Partnership to invest up to $1M in promising Canadian healthcare discoveries
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 discovery technologies.
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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