Vancouver, British Columbia – November 21st, 2014: This morning at the BC Technology Industry Association, The Honourable James Moore, Minister of Industry announced that The Centre for Drug Research and Development (CDRD), in collaboration with its commercialization vehicle, CDRD Ventures Inc. (CVI) has been awarded $10.93M 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. 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, Minister Moore stated, “By investing in British Columbia’s incubator and accelerator organizations, we are ensuring promising innovative start-up businesses have the resources they need to grow, innovate and create jobs. 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, “It is crucial for Canada’s R&D ecosystem to be adequately resourced. As an enterprise committed to bridging the commercialization gap between early-stage academic research and industry, CDRD/CVI firmly acknowledges and greatly appreciates its partnership with the federal government – one that has been essential in enabling the significant milestones and outcomes we have realized to date.”
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, add value, 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, “As a centre committed to supporting entrepreneurs here in British Columbia and across the country, we were elated to see the Federal Government continue to recognize that the development of new ideas and products is key to Canada’s future prosperity. In this highly-competitive global economy, it is critical to devote resources to support Canada’s science, technology and innovation system – an imperative realized through tangible and valuable initiatives such as the Canada Accelerator and Infrastructure Program.”
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 more than 1,000 Canadian and international health research technologies for their commercial/therapeutic potential, subsequently carrying-out development on 134, and successfully advancing 56 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 2,200 direct and indirect jobs, and contributing over $120M 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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