation Statement on 2014 Ontario Budget

TORONTO, ON (May 2, 2014) – MaRS Innovation congratulates the government’s deepened commitment to support the life sciences through research and innovation funding. In particular, the new $30 million Life Sciences Seed Venture Capital Fund will create a partnership between the Province of Ontario, the private sector and hospital foundations to finance Ontario-based life sciences companies.

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

“As co-designers of this venture capital fund and one of its many champions, MaRS Innovation welcomes this news,” says Dr. Raphael (Rafi) Hofstein, president and CEO. “We look forward to the strong collaborations it will foster with our colleagues in the Government of Ontario, private industry and the hospital community.”

“By their nature and the need for regulation, life sciences companies take considerable time to mature products and their underlying technologies. Expanding the funding available during this critical stage through this unique public-private partnership will give more Ontario start-ups emerging with disruptive technologies from the province’s academic institutions the financing they need to succeed and thrive,” says Hofstein.

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

Dr. Raphael Hofstein
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.

CQDM

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.

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