Raphael (Rafi) Hofstein

BlueDot, formerly BioDiaspora Inc., secures Series A with Horizons Ventures

Toronto-based commercial arm of BioDiaspora research program tracks global spread of infectious diseases in real-time; fourth MI company to reach Series A

BlueDot logoTORONTO (Dec. 2, 2014) — BlueDot, a Toronto-based social benefit corporation founded by Dr. Kamran Khan, an infectious disease physician and scientist, tracks and predicts the global spread of infectious diseases.

Spun off from St. Michael’s Hospital in partnership with MaRS Innovation (and formerly known as BioDiaspora Inc.), BlueDot, has secured a Series A venture capital funding from Horizons Ventures. Funded by Sir Li Ka-shing, Horizons invests in what they call “game-changing disruptive tech,” and has a proven track record in making early-stage investments (i.e., Facebook, Skype, Waze, Siri and Spotify).

TechVibes and MedCity News covered BlueDot’s Series A announcement, as did PE Hub and BetaKit. Read the BlueDot press release here.

The company is the fourth in MaRS Innovation’s portfolio to reach Series A. MaRS Innovation provided $400,000 in seed funding and worked with BlueDot and St. Michael’s to incorporate the company and develop its initial business strategy, intellectual property protection strategy and go-to-market plan. The Ontario Centres of Excellence also provided $140,000 in commercialization grants that helped BlueDot get off the ground.

BlueDot is the commercial arm of Dr. Khan’s academic research program called BioDiaspora, which was developed at the Li Ka Shing Knowledge Institute of St. Michael’s. BioDiaspora models how infectious diseases can spread and impact populations globally by analyzing big data such as the annual movements of more than 3 billion travelers on commercial flights; human, animal and insect population data; climate data from satellites; and news reports of disease outbreaks. The program was inspired by the Toronto’s SARS crisis in 2003 and its capabilities scientifically validated in prestigious academic journals such as the Lancet and the New England Journal of Medicine.

Visualization of the final destinations of travellers departing countries in West Africa with widespread and intense Ebola virus transmission
Visualization of the final destinations of travelers departing countries in West Africa with widespread and intense Ebola virus transmission. Source: http://bluedot.global/work

During its development, BlueDot’s platform technology was used by numerous international agencies, including the U.S. Centers for Disease Control, the World Health Organization, the European Centre for Disease Prevention and Control and the Public Health Agency of Canada to evaluate emerging infectious disease threats, including those during global mass gatherings such as the Olympics and the hajj.

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Encycle Therapeutics developing lead molecule to tackle inflammatory bowel disease

Company’s collaborative partnership with IRICoR, Université de Montréal and MaRS Innovation, funded by Merck Canada, to advance macrocycle drug

Encycle IRICoR release
Encycle Therapeutics Inc., a biotechnology start-up founded by the University of Toronto in partnership with MaRS Innovation, is developing its lead orally-bioavailable macrocycle drug to target integrin a4b7, which is involved in the inflammatory process in a number of diseases, most notably for inflammatory bowel disease.

TORONTO and MONTREAL, Nov. 10, 2014 — Encycle Therapeutics Inc., a biotechnology start-up founded by Dr. Andrei Yudin of the University of Toronto in partnership with MaRS Innovation, is developing its lead orally-bioavailable macrocycle drug to target integrin a4b7, which is involved in the inflammatory process in a number of diseases, most notably for inflammatory bowel disease.

This announcement was covered in SciBX, Drug Discovery & Development, PBR, Yonge Street Media, Biotechnology Focus, and Bioworld Today (no public link available).

Read this release in French.

To support and advance this molecule, Encycle Therapeutics is collaboratively partnering with the Institute for Research in Immunology and Cancer — Commercialization of Research (IRICoR), the Université de Montréal (UdeM) and MaRS Innovation. The partnership builds on the Merck Canada Inc. $4 million public-private funding partnership, announced at BIO in April 2013, to develop collaborative research projects with three Canadian academic commercialization centres, including MaRS Innovation and IRICoR.

“We are pleased to help support this important research collaboration that is made possible through the Quebec-Ontario corridor project in an emerging technology area. IRICoR, MaRS Innovation and Encycle have clearly leveraged their respective strengths to accelerate the discovery of novel therapeutics. As a research-focused company committed to early stage private-public partnering, we believe that such interactions will continue to fuel innovation in the life science sector in Canada,” said Mr. Chirfi Guindo, president and managing director, Merck Canada Inc.

The agreement brings a significant investment to fund Encycle Therapeutics’ development work, giving IRICoR an equity position and expanding MaRS Innovation’s equity stake. Cumulatively, Encycle Therapeutics has secured more than $2.5 million to advance its drug development platform.

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MaRS Innovation joins new financing round for AvidBiologics Inc.

AvidBiologics Inc.TORONTO, Sept. 29, 2014 — AvidBiologics 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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Accel-Rx, the national health sciences accelerator, launches as a Centre of Excellence for Commercialization and Research (CECR)

MaRS Innovation among founding partner CECRs; Accel-Rx will provide funds to new biotechnology start-ups emerging within MI’s portfolio

Accel-Rx logoVANCOUVER, BC (Aug. 25, 2014) –With the awarding of $14.5M under the Canadian government’s Networks of Centres of Excellence (Centres of Excellence for Commercialization and Research (CECR)) Program, as announced earlier this morning by the Honourable Ed Holder, Minister of State for Science and Technology, Accel-Rx – Canada’s Health Sciences Accelerator is officially launched.

Media coverage of this announcement: CBC’s Inside Politics blog, IT Business Net, and the Funding Portal.

This announcement builds on the previously announced strategic partnership between BDC and Accel-Rx to fund Canadian biotechnology start-ups.

The Accel-Rx Health Sciences Accelerator is a national organization focused on maximizing new health sciences company creation, and ensuring start-ups have the resources they need to enable them to stay and grow in Canada and give rise to a new generation of strong health sciences anchor companies. Accel-Rx therein brings together five of Canada’s leading health sciences CECRs to foster pan-Canadian cooperation and directly address the health science company creation challenge in Canada.

These CECRs include:

CDRD Ventures Inc. (CVI), the commercialization vehicle of The Centre for Drug Research and Development will provide the initial management to launch Accel-Rx’s operations. BDC Venture Capital, as recently announced, will further advance Accel-Rx’s mission by acting as the main funding mechanism for companies created at and/or supported by Accel-Rx, with the intent to invest in up to three to four companies annually, with that number potentially increasing as the partnership progresses.

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Robert Bosch Venture Capital leads $3.75 million Series A round for Flybits

Toronto start-up to advance context-aware mobile experience platform

Flybits Corporate LogoTORONTO, Canada (August 20, 2014) — Flybits Inc., a Toronto start-up that has created a context-aware experience development platform for mobile environments, has closed a $3.75 million Series A financing. Led by Robert Bosch Venture Capital GmbH (RBVC) and Trellis Capital Corporation with participation from MaRS Investment Accelerator Fund and Ryerson Futures, Inc., the investment will advance the company’s product development and international growth in the United States and Europe.

This announcement was covered in the National Post, TechVibes, Fortune Magazine‘s Term Sheet Blog (Dan Primack), BetaKit, Yonge Street Media and PEHub.

Since spinning off from Ryerson University in 2012, Flybits has raised a total of $4.05 million to date, including a seed round from MaRS Innovation. Flybits technology has been used in developing smarter cities, connected stadiums, smart corporate campuses, shopping malls, conference venues and even fashion shows. The company also concurrently incubated its technology at the Ryerson Digital Media Zone in Toronto and Vodafone Xone in Redwood City, California.

“Flybits is RBVC’s first investment in Canada,” said Luis Llovera, managing director of Robert Bosch LLC based in Palo Alto, California. “The company has demonstrated a unique and innovative approach in building foundational technology to deliver Contextual Mobility Services for both display-driven devices and for the emerging Internet of Things applications. Flybits’ strong roots in tangible and high impact R&D, their ability to predict the required infrastructure for the industrial Internet and their global entrepreneurial ambitions were some of the reasons we were attracted to this company.”

“Involving high-quality investors such as Bosch and Trellis demonstrates the potential in our unique approach to designing Intelligent Mobility Solutions that are intuitive and scalable,” said Dr. Hossein Rahnama, CEO and founder of Flybits. “In particular, having Bosch as a strategic investor means we leverage their global expertise in software automation, connected communities and sensor technologies as we support new and existing international customers, and scale and develop both our team and our products.”

“Recognizing the Flybits’ platform potential to create next-generation mobile experiences at an early stage, MaRS Innovation worked closely with Flybits to launch the company and secure initial market traction,” said Dr. Raphael Hofstein, president and CEO of MaRS Innovation.

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Accel-Rx Health Sciences Accelerator to Partner with BDC Venture Capital

MaRS Innovation co-partner in pan-Canadian effort to help create up to 20 leading start-up companies

Accel-Rx logoCEBIO International Conference, San Diego – June 25, 2014: BDC Venture Capital and the Accel-Rx Health Sciences Accelerator (Accel-Rx) announced today a collaboration to provide critical seed funding to new and emerging Canadian health sciences companies.

This announcement was covered in TechVibes, PE HUB and BetaKit.

Accel-Rx AnnouncementTogether, Accel-Rx, BDC Venture Capital, and CDRD Ventures Inc. (CVI) which will provide the initial management to launch Accel-Rx operations, would focus on maximizing new health sciences company creation, and ensuring start-ups have the resources they need to grow and become a new generation of strong health sciences companies.

Accel-Rx brings together five of Canada’s leading health sciences Centres of Excellence for Commercialization and Research (CECR) to foster cross-Canadian cooperation and directly addressing the health science company creation challenge in Canada. They include:

The accelerator will help make a connection between: promising technologies; experts in drug development, clinical/regulatory affairs, deal-making and finance; entrepreneurs and mentors; and R&D infrastructure and resources.

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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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WaveCheck breast cancer technology receives $100,000

OICR’s catalyst grant enables WaveCheck to open first partner site at MD Anderson Cancer Center in May

WavecheckTORONTO, April 8, 2014 — People with breast cancer are a step closer to knowing if their tumour is responding to chemotherapy at the start of treatment, thanks to a $100,000 catalyst grant from the Ontario Institute for Cancer Research (OICR).

The funding builds upon MaRS Innovation‘s Indiegogo crowdfunding campaign for WaveCheck, which successfully raised over $50,000 from over 500 supporters worldwide in two months last fall.

Read Jane Gerster’s article for the Toronto Star about OICR’s catalyst grant for WaveCheck. This announcement was also covered in Metro, BetaKit and Council of Academic Hospitals of Ontario’s Catalyst newsletter.

WaveCheck, a clinical technique invented, refined and tested by scientists at Sunnybrook Health Sciences Centre and Ryerson University over 20 years, aims to show whether chemotherapy is actually destroying a breast cancer tumour at the beginning of chemotherapy treatment (in as little as four weeks), rather than at the end of treatment (typically four to six months).

In early clinical testing, WaveCheck’s inexpensive, non-invasive, image-guided technology (shown here) shows promise as an accurate, efficient way to monitor tumour response. Sunnybrook has partnered with GE Healthcare to co-develop WaveCheck as a clinical tool.
In early clinical testing, WaveCheck’s inexpensive, non-invasive, image-guided technology (shown here) shows promise as an accurate, efficient way to monitor tumour response. As of March 2015, Sunnybrook has partnered with GE Healthcare to co-develop WaveCheck as a clinical tool.

In early clinical testing, the non-invasive, image-guided technology has shown promise as an accurate, efficient way to monitor tumour response, opening the door to tailored treatment.

“This is a significant step towards achieving the goal of personalized medicine. The clinical trials will confirm that information provided by WaveCheck can determine if the treatment is the appropriate one or that other options should be chosen, sparing patients the side effects of treatments that will not likely be successful,” said Dr. Tom Hudson, OICR’s president and scientific director. “If successful, WaveCheck could become a standard tool in the cancer treatment of the future.”

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MaRS Innovation sponsoring OCAD’s incubator companies in The Artist Project

OCAD U type outlined bottom
MaRS Innovation is supporting companies in OCAD U’s incubator at The Artist Project, an event exploring how innovation and technology intersect with people and design.

OCAD U, one of MaRS Innovation’s 16 member institutions, is participating in seventh annual showcase know as The Artist Project from February 20 to 23. The event demonstrates how art intersects with people, fashion and the environment.

MaRS Innovation is supporting several fashion installations through OCAD’s Imagination Catalyst in the Installation Zone, specifically artists Jennifer Ilett and MeU.

Jennifer Ilett, in collaboration with Sprout Guerrilla, will be showcasing a special moss graffiti art installation that combines technical, digital techniques and imagery with the natural media of living plant life.

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