With the awarding of $14.5M under the Canadian government’s Networks of Centres of Excellence (Centres of Excellence for Commercialization and Research (CECR)) Program, as announced earlier this morning by the Honourable Ed Holder, Minister of State for Science and Technology, Accel-Rx - Canada’s Health Sciences Accelerator is officially launched.
The Accel-Rx Health Sciences Accelerator is a national organization focused on maximizing new health sciences company creation, and ensuring start-ups have the resources they need to enable them to stay and grow in Canada and give rise to a new generation of strong health sciences anchor companies. Accel-Rx therein brings together five of Canada’s leading health sciences CECRs to foster pan-Canadian cooperation and directly address the health science company creation challenge in Canada. These CECRs include:
- The Centre for Drug Research and Development (CDRD);
- MaRS Innovation (MI);
- The Vancouver Prostate Centre’s Translational Research Initiative for Accelerated Discovery and Development
- The Centre for Commercialization of Regenerative Medicine (CCRM); and,
- The Centre for Probe Development and Commercialization (CPDC).
CDRD Ventures Inc. (CVI), the commercialization vehicle of The Centre for Drug Research and Development will provide the initial management to launch Accel-Rx’s operations. BDC Venture Capital, as recently announced, will further advance Accel-Rx’s mission by acting as the main funding mechanism for companies created at and/or supported by Accel-Rx, with the intent to invest in up to three to four companies annually, with that number potentially increasing as the partnership progresses. Selected companies would each receive a $500,000 convertible note from BDC Venture Capital (allowing companies to attract similar, if not greater investments from the private sector).
Specific resources provided by Accel-Rx to support new company creation include:
- Seed capital through its partnership with BDC Venture Capital;
- Access to a new national network of entrepreneurs to drive and guide company creation;
- Partnerships with the venture capital community to facilitate follow-on financings as well as provide early
- business feedback;
- Access to and commercial input from strategic industry partners;
- Business/finance/development expertise, technical capabilities and specialized infrastructure;
- Specialized entrepreneurial training to enable young, driven individuals to become the next generation of
- company creators and bio-entrepreneurs;
- Regular meetings and events to bring together these investors, entrepreneurs, researchers, industry partners,
- and technology developers.
By bringing these resources to bear, Accel-Rx, will provide Canada with a new more well-informed, well-resourced, and effective approach to company creation; and ensure that opportunities arising from the country’s strong foundation of innovative discovery research and technology development are fully capitalized upon through the launching of a critical mass of robust companies based on exceptional innovative, pre-validated (scientifically and commercially) technologies.
For additional information, please contact:
bgeecdrd [dot] ca