Oncology
Elevating Ontario’s innovation ecosystem Strengthening the province’s capacity to commercialize oncology breakthroughs
O
ntario excels when it comes to the concentration and capabilities of cancer researchers developing novel therapies, diagnostic tools and other technologies. To have an impact on the lives of cancer patients, research needs to be translated out of the lab and into the market. The strength of Ontario’s cancer research infrastructure and the leading minds that have been attracted to the province are testaments to the benefit and impact of the underlying government investment and support. One such example is the Ontario Institute for Cancer Research (OICR), which is funded by the Ontario Ministry of Research, Innovation and Science. OICR is an innovative translational research organization dedicated to research on the prevention, early detection, diagnosis and treatment of cancer that bridges the gap between academic and clinical research. Health innovation is a high-risk and resource-intensive process, particularly for innovative breakthroughs that are too advanced for academic grants yet insufficiently advanced to prove out predicted outcomes. Despite the available funding, capital across Canada remains scarce for supporting translational innovations, especially later-stage clinical development. Compounding this deficiency are the other inherent obstacles such as the scarcity of industry and management expertise to drive new technologies to market. To address the need to improve and accelerate translational research, OICR created the Fight Against Cancer Innovation Trust (FACIT), to transform the most promising cancer innovations into opportunities that benefit both patients and the Ontario economy. FACIT leverages the corporate, development and commercialization experience of its management team, alongside OICR’s extensive collaborative network, expertise and research pipeline, to strengthen the province’s innovation ecosystem. Since its inception in 2014, FACIT has begun to realize
notable achievements, validating the concept and impact of the business accelerator model.
Collaborative models advance innovations FACIT’s partnership and collaboration with OICR brings much needed expertise in intellectual property (IP) management, product development, business planning, and fundraising capabilities. This reduces some of the risk inherent in early stage technology development while at the same time creating greater value for prospective partners and investors, all of which are essential for a sustainable life sciences cluster. Ultimately, this creates unique opportunities for innovations to move out of the lab and into the market for the benefit of patients and the province. (Exhibit 1, next page).
Driving Momentum: realizing the benefits from Ontario’s innovations Over the past 24 months, FACIT has operated at an expedited pace to complete several commercialization initiatives, each with important outcomes and benefits that strengthen the province’s innovation network. Recognizing that economic returns are not the only benefit by which success is defined, FACIT’s mandate importantly seeks to build long term international collaborations with industry partners, attract capital, attract experienced management and build support networks. Jeff Courtney, FACIT’s Chief Commercial Officer, is committed to catalyzing a sustainable innovation economy. “Our vision is to employ a multi-faceted approach to commercialization to grow local opportunities to fuel new research and breakthroughs, develop and retain talent, and expand the network of industry and investor receptors for these innovations,” says Courtney. “When we have all the key elements aligned and firing we effectively elevate our innovation ecosystem, positioning the province’s life science industry to maximize economic growth.”
22 BIOTECHNOLOGY FOCUS August/September 2016
“Our vision is to employ a multi-faceted approach to commercialization to grow local opportunities to fuel new research and breakthroughs, develop and retain talent, and expand the network of industry and investor receptors for these innovations.” — Jeff Courtney, Chief Commercial Officer, FACIT When evaluating opportunities to advance OICR and Ontario’s innovation assets, FACIT engages strategic partners and receptors that maximize the positive impact of commercialization. Potential partners or strategies are assessed using a “Fit List” that considers whether the receptor possesses several key elements including: a) expertise aligned with industry needs, b) product development experience suited to driving technologies to the next point of value-inflection, and c) the commitment to retain and build both product and talent
