Partnership to invest up to $1M in promising Canadian healthcare
A French verison of the release is available on the MaRS Innovation website
TORONTO, Oct. 4, 2012 /CNW/ - Baxter International Inc. and MaRS Innovation, a Centre of Excellence for Commercialization and Research, have entered into a strategic partnership to commercialize early-stage
technologies that present innovative methods in therapeutics and drug
The partnership's shared vision for delivering novel, transformative
therapeutic technologies will benefit Canadians and others around the
world. Baxter and MaRS Innovation will identify investment
opportunities emerging from well-validated scientific research
discoveries within MaRS Innovation's 16 member institutions, including
the University of Toronto and its nine affiliated teaching hospitals.
Baxter will provide up to U.S. $1 million in funding over a three-year period to support promising individual projects based on their positive due
diligence, which will be leveraged with financial support from MaRS
Innovation. This combined support will accelerate the development and
validation of healthcare technologies within the largest academic
cluster in Canada.
"We value this opportunity to partner with Ontario's leading
universities and research institutions through MaRS Innovation to
advance innovative technologies and product platforms that have the
potential to improve outcomes for patients, while contributing to
reducing the total cost of care," said Norbert G. Riedel, PhD, chief science and innovation officer for Baxter.
"By bringing together pre-eminent researchers and institutions from
across Ontario with investments and expertise from organizations like
Baxter, we can incubate and hopefully develop new therapeutic concepts
in areas of high unmet medical need," said D. Michael Oliver, general manager for Baxter Canada.
"This partnership is another testament to the excellence in the
innovation pipeline that MaRS Innovation's members represent," said Dr.
Raphael Hofstein, president and CEO of MaRS Innovation. "Baxter is a significant global
player in delivering healthcare technologies. We are excited that they
view the Ontario ecosystem as a hub of innovation for development and
commercialization. Partnerships like this one represent a significant
opportunity to not only attract financial resources, but also expertise
and market validation for technology development."
Baxter International Inc., through its subsidiaries, develops, manufactures and markets products
that save and sustain the lives of people with hemophilia, immune
disorders, cancer, infectious diseases, kidney disease, trauma and
other chronic and acute medical conditions. As a global, diversified
healthcare company, Baxter applies a unique combination of expertise in
medical devices, pharmaceuticals and biotechnology to create products
that advance patient care worldwide.
Baxter Corporation, the Canadian subsidiary of Baxter International Inc., is proud to
celebrate 75 years in Canada. As a trusted partner in Canadian
healthcare with a rich history of "firsts," Baxter has introduced many
medical breakthroughs in Canada since 1937 including intravenous
medicine, medication delivery devices, kidney dialysis, blood component
therapy and hemophilia care. Today approximately 1,000 employees across
Canada work to make a meaningful difference in the lives of
patients. Building on the company's legacy of innovation in Canada for
75 years, Baxter continues to nurture innovation and sustainability in
healthcare through its collaborations, partnerships and investments in
research that may improve the access, quality and cost-effectiveness of
healthcare, as well as the health and well-being of its local and
global communities. Learn more: www.baxter.ca.
About MaRS Innovation
MaRS Innovation (MI) is the commercialization agent for Ontario's exceptional discovery
pipeline from 16 leading academic institutions. As a single-entry point
to member-based activity of $1 billion in annual research and
development, MI is a gateway for investors and licensees to gain access
technology assets. Supported by the Government of Canada through the Networks of Centres of Excellence, by the Government of Ontario through the Ontario Centres of Excellence, and by its 16 member institutions, MI is a transformational
partnership that turns research strengths into commercial
opportunities. MI's portfolio includes the most promising assets and
advances commercialization into global markets through industry
partnerships, licensing and company creation.
SOURCE: MaRS Innovation
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