The tradition started in 2010, to provide bioscience industry leadership with a unique opportunity to connect and discuss industry issues in a relaxed interacitve setting while enjoying a fine meal and refreshments. Building on last year’s positive word of mouth, the 2011 event was over-subscribed. This year, over 50 guests from across Canada came together at, ‘The Rosewater Supper Club’ in downtown Toronto for a cocktail reception before joining tablemates and embarking on the evening’s agenda.

The conversation was enriched by the perspectives of guests from British Columbia and Manitoba in addition to Québec and host province, Ontario. Attendees included industry leadership from therapeutic, device, diagnostic and healthcare IT companies, lawyers with sector and IP expertise; accountants with industry experience in programs such as SR&ED (Scientific Research and Experimental Development Tax Incentive Program) and financial and capital market executives.

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CEO-LED ADVOCACY WINS $3-MILLION FINANCING FOR
EXPORT-FOCUSED ONTARIO BIOSCIENCE COMPANIES

New treatments and technologies for common diseases have global market potential

TORONTO (July 27) – Four Ontario bioscience companies engaged in the development of groundbreaking new drug therapies and a diagnostic screening technology have each been awarded up to $1 million in financing to fund clinical trials and facilitate commercialization. The financing comes as the result of a report by the CEO-led Ontario Bioscience Industry Organization™ (OBIO™) that was presented to the Government of Ontario in 2009.

Following release of OBIO’s report, “Industry-Generated Recommendations for Sustainability and Growth of Ontario’s Bioscience Industry in 2010 and Beyond”, the Government of Ontario announced an initial, one-time special financing of $7 million exclusively for Ontario-based bioscience companies. Funding was awarded by the Investment Accelerator Fund of the Province of Ontario.

Gail Garland, President and Chief Executive Officer, Ontario Bioscience Industry Organization, said: “OBIO is pleased to see deployment of the funds get underway. Our industry CEOs devoted many hours of volunteer time to developing OBIO’s recommendations which, if implemented in full, will ensure a thriving bioscience sector to help grow Ontario’s knowledge economy.”

Dr. Niclas Stiernholm, Chief Executive Officer of funding-recipient Trillium Therapeutics Inc., said: “This new round of financing is pivotal, because it will help fund clinical trials of a promising unique new therapy that has the potential to become a global export. We are grateful for OBIO’s advocacy to government and the resulting funds as they will enable us to start clinical trials this year.”

Financing recipients, all of whose therapies and technologies address unmet clinical needs on a global scale, are:

Cytochroma Inc., of Markham, to accelerate development of capsules for the treatment of a form of hyperparathyroidism associated with vitamin D deficiency in patients with chronic kidney disease (CKD). More than 28 million people in North America have CKD, which has high morbidity and mortality.

Profound Medical Inc., of Toronto, to advance commercialization of its unique minimally-invasive treatment of prostate cancer that combines the clinical efficiency of ultrasound thermal therapy with the imaging capabilities of MRI to achieve an unmatched level of precision in treatment of the prostate.

Trillium Therapeutics Inc., of Toronto, to fund clinical trials of a unique new therapy for interstitial cystitis (IC), a common chronic disease of the bladder, that, unlike existing therapies, treats the cause of IC rather its symptoms. IC affects more than one million North Americans – 90 percent of them women – and millions more around the world. Urination may be as frequent as 60 to 70 times a day, making it difficult for patients to hold full-time jobs.

Xagenic Inc., of Toronto, to advance commercialization of its revolutionary chip-based diagnostic screening technology that provides rapid, on-demand, sample-to-answer detection of pathogens in less than 30 minutes instead of the days that physicians and patients are accustomed to waiting.

About OBIO

Ontario Bioscience Industry Organization (OBIO™) is Ontario’s leading advocate for the life-science sector. A private sector, membership-based organization, OBIO engages in policy advocacy and government relations activities to enable successful development and commercialization of life-science technology through investment, strategic alliances, stakeholder engagement and industry promotion.
OBIO is supported by Members and Sponsors, among whom are Amgen Canada, AstraZeneca Canada, BDC, Eli Lilly Canada, Gowlings LLP, HealthComm, Merck, Norton Rose LLP, Novartis Canada, Pfizer Canada, PricewaterhouseCoopers, Purdue Pharma Canada, RBC Royal Bank, Sanofi, Torys LLP.
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Further information: Gail Garland – 416-575-7805 / gailgarland@obio.ca; Joan Lister, HealthComm – 905-206-1025 x 222 / lister@healthcomm.ca

The 2010 OBIO Survey speaks to the persistence of challenges in accessing capital and impediments to accessing both funding and markets. The survey serves as a scorecard for existing government programs and as an important source of industry-led ideas for supporting the growth and commercial potential of Ontario’s life sciences sector.

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Economic strategy team tackles challenges facing the future of Ontario health-science companies

Once the world’s third largest biotechnology cluster, province’s bioscience sector now struggles for survival. Industry leaders map out evergreen strategy for sustainability
TORONTO, November 10 – Thought leaders from every facet of Ontario’s
health-science sector and all regions of the province, working together on the Ontario Bioscience Economic Strategy Team (OBEST™), today announced the initial phase of an evergreen strategy for sustainability of the province’s health-sciences industry. Innovative ideas are being sought from everyone with a stake in the industry, said a spokesperson for OBEST™.

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• First and foremost, as entrepreneurs our duty is to create shareholder wealth with products and services the marketplace demands.  This cannot be substituted with or diverted by any government funding program.
• Quebec:  Tax holidays for key employees; tax exemption for new products developed in Quebec
  • Quebec’s SR&ED tax credit regime is a differentiator, especially when combined with the Investment Quebec loan guarantee program
  • Ontario:   Emerging Technology Fund has the potential to be very helpful if bioscience companies could access it.
  • Federal:  Amendment of Section 116 tax code, should increase access to capital by non-residents and in particular venture capital and private equity funds.  This will help put Canadian companies on an even footing to compete globally

As a Quebec/Ontario CEO what are the strengths of your sector?

• In Quebec the creation of Teralys Capital is seen as beneficial as long as the venture captil funds that it finances invest in the life science sector
• In Ontario the formation of OBIO to represent the CEOs of the industry helps move the agenda of the bioscience industry forward so companies can get beyond life-support

What advantages do other jurisdictions (i.e. USA) have?

• The US government procurement policy is very nurturing to small business and innovative early-stage businesses.   The SBIR program is a massive engine that fuels hundreds of life science start-ups per year.
• US companies do not go public as early and are better capitalized when they do
• Germany has invested heavily for the last decade in the biotechnology and has a strong industry with over 400 health-related biotech companies

What opportunities does the Quebec-Ontario biocorridor represent?

• Encourage mergers and acquisitions to leverage strengths and build stronger companies
• As a biocluster Quebec and Ontario become one of the largest clusters in North America and increase their marketing strength to outside investors
• Increase understanding in both provinces of the amount of money and time required to take a product to commercialization
• Expand the value proposition that bioscience offers to the economy of both provinces and to Canada

What single action can we take to build the Quebec-Ontario biocluster?

• Ontario spends $46B on healthcare – challenge is making the spend more effective
• Ontario, as both a healthcare payer and provider should be:
  • A funder of life science companies that can help improve the effectiveness and efficiency of our $46B healthcare spend
  • A lead customer and early adopter of these products and services

• Provide more grant money to life science companies
• Make public companies eligible for SR&ED
• Flow through share programs used successfully in mining represent a model for a program that could be both feasible from a public funds perspective and compelling to industry
• Flow through shares to biotech companies
• Re-engage Canadian investors in this sector
• More events like this evening’s dinner to encourage discussion and create natural opportunities for mentoring.