FACIT invests in OICR’s breakthrough approaches to integrated drug discovery and cancer informatics
Seed capital positions science and intellectual property to Ontario Economic impact
TORONTO, April 28, 2022 /PRNewswire/ – FACIT announced two recent strategic investments from its Prospects Oncology Fund in innovations from renowned cancer experts at the Ontario Institute for Cancer Research (OICR): Dr. Rima Al-awar, Head of therapeutic innovation and drug discovery, and Dr . lincoln stein, Head of Adaptive Oncology. The FACIT Prospects Oncology Fund is a unique source of Ontario seed capital for local innovations in oncology, coming in part from the government of Ontario. FACIT’s investment diligence is complemented by expert third-party reviews to support the best innovations in the province.
Dr. Al-awar’s team is advancing a therapeutic platform targeting multiple members of the WD40 repeat domain (WDR) family. The identification of potential candidates associated with WDR targets has attracted market attention, and the validation of new chemical hits will enable the generation of new Ontario intellectual property (IP). Dr. Stein’s team has extensive expertise in data analysis, network association and computer science focused on comprehensive understanding of the cancer genome. FACIT’s funding will enable the optimization, enhancement and validation of a proprietary technology platform that enables tumor target prioritization and scoring, accelerating and improving the identification of drug targets with the highest clinical potential. This platform also leverages OICR’s drug discovery expertise and knowledge, yielding new and differentiating features stemming from the significant integration of OICR’s leading programs and experts.
As a unique commercialization venture capital firm, FACIT leverages its two investment funds to fuel leading innovations from from Ontario a robust research pipeline, ultimately creating greater value for local IP and stemming the loss of IP and health sciences jobs to US markets. Thanks to its strategic investments and marketing expertise, FACIT has continued to develop its portfolio, transforming every dollar invested by FACIT into $30 additional investments in the province.
“The FACIT team is pleased to support these internationally renowned scientists and to invest in product platforms with great potential for the treatment of cancer,” said Dr. David O’Neill, President of FACIT. “Computer-based technologies will improve the selection of new drug targets and are highly attractive to both investors and drug developers, with the ultimate goal of benefiting patients and from Ontario economy.”
“Congratulations to Dr. Al-awar and Dr. Stein for receiving critical start-up capital from FACIT,” said Dr. Laszlo Radvanyi, OICR President and Scientific Director. “Our world-class drug discovery and informatics teams are in a unique position to leverage an organic partnership and develop their integrated, competitive platform technologies.”
“The Ontario government is proud to support innovative research that can advance new discoveries and innovation in cancer research,” said Jill Dunlop, Minister of Colleges and Universities. ‘Helping researchers and innovators commercialize’Ontario“Created” ideas and innovations – such as those funded by FACIT’s Prospects Oncology fund – are key to developing new cancer treatments and keeping the intellectual property right here Ontario. That’s why I’m thrilled to see these important innovations getting the support they need to improve patient care and make a real difference in the lives of Ontarians living with cancer. »
FACIT is an award-winning commercialization venture capital firm that builds companies with entrepreneurs to accelerate innovation in oncology, with a portfolio that has attracted over $1 billion in investment at Ontario. Combining the industry experience, capital and unrivaled network of clinician-scientists of its strategic partner, the Ontario Institute for Cancer Research (OICR), FACIT capitalizes on the province’s investment in research and health care for the benefit of the local economy and patients worldwide. FACIT’s commercialization portfolio includes Turnstone Biologics, Fusion Pharmaceuticals, Triphase Accelerator and other biotechnology organizations. Cancer Breakthroughs. Executed. facit.ca.
About the Ontario Institute for Cancer Research
The Ontario Institute for Cancer Research (OICR) is a not-for-profit collaborative research institute funded by the Government of Ontario. We conduct and enable high-impact translational cancer research to accelerate the development of discoveries for patients around the world while maximizing the economic benefits of this research for the people of Ontario. For more information, visit http://www.oicr.on.ca.
SOURCE FACT inc.