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Category Archives: Bailout

Flow-Through Shares for Healthcare Part 3 of 3: What If It Actually Happens

1 Comment Posted by wschnarr on April 5, 2011

Part 1 of this series described the basics of flow-throughs and Part 2 examined both the structure and the level of financing that flow-through shares have provided to the mining and oil & gas industries. This part analyzes the factors contributing to a decision by the government to expand flow-throughs to healthcare and biotech companies, [...]

Bailout, Wayne Schnarr flow-through, TSX, TSX-V

Flow-Through Shares for Healthcare Part 2 of 3: Flow-Throughs in Mining and Oil & Gas

2 Comments Posted by wschnarr on March 29, 2011

In Part 1 of this series, we mentioned two flow-through share financings completed in 2010 (chosen at random for illustrative purposes). The following discussion examines those financings in more detail, and puts them in the context of overall funds raised by the mining industry in recent years.

Bailout, Wayne Schnarr flow-through, TSX, TSX-V

Flow-Through Shares for Healthcare Part 1 of 3: What Are Flow-Through Shares?

3 Comments Posted by wschnarr on March 24, 2011

The extension of flow-through tax incentives to development stage biotech and healthcare companies has been discussed for many years, including twice previously on this blog (here and here). One of the most recent articles supporting this change was written by David Allan, a former investment banker who is a founder and current Chairman of YM Biosciences [...]

Bailout, Wayne Schnarr flow-through, TSX, TSX-V

Biotech in the Provinces: OBEST Launches Regional Meetings in Ontario; Western Canada Innovation Agreement to Provide Seed Funding

Leave a Comment Posted by Jeremy Grushcow on November 16, 2010

The Ontario Bioscience Economic Strategy Team (OBEST)* is holding regional cluster meetings starting today that will be chaired by bioscience CEOs from across the province. OBEST launched its evergreen strategy to sustain and grow the province’s health-science industry last week with a meeting of the OBEST advisory committee, which is chaired by Dr. Daniel Billen from [...]

Bailout, Jacob Cawker, Jeremy Grushcow, News Centre for Drug Research and Development, J&J Corporate Office of Science and Technology, OBEST, OBIO, Ontario Bioscience Economic Strategy Team, Ontario Bioscience Industry Organization, Western Canada Innovation Agreement

U.S. Therapeutic Discovery Stimulus Reaches Biotechs in Canada, Israel, Germany

2 Comments Posted by Jeremy Grushcow on November 4, 2010

As part of the health reform bill, the U.S. launched a $1 billion Therapeutic Discovery Project tax credit/grant stimulus program. The program announced grant recipients this week, deploying $1 billion just over 7 months after the law was passed, and 5 months after the IRS guidelines were released implementing the project. A full list of [...]

Bailout, Jeremy Grushcow, News Allon Therapeutics, Enobia, Health Reform, mtm laboratories, NeurAxon, Ondine Biomedical, Ontario Budget 2010, Pluristem, Stimulus, TDP, Therapeutic Discovery Project

Flow-Through Shares for Biotech: Welcome to National Biotechnology Week in Canada

2 Comments Posted by Jeremy Grushcow on September 15, 2010

Tomorrow is the first day of National Biotechnology Week in Canada. The imagenation.ca website has lots of info, and you can follow @BIOTECanadaNBW on Twitter. One of this year’s big policy initiatives is a push to expand Canada’s Flow-Through Shares program from mining and wind power to include biotech and other cleantech companies. I gave [...]

Bailout, Jeremy Grushcow, News

State of the Biotech Industry — Heading into BioFinance

Leave a Comment Posted by Jeremy Grushcow on April 6, 2010

As the BioFinance conference in Toronto starts up today, I thought it would be worth looking at a few recent data points for the biotech industry: The Q1 Burrill data (via PharmPro) shows above-market gains for public biotechs (up 8% in Q1), $6.1 billion of pharma partnering deals were done, and total biotech VC investments [...]

Bailout, Jeremy Grushcow, News capital gains tax, Florida, IPO, Ontario Budget 2010, regenerative medicine, Tengion, venture capital, Virginia, Washington DC

Ontario Budget 2010: Reserving Final Judgment

3 Comments Posted by Jeremy Grushcow on March 25, 2010

In the post below, I noted the increased budget for the Ministry of Research and Innovation. More than one little birdie says this increase portends significant pending program changes. So put away your poison pens for now and we’ll keep our ears to the ground for good news from the deployment of that additional funding. [...]

Bailout, Jeremy Grushcow, News, Rumo(u)r Ontario Budget 2010, Ontario Ministry of Research and Innovation

2010 Ontario Budget Stands Still on Innovation

Leave a Comment Posted by Jeremy Grushcow on March 25, 2010

Ontario’s 2010 budget was released today. It contains no new innovation-related initiatives, leaving the province to fall further behind competitive jurisdictions. Read on for more detail, but also see this post noting that signs point to further announcements. Despite recent strategic initiatives in Québec and across the U.S., and despite opportunities to improve funding for [...]

Bailout, Jeremy Grushcow, News Innovation, Ontario Budget 2010

Biotech Bailout: How Much Does it Cost Government to Attract Biotech Jobs?

1 Comment Posted by Jeremy Grushcow on January 21, 2010

Governments want to create jobs. Not just any jobs, “creativity-oriented jobs” and ”knowledge economy jobs.” But what does it cost government to create one of these jobs? We don’t really know, but on this blog we’ve been tracking data points all year to try to get some sense of how to invest effectively to attract the workers who [...]

Bailout, Jeremy Grushcow, News biotech, biotech campus, biotechnology jobs, Florida, Jobs

Biotech Bailout: Five Reasons Ontario Needs to Do More to Support Bioscience Companies in 2010

4 Comments Posted by Jeremy Grushcow on January 4, 2010

As we head into another budget cycle here in Ontario, there has been a flood of news showing that other jurisdictions are investing heavily in recruitment and stimulus for biotech companies. Each one of these investments raises the bar for what has to be done in Ontario to build our own companies and capitalize effectively [...]

Bailout, Jeremy Grushcow, News Arizona, Biopharmaceutical Strategy, biotech incubator, commercialization, Cures Acceleration Network, Health Reform, Indiana, Innovation Fund, John McCulloch, Lilly Ventures, MaRS, Missouri, North Carolina, Ontario Tax Exemption for Commercialization, OTEC, Quebec, Senator Specter, SND, Suzhou, Suzhou New District

Planned UK Bioscience Park Features “Open Innovation,” is Brought to You By GSK, the UK Government, The Wellcome Trust and the EEDA

1 Comment Posted by Jeremy Grushcow on October 14, 2009

A new biotech “hub” (aka campus, park, centre, cluster…) is being planned at GSK’s Stevenage Campus in the UK. Whatever you call it, the organizers are pitching two novel features: An “Open Innovation” model; and Access to GSK management and expertise. I’m not sure how far “open innovation” could really go, in an industry that [...]

Bailout, Jeremy Grushcow, News Bailout, bioscience park, biotech park, core facilities, East of England Development Agency, GlaxoSmithKline, GSK, Hertfordshire, open innovation, Stevenage Campus, Technology Strategy Board, UK, UK Strategic Investment Fund, Wellcome Trust

Québec’s $122 million New Biopharmaceutical Strategy Includes $30 million for Genomics, May Include SR&ED Tax Credit Financing

5 Comments Posted by Jeremy Grushcow on October 8, 2009

The Province of Québec rolled out a new “biopharmaceutical strategy” Thursday that they say aims to provide “development support for biotech and biopharmaceutical firms.” The Roll-Out: The announcement was beautifully coordinated with the relevant constituencies, as illustrated by the near-immediate chorus of support: Génome Québec said thank-you for the $30 million, we’ll get right to work. Merck Frosst [...]

Bailout, Biotech Trends in 2010, Jeremy Grushcow, News Biopharmaceutical Strategy, BIOQuébec, colorectal cancer, Génome Québec, IBD, inflammatory bowel disease, Ontario, OTEC, Pfizer-FRSQ Innovation Fund, Quebec, Teralys Capital

Has NRC-IRAP Run Out of 2009 Grant Money?

1 Comment Posted by Jeremy Grushcow on September 17, 2009

NRC-IRAP, which got $170 million in the 2009 Federal budget (spread over 2 years) for company funding, has been very active lately, including in biotech. Maybe too active? I heard rumo(u)rs (plural!) this week that IRAP may be out of funds for this cycle. Are they? Drop us a line.

Bailout, Jeremy Grushcow, Rumo(u)r Canada Budget 2009, National Research Council, NRC-IRAP

OBIO Panel Presents OETF and BIP Information

1 Comment Posted by Jeremy Grushcow on September 17, 2009

The Ontario Bioscience Industry Organization (OBIO) and the Ministry of Research and Innovation (MRI) co-hosted an event a few days ago entitled: “Funding Opportunities in 2009-2010 for Bioscience Companies: What CEO’s Need to Know About Ontario’s ETF and BIP Programs.” The speakers were: Chair: Kevin French, Senior Act. Manager, RBC; Industry: Rocky Ganske (President & [...]

Bailout, Jeremy Grushcow, News BIP, MRI, OBIO, OETF, Ontario Bioscience Industry Organization, Ontario Emerging Technologies Fund, Ontario Ministry of Research and Innovation

U.S. Stimulus Stimulates Health Care and Academic Jobs

Leave a Comment Posted by Jeremy Grushcow on September 9, 2009

The NPR Health Blog reports that in the cloud of U.S. unemployment numbers (pdf) there is a high-tech silver lining: the health care and education sectors actually added about 52,000 jobs in August. It cites examples from a Boston Globe article that highlights stimulus-stimulated activity in Massachusetts research labs. Also note this piece at GenomeWeb, which quotes [...]

Bailout, Jeremy Grushcow, News ARRA, Jobs, Massachusetts, Millipore, National Institutes of Health, NIH, Stimulus, U.S. Budget 2009, unemployment

NRC-IRAP Is On A Roll: 7 Bio Investments in 7 Weeks

3 Comments Posted by Jeremy Grushcow on August 21, 2009

NRC-IRAP,* which got $170 million in Canadian stimulus money, has been deploying funds quite rapidly and has included a significant number of biotechs in its largesse. I found these from July and August: a $260,000 grant to ImmunoVaccine Technologies Inc.; a $498,500 grant to Opsens Inc. (TSX-V: OPS); an undisclosed amount to Paladin Labs (TSE: PLB); a [...]

Bailout, Jeremy Grushcow, News Chemaphor, Genesis Genomics, ImmunoVaccine Technologies, MedSenses, NRC-IRAP, Ospens, Paladin Labs, Timeless Technologies Inc.

New Tennessee State Tax Credits Incentivize Venture Fund Investments

Leave a Comment Posted by Jeremy Grushcow on July 19, 2009

The Tennessee legislature passed a bill earlier this month that indirectly creates $120 million of venture funding. It gives tax deductions to insurance companies that invest in qualified entities called “TN Investcos” which are in turn instructed to make “focused investments of capital in early or seed stage companies with high growth potential.” Firms that [...]

Bailout, Jeremy Grushcow, News economic development, Tennessee, venture capital

New Data Shows 70% of Canada’s Biotech Companies Have Under 12 Months’ Cash. BIOTECanada’s New Ask: Government Loans.

3 Comments Posted by Jeremy Grushcow on July 16, 2009

A Canwest story today highlights new BIOTECanada data showing 70% of survey respondents have under 1 year of cash, up from 50% in January. FierceBiotech picked it up as well, guaranteeing a full dose of international attention. Even though the remaining 30% of respondents likely include some with big recent successes — Bioniche, Allostera and Zymeworks – and some with creative [...]

Bailout, Jeremy Grushcow, News AIMCo, Alberta Enterprise Corporation, Alberta Investment Management, Allostera Pharma, BDC, Bioniche, BIOTECanada, biotechnology, Business Development Bank of Canada, Canada, ConjuChem, FierceBiotech, government loans, Lumira Capital, Neuromed, NRC-IRAP, OETF, Ontario Emerging Technologies Fund, Ontario Venture Capital Fund, OVCF, Peter Brenders, Quebec Venture Capital Fund, Teralys Capital, venture capital, Zymeworks

Bailout Update: New UK Life Sciences Blueprint Aims to Promote Innovation

1 Comment Posted by Jeremy Grushcow on July 15, 2009

The UK has a new Life Sciences Blueprint that sets as a goal the creation of an internationally-recognized life sciences cluster. Here’s the press release and here’s the full report (pdf). Innovation Pass and Changes at NICE: The Blueprint kicks off an “Innovation Pass” program under which certain novel medicines (criteria TBD) will be available for a 3-year period [...]

Bailout, Jeremy Grushcow, News Comparative Effectiveness, Innovation Pass, Life Sciences Blueprint, Lord Drayson, National Institute for Health and Clinical Excellence, NICE, Personalized Medicine, regenerative medicine, UK, UK Budget

Relocation, Relocation, Relocation: Biotech Incentives and Economic Development

1 Comment Posted by Jeremy Grushcow on June 18, 2009

Despite the skepticism expressed in the New York Times article last week, the efforts by various jurisdictions to attract biotech business continues apace. For one, the Mayor of Jerusalem announced a $25 million program to build infrastructure and human resources for a biomedical research park at Hebrew University School of Medicine. Of course, they’ll have [...]

Bailout, Jeremy Grushcow, News biotechnology, Hebrew University, incentives, Jerusalem, Madison, MaRS Innovations, New York Times, Rafi Hofstein, Wisconsin Technology Venture Fund

What is the State of Canada’s Biotechnology Industry?

Leave a Comment Posted by Jeremy Grushcow on May 12, 2009

There have been a lot of opinions over the last couple of weeks, with little consensus. On the pessimistic side: E&Y’s annual biotechnology report was released a week ago, and the reported taglines ranged from “time of reckoning” to “biotech business model crumbles“. The first report from Canada’s Science, Technology and Innovation Research Council said that Canadian businesses [...]

Bailout, Jeremy Grushcow BIOTECanada, biotechnology, Canada, E&Y report, James C. Greenwood, Ontario Venture Capital Fund, OVCF, PwC, Quebec Venture Capital Fund, Science, STIC Report, Stimulus, Technologoy and Innovation Research Council, Venture Capital and Private Equity Association

Canadian Science Funding Update — Open Letter From Canadian Scientists Generates Equal, Opposite Open Letter from Gary Goodyear

2 Comments Posted by Jeremy Grushcow on April 20, 2009

Canadian scientists, dismayed by cuts of $113 million to the three primary granting agencies in this year’s federal budget, sent an open letter of protest to PM Harper last week that collected 2,000 signatures. The response, from Minister of Industry Tony Clement, was certainly better pitched than the response at budget time from the government’s [...]

Bailout, Jeremy Grushcow Canada, Canada Budget 2009, Christian Paradis, federal funding, Gary Goodyear, Harper, infrastructure, Minister of Industry, Mont Megantic Observatory, Nature letter, open letter, research, scientists, Tony Clement

Some Good Clean Tech Synergy: Biotech + Cleantech + Nanotech = $

Leave a Comment Posted by Jeremy Grushcow on April 14, 2009

A story today at GenomeWeb shows a collaboration among biotech, cleantech and high-tech interest groups successfully generating government support: Illinois life-science industry advocates for the second straight year are urging state lawmakers to set aside $25 million in grants and tax credits to assist biotech, pharmaceutical, and medical-device startups commercialize new technologies. Unlike last year, when the [...]

Bailout, Jeremy Grushcow, News biotechnology, Cleantech, High Tech, iBIO, Illinois, MaRS, nanotechnology

New Life Sciences Industry Data

Leave a Comment Posted by Jeremy Grushcow on April 13, 2009

New data from Delaware and Arizona last week: Some highlights from a study by Edward Ratledge and Simon Condliffe of the University of Delaware’s Center for Applied Demography and Survey Research: The biopharmaceuticals industry contributed $4 billion to Delaware’s economic output in 2008. 247 biopharmaceutical firms employing 12,000 people, paying $1.6 billion in wages, average [...]

Bailout, Jeremy Grushcow Arizona, Delaware, industry data, Jobs

Bailout Updates: Results May Vary

Leave a Comment Posted by Jeremy Grushcow on April 12, 2009

We’re beginning to see a round of adjustments in government budgets. On the one hand, some programs are facing further cuts as aspirational commitments meet fiscal reality. For example, state legislators in Washington are proposing cuts of betwen 50 and 90 percent to spending on the state’s Life Sciences Discovery Fund over the next two years. Similarly, the government [...]

Bailout, Jeremy Grushcow budget, Canada Foundation for Innovation, Genome Canda, Ireland, Life Sciences Discovery Fund, Ontario, Quebec, The Genome Analysis Centre, UK Biotechnology and Biological Sciences Research Council, Washington State

There’s No Bailout Like a Good Exit

Leave a Comment Posted by Jeremy Grushcow on March 30, 2009

A Bloomberg article this morning takes a look at the recent boom in Israel’s biotech and device stocks, and credits the government cash infusion (which we noted at the time) for some of the buoyancy; but also attributes much of the gain to speculation that the J&J-Omrix deal is the beginning, not the end, of [...]

Bailout, Jeremy Grushcow, News biotechnology, Israel, J&J, M&A, Omrix

This Week in Texas: One Step Forward, Two-Step* Back

Leave a Comment Posted by Jeremy Grushcow on March 27, 2009

One Step Forward: Earlier this week, Governor Perry of Texas announced $50 million of funding for Texas A&M University System’s National Center for Therapeutics Manufacturing yesterday, following up on his keynote at a conference in February where he spoke highly of the state’s biotech industry. Two Steps Back: At the same time… Texas, like Georgia (which also [...]

Bailout, Jeremy Grushcow, News attempted humo(u)r, ban on stem cell research, National Center for Therapeutics Manufacturing, Rick Perry, Texas, Texas A&M

Ontario Budget 2009: Initial Reactions are “Encouraging”

Leave a Comment Posted by Jeremy Grushcow on March 27, 2009

Generally positive reviews of Ontario’s 2009 budget are coming in from the innovation community: TBI gives a shout-out to the Emerging Technologies Fund: The Biotechnology Initiative (TBI) would like to credit Premier Dalton McGunity and Minister of Research and Innovation John Wilkinson for their quick response to the looming economic uncertainty by the creation of the Emerging Technologies [...]

Bailout, Jeremy Grushcow, News electronic medical records, OMA, Ontario Budget 2009, Ontario Emerging Technologies Fund, Ontario Medical Association, Retail Venture Funds Association, Rx&D, TBI

$250 million Ontario Emerging Technologies Fund Seen, Raised by $825 million Quebec Venture Capital Fund

9 Comments Posted by Jeremy Grushcow on March 19, 2009

Ontario announced the $250 million Emerging Technologies Fund yesterday … pretty much exactly what Monday’s letter to McGuinty from the CVCA requested. That has got to be, by the way, either: the world’s first psychic government relations campaign, or the world’s fastest government stimulus. Not to be out-done, the Québec budget today included an $825 [...]

Bailout, Jeremy Grushcow Caisse de Depot, CVCA, Fonds de solidarite FTQ, McGuinty, Ontario Budget 2009, Ontario Emerging Technologies Fund, Ontario Ministry of Research and Innovation, Ontario Venture Capital Fund, OVCF, Quebec, Quebec Budget 2009, Quebec Venture Capital Fund

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