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Biotechnology, Health and Business in Canada, the United States and Worldwide

Ontario Emerging Technologies Fund: Q&A From MRI Briefing

Ontario LogoThe questions and answers from last Friday’s MRI information session have been posted on MERX.  Here’s the link to the whole thing (if you have MERX access), but I’ll save you some time:

  • There are two parts to the bid — one for evaluating Qualified Investors and one for evaluating Qualified Investments.  The same bidder might be selected for both; but there will be a maximum of one bidder selected for each Part.
  • Avoiding conflicts of interest means …  still can’t tell, actually.  The only thing we can tell for sure is that if you win the bid, you can’t be a Qualified Investor or bring in a Qualified Investment.  Which leaves who, exactly?
  • Lots of “no”s for the bidders: no indemnification, no inflation-indexed fees, no upside participation…
  • Foreign funds can be Qualified Investors.
  • Investee companies will be required to have and maintain an “Ontario footprint.”  Shoe size TBD.

Here’s an interesting one:

Q105. How would the ministry deal with exit events that may go against Ontario’s interests? What triggers the assessment?
A105. As an investor, Ontario will decide on how to deal with exit events taking into consideration the recommendation of the Proponent, the interest of Ontario and the interest of all other stakeholders.

In other words, we have no idea.  Let’s cross that bridge when we come to it.  Cheers!

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