MaRS Innovation (MI) and GlaxoSmithKline (GSK) have announced a new development fund—the GSK-MaRS Innovation Fund—to support and fast-track the commercialization of some of Canada’s most promising translational research coming from 16 leading academic health sciences centers, hospitals and universities derived from the MI membership.
"From the discovery of insulin in 1922 to the discovery of stem cells, Ontario has a rich, proud history of world-class medical and scientific breakthroughs. Our partnership with GSK Canada furthers Ontario's position as a major international research hub by providing much needed capital to fund exciting drug discovery and development technologies and bridging the gap to successful commercialization," said Rafi Hofstein, President and CEO of MaRS Innovation.
"GSK is proud to be working in collaboration with a leading partner in innovation research and development," said Paul Lucas, president and CEO of GSK. "Collaborations such as these—where we share knowledge, expertise and resources—provide a highly effective way of progressing and commercializing cutting-edge research. We hope that this collaboration will help to close the innovation gap in Canada."
The GSK-MaRS Innovation Fund will support translational development projects with strong potential for commercialization in drug development, diagnostics and healthcare delivery technologies. It will provide access to capital and opportunities for early engagement with experts in drug development to guide and position technologies for successful commercialization through licensing transactions and/or start-up company creation. Representatives from MI and GSK will select projects for further development under this three-year partnership.
The GSK-MaRS Innovation Fund is the second development fund launched by MI and supports MI's overall strategy to engage with commercial partners to guide and develop effective commercialization plans to monetize the $1 billion a year in research conducted at 16 of Canada's academic institutions and hospitals in the MI network.
MaRS Innovation is a nonprofit organization funded through the government of Canada's Networks of Centers of Excellence and contributions of its member institutions.
MaRS Innovation plans to advance commercialization through industry partnerships, licensing and company creation. Its mission is to put Canada on the global innovation stage by launching a new generation of robust, high-growth Canadian companies that will become global market leaders.