- Research and development of innovative cancer medication
- Biotech founded by California-based life sciences fund Versant Ventures
- US$68 million Series A financing
- 10 jobs created in Québec, with another 10 in the short-term
MONTRÉAL, June 22, 2017 /CNW Telbec/ - The Fonds de solidarité FTQ is investing US$8.75 million for the launch of Repare, a new Montreal-based biotechnology firm. The company is founded by leading healthcare investment firm Versant Ventures, and involves a total Series A financing commitment of US$68 million.
In terms of investment, Repare represents one of the biggest life sciences launches in Canada this year. The company's work is concentrated on novel cancer medicines that exploit synthetic lethality. The core concept of synthetic lethality is that while a tumor can tolerate individual defects in its DNA, there exist combinations of defects that lead to the malignancy's destruction. Repare has created more than 10 jobs in Québec, with another 10 to be created shortly.
Looking to attract such investment, the Fonds launched many years ago an investment strategy in specialized life sciences funds. Since 2014, with investments of US$30 million in Versant funds, the Fonds contributed to the launch of two high-end firms in Montreal, Inception IBD and Repare, as well as to the creation of close to 40 jobs. In both cases, the Fonds invested both directly in the firms and indirectly through Versant.
Following its strategic planning, the Fonds de solidarité FTQ identified the life sciences as a hub of excellence for Québec's economy. As a result, the Fonds intends to increase its investments in this key sector of Québec's economy.
"Repare is a new world-wide biotech firm. Due to its international network of partners which includes Versant, the Fonds contributes to the growth of Québec's life sciences' sector. "
Alain Denis, Senior Vice-President for Innovation, Fonds de solidarité FTQ
"The launch of Repare is an example of the economic impact of the Fonds de solidarité FTQ's investments in specialized life sciences firms such as Versant. We are in a position to attract private investments to Québec, one the objectives of the Government Strategy for the Life Sciences, thus ensuring Québec's expertise and research infrastructurs is used to its full potential."
Didier Leconte, Senior Investment Director for Life Sciences, Fonds de solidarité FTQ
To consult the Repare press release: Repare Therapeutics Raises US$68 Million Series A - Novel cancer company founded by Versant Ventures
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital fund that channels the savings of Quebecers into investments. As at November 30, 2016, the organization had $12.2 billion in net assets, and through its current portfolio of investments has helped create and protect over 187,000 jobs. The Fonds is a partner in more than 2,600 companies and has nearly 618,000 shareholder-savers. fondsftq.com
SOURCE Fonds de solidarité FTQ
For further information: For media representatives only: Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, Phone: 514 850-4835, Mobile: 514 703-5587, Email: firstname.lastname@example.org