The Cross-Border Biotech Blog

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

Tag Archives: CTI Life Sciences

More OETF Investments Announced, Including NeurAxon

The Ontario Emerging Technologies Fund got off to a bit of a slow start on the life sciences front, but last month it added Lumira and CTI Life Sciences as qualified investors.

Now, CTI has taken advantage of that status with OETF participating in a $14 million round of convertible debentures issued by NeurAxon, along with Delphi Ventures, OrbiMed, Ventures West, H.I.G. Ventures, BDC, NeuroVentures Fund and Lawrence Bloch (NeurAxon’s CEO).

Other investments announced today were in Covarity (software for commercial loan portfolio management) and Shoplogix (real-time performance management solutions for manufacturers), meaning a full 1/3 was allocated to life sciences in this batch. Good news for CTI and for Ontario life sciences companies.

Hat tip to MRI on Twitter (@OntInnovation) for this announcement. Note CTI is an Ogilvy client.

Ontario Emerging Technologies Fund (OETF) Shows Signs of Life (Sciences), Adds Biotech Investments and Investors

An announcement this morning from the OETF — Ontario’s (née) $250 million co-investment fund – shows positive signs for potential matching investments in the life sciences.

First, the OETF announced an investment in Natrix Separations. BDC wore the “Qualified Investor” hat on that one, but Natrix is in GrowthWorks’ Canadian Fund portfolio, so we know at least one life sciences VC has found a way to access the OETF funds.

Second, the OETF announced that Lumira Capital and CTI Life Sciences Fund are now Qualified Investors. Both have extensive life science portfolios (Lumira, CTI) and recent successful exits (Lumira: Resonant, Ception; CTI: TargeGen).

So, is this the tip of the biotech iceberg for the OETF? The level of disclosure required to qualify has been cited as a barrier to VC participation in OETF investments and some structural challenges remain for life science companies hoping to leverage the fund’s money; so it’s too soon to say. It sure is encouraging to discover that these challenges aren’t prohibitive. Stay tuned…

Bookmark and Share

Monday Biotech Deal Review: July 5, 2010

Not a bad week for deals, considering the holiday weekend in both Canada and the U.S.. Response Biomedical placed a PIPE with OrbiMed funds, CTI did a follow-on round in Zymeworks and LAB Research took an equity line. Plus a companion diagnostic deal from Aeterna, just as I’m planning for Diagnostics Asia in August. The week’s rounded out with $450k from the NRC and a spin-out from Ondine. Read more of this post

Follow

Get every new post delivered to your Inbox.

Join 125 other followers