The Cross-Border Biotech Blog

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

Tag Archives: Xagenic

Two MaRS Innovation Transactions Take Off

MaRS Innovation, the “integrated commercialization platform” responsible for commercializing inventions from 16 Toronto academic institutions, announced two deals last week. One spin-out and one out-license (pdf links).

The spin-out: MI put $500,000 into Prof. Shana Kelley‘s new company, Xagenic, alongside a $300,000 loan from HTX; $200,000 from the Ontario Institute for Cancer Research; and $40,000 from the OCE Centre for Commercialization of Research. The notable part of this transaction is the launch of a University spin-out with pre-built seed funding. The structure of MI’s “investment” was not disclosed.

The out-license: A sustained‐release form of nitric oxide (NO) from Prof. Ping Lee’s lab at U of T was out-licensed to San Diego-based Cardium Therapeutics (AMEX: CXM), which will pay undisclosed amounts for the technology. One form of consideration that is disclosed: a nice endorsement for MI from Cardium’s CEO, Christoper J. Reinhard, who said “MI brought great business understanding to the process. The team understood our needs quickly and they worked efficiently to get the deal done.”

The bottom line: These are two interesting and positive deals from MI, executed in pretty short order for a new organization, that deserve congratulations. We look forward to future MI deals that disclose more some detail on business terms and valuations.

Monday Biotech Deal Review: October 18, 2010

Despite the short week, it was a busy one in the Canadian biotech sector. Read on to learn about the Labopharm / Paladin licensing deal, Ondine’s new facelift (and 15:1 equity liposuction), and various other biotech updates and news. 

Read more of this post

Follow

Get every new post delivered to your Inbox.

Join 130 other followers