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

Tag Archives: Ontario Emerging Technologies Fund

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 [...]

First Two OETF Investments: ecobee and Bering Media

Ontario’s $250 million Emerging Technologies Fund has closed its first two investments, participating in a $6.73 million round from smart grid company ecobee and a Series A round of undisclosed size from location-based ad company Bering Media.  I am proud to report that Ogilvy Renault, led by Senior Partner Jay Lefton, acted for ecobee in connection [...]

OETF Awards Service Provider Contracts to Northwater and Covington

The RFP process for the Ontario Emerging Technologies Fund administrator has ended, with Northwater Capital and Covington Capital having been selected. According to the news item from OETF, “Northwater Capital Management Inc. will review applications to become a qualified investor.  Covington Capital Corporation will review applications from qualified co-investors in relation to qualified investments and [...]

OBIO Panel Presents OETF and BIP Information

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 & [...]

Q3 Is Looking Up for Biotech: Emdeon, Cumberland, Domain, LOM BioQuest, OETF

This week has seen a continued upswing for biotech and other health industry companies in the U.S. (with two IPOs) and in Canada (with great VC news and the pending appointment of an administrator for the Ontario Emerging Technologies Fund): In the U.S. Emdeon (NYSE: EM) IPO’d today, pricing at the top of its range ($15.50) and [...]

Ontario’s $250 million Emerging Technology Fund Launches!

The $250 million Emerging Technolgies Fund announced by Ontario as part of the Budget in March and recently the subject of an RFP process to find a fund administrator launched today! Details are on the OETF homepage, including: Fund Guidelines [PDF 2.7 MB] FAQs [PDF 673 KB] Application to seek qualification as a Venture Capital or [...]

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

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 [...]

Ontario Emerging Technologies Fund: Q&A From MRI Briefing

The 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 [...]

Ontario Emerging Technologies Fund RFP: Excerpts from MRI Presentation

A couple of weeks ago, Ontario’s Ministry of Research and Innovation put out an RFP for the new $250 million Emerging Technologies Fund, looking for a third party to evaluate co-investor and investment applications, and to administer and monitor investments for the fund. Last Friday, they held a briefing for interested parties where they presented [...]

MRI RFP ISO for Emerging Technology Fun(d)

Ontario’s Ministry of Research and Innovation has put out an RFP for the new $250 million Emerging Technologies Fund. They are looking for someone to evaluate co-investor and investment applications, and to administer and monitor investments for the fund. Here’s the blurb from the RFP Abstract: The OETF is a new $250 million program announced [...]

BIO 2009: Ontario Premier’s Breakfast

The speeches (s-peach-es?) just finished this morning at the Ontario Premier’s breakfast. Minister of Research and Innovation John Wilkinson announced that Ontario has recently completed 2 new BIP investments: a Pfizer collaboration with the Ontario Institute for Cancer Research (OICR); and GSK Canada for manufacturing in Mississauga. Ontario’s Premier — Dalton McGuinty, winner of BIO’s [...]

New Data in Canada: BIOTECanada-PwC 2009 Life Sciences Forecast

The BIOTECanada-PricewaterhouseCoopers 2009 Canadian Life Sciences Forecast was released today. The Forecast was produced from data gathered in October and November 2008, so is (unsurprisingly) a bit bleak, but there are a few bright spots to be found: Canadian companies are increasingly flexible about exit scenarios.  In the 2009 Forecast, 66% of firms looked to [...]

Ontario Budget 2009: Initial Reactions are “Encouraging”

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 [...]

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

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 [...]

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