PRESS RELEASE Ontario Bioscience Innovation Organization: New program to bridge funding gap for life sciences companies gets financial boost from Ontario
TORONTO (June 3, 2013) – An industry-led program in Ontario that works to improve access to capital for human health technology and bioscience companies has received a major financial boost from the province of Ontario.
The Ontario Ministry of Research and Innovation is providing funding to support the Capital Access Advisory Program (CAAP), a new initiative launched by the Ontario Bioscience Innovation Organization (OBIO), a Toronto-based non-profit organization representing bioscience industry leaders dedicated to advancing Ontario’s life sciences industry.
“We’re pleased to support the Capital Access Advisory Program so that emerging and mid-stage health sciences and biotech companies can access the capital they need to grow,” says Reza Moridi, Minister of Research and Innovation. “We’re proud to work with the Ontario Bioscience Innovation Organization to build a vibrant life sciences sector in our province. Helping innovative companies secure the financing they need to thrive helps strengthen Ontario and creates opportunities for both marketable products and jobs.”
By connecting early- to mid-stage life sciences companies with investors and industry advisors, CAAP helps advance the development and commercialization of medical devices, drugs and other life sciences technologies that can improve people’s lives in Ontario and around the world.
Gail Garland, CEO of OBIO, says the province’s funding for CAAP, combined with contributions from OBIO members and partners, will significantly increase OBIO’s ability to build on Ontario’s success as a North American leader in life sciences innovations.
“This is where the best and brightest ideas are coming from,” says Garland. “With CAAP, we can ensure that Ontario’s human health technology and life sciences companies can continue to develop and bring their great ideas to market.”
The province’s announcement comes on the eve of an OBIO event on June 3 to thank the 200 volunteers behind the Ontario Bioscience Economic Strategy Team (OBEST), an OBIO initiative that launched a strategy for a commercially viable and competitive bioscience community in Ontario. CAAP is one of the key OBEST initiatives.
OBIO also recently announced new additions to its board of directors: Kelly Holman, co-founder and Managing Director at Genesys Capital Management Inc.; Terry McCool, former Vice President at Eli Lilly Canada Inc.; Steven Plymale, CEO at Profound Medical Inc.; and Tom Reeves, President and CEO at Interface Biologics Inc. For more information or to request a media interview, please contact OBIO CEO Gail Garland at (416) 673 6619 or (416) 575 7805, or by email at gailgarland@obio.ca.
About OBIO
The Ontario Bioscience Innovation Organization (OBIO®) is a private sector, membership-based organization that is Ontario’s leading advocate for the life sciences sector. OBIO is engaged in policy and government relations activities to enable the successful development and commercialization in Ontario of life sciences technology through investment, strategic alliances, stakeholder engagement and industry promotion.
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