Vancouver, British Columbia – June 20th, 2014: This morning at Communitech in Waterloo, Ontario, Prime Minster Stephen Harper announced that The Centre for Drug Research and Development (CDRD), in collaboration with its commercialization vehicle, CDRD Ventures Inc. (CVI) were selected amongst Canada’s top incubators and accelerators to move forward in the selection process to receive support under the Canada Accelerator and Incubator Program (CAIP).
Delivered by NRC-IRAP, CAIP is designed to help outstanding small- and medium-sized Canadian enterprises to grow, prosper and create jobs by providing support over a five-year period in the form of non-repayable contributions to a limited number of best-in-class accelerators and incubators. Maximum contributions under the program are up to $5 million per year for each selected outstanding organization. Contributions will support incremental activities that expand the overall service offerings to early-stage firms and entrepreneurs, and promote a higher output of SMEs that are investment-ready and able to develop into sustainable, high-growth businesses.
In making the announcement, Prime Minister Stephen Harper stated, “It is critical for Canada’s small- and medium-sized businesses to harness innovation and get their ideas to the marketplace so that they can grow, create jobs and contribute to the economy. Accelerators and incubators have the experience, tools and know-how to help get small Canadian start-up businesses up and running. Our Government is pleased to be supporting private sector-led initiatives that further strengthen our venture capital market.”
President and CEO of CDRD, Karimah Es Sabar responded to the news by saying, “The Federal Government of Canada has long been a key supporter for the CDRD/CVI enterprise, and a very strong partner for us. We applaud them for their significant investments in health research and commercialization to date, and their continued focus on innovation-focused policies. Given the uncertainty of the global economy, we are extremely pleased to see that the Government remains committed to fostering a culture of innovation and building world-leading centres. Their landmark investments in Canada’s science, technology and innovation sector demonstrate a long-term, strategic vision for the country and the province of British Columbia where our facility is headquartered.”
CDRD is Canada’s national not-for-profit drug development and commercialization centre, acting as a robust Incubator to de-risk discoveries stemming from publicly-funded health research, and transform them into viable investment opportunities for the private sector — thus successfully bridging the commercialization gap between academia and industry. CDRD’s commercialization vehicle, CDRD Ventures Inc. (CVI) then acts as the Accelerator, selecting promising technologies with the goal to further advance them to a stage where they can attract licensing or co-development partners, or form the foundation for a new spin-off company.
Natalie Dakers, President and CEO of CVI added, “We are extremely proud to be in such select company of some of Canada’s most impactful organizations. On behalf of both CDRD and CVI, I want to express our congratulations to all the successful applicants here in British Columbia and across Canada. We know that we must all collaborate rather than compete, share resources, leverage investment, and mitigate risk; and so we look forward to continuing to work with our partners across the country and around the world, as CAIP works to move us all forward and help solidify Canada’s reputation as a global leader for research and innovation across all disciplines.”
CDRD/CVI is the only organization in the country — and one of just a handful in the world — with the full expertise, infrastructure and partnerships to source, evaluate, incubate, accelerate and commercialize innovative health technologies in virtually any therapeutic area. Together, the two components of the enterprise focus on a single, shared mandate of commercialization — to translate academic research into new medicines for patients.
Since becoming fully operational in 2008, CDRD/CVI has evaluated some 825 Canadian and international health research projects for their commercial/therapeutic potential, subsequently carrying-out development on 125, and successfully advancing 47 through multiple scientific milestones and value-creation points, enabling 10 commercial transactions – and in doing so, firmly establishing itself a robust Canadian commercialization engine for the health sciences, supporting an estimated 2,165 direct and indirect jobs, and contributing $119M back to the GDP.
About The Centre for Drug Research and Development (CDRD)
CDRD is Canada’s fully-integrated national drug development and commercialization centre, providing expertise and infrastructure to enable researchers from leading health research institutions to advance promising early-stage drug candidates. Its mandate is to de-risk discoveries stemming from publicly-funded health research and transform them into viable investment opportunities for the private sector — thus successfully bridging the commercialization gap between academia and industry, and translating research discoveries into new therapies for patients. Canada’s Networks of Centres of Excellence Program has recognized CDRD as a Centre of Excellence for Commercialization and Research (CECR). www.cdrd.ca
About CDRD Ventures Inc. (CVI)
CVI is the commercialization vehicle of The Centre for Drug Research and Development (CDRD). With a first right to negotiate for any of the technologies developed at CDRD, CVI has a continuous and unparalleled pipeline of the most innovative and commercially-promising pre-validated and thus de-risked technologies in Canada. From CDRD’s drug development projects and/or external opportunities, CVI licenses select promising technologies with the goal to further advance them to a stage where they can attract licensing partners, form the foundation for a new spin-off company, or secure the investment needed for clinical development. www.cdrdventures.com
The Centre for Drug Research and Development (CDRD) & CDRD Ventures Inc. (CVI)
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