News Release - May 29, 2012
CDRD and CDRD Ventures Inc. Enter into a Collaboration with GSK to Advance the Development and Commercialization of Canadian Health Research
VANCOUVER, Canada - May 29th, 2012: The Centre for Drug Research and Development (CDRD), its commercial arm, CDRD Ventures Inc. (CVI), and GlaxoSmithKline (GSK) in Canada are pleased to announce they have entered into a strategic collaboration that will provide new financial resources as well as leading drug development expertise to be applied to the development and commercialization of health research conducted in Canadian research institutions.
Under this new collaboration, GSK will provide project-based funding to support the commercialization of health research. The first such vehicle is a “GSK-CDRD Innovation Fund” within CDRD to support certain early-stage projects to be conducted by CDRD and carried out in collaboration with academic investigators at CDRD's affiliated institutions and/or hospital-based research centers. A joint Innovation Committee comprised of both GSK and CDRD representatives as well as external reviewers will review and select the projects to be supported from this fund.
The second fund is a joint venture with CVI that will see additional funds invested in advancing projects further towards commercialization. Under this collaborative relationship, CVI will then conduct (or manage the conduct of) multiple selected research projects to be partially funded by GSK with the goal of commercializing the technology and resulting intellectual property.
“This is a very important collaboration for us, as notably, GSK will be the first pharmaceutical industry organization to work with both CDRD and CDRD Ventures Inc.,” commented Natalie Dakers, President and CEO of CDRD and CVI. “These funds represent a novel continuum of funding resulting in a greater pool of resources being available to support health research projects at our various stages of development, whether they are very early projects in CDRD or more mature projects that have been advanced into CVI.”
Upon the culmination of this agreement, Karimah Es Sabar, Senior Vice President, Business and Strategic Affairs for CDRD noted that, “GSK has long been one of the most forward thinking global pharmaceutical companies, and this alliance is a testament to that. Through the investments they are making not only here at CDRD but throughout Canada and the world, they have proven themselves to be a partner committed to building the global life sciences industry through collaboration, and bringing new therapies to patients.”
“GSK is proud to be working in collaboration with CDRD and CDRD Ventures Inc.,” said Rav Kumar, Vice-President, Regulatory Affairs, GlaxoSmithKline Inc. “Unique collaborations of this nature provide a highly effective way of progressing and commercializing the innovative health research conducted at Canadian public institutions - with the ultimate goal of making a real difference in the lives of patients.”
The Centre for Drug Research and Development (CDRD) is a national not-for-profit drug development and commercialization centre that provides expertise and infrastructure to enable researchers from leading health research institutions to advance promising early-stage drug candidates. In doing so, we de-risk discoveries stemming from publicly-funded health research and transform them into viable investment opportunities for the private sector - successfully bridging the commercialization gap between academia and industry, and translating research discoveries into new therapies for patients and economic returns for British Columbia and Canada.
Canada's Networks of Centres of Excellence Program has recognized CDRD as a Centre of Excellence for Commercialization and Research (CECR).
About CDRD Ventures Inc.
CDRD Ventures Inc. (CVI), is The Centre for Drug Research and Development's (CDRD's) for-profit commercial arm, and acts as an interface between CDRD and industry. The company in-licenses intellectual property generated from selected CDRD projects directly from the affiliated institution or inventor, and forms strategic partnerships with pharmaceutical and biotech companies to further develop and commercialize the technologies. Profits from CVI flow back to CDRD to support further ongoing drug development projects, thus providing a mechanism for long-term sustainability.
GlaxoSmithKline (GSK) is a leading research-based pharmaceutical company with a challenging and inspiring mission: to improve the quality of human life by enabling people to do more, feel better, and live longer. This mission gives GSK the purpose to develop innovative medicines, vaccines and healthcare solutions that help millions of people. GSK is consistently recognized as one of the 50 best employers in Canada and is a top 20 investor in Canadian research and development, contributing more than $100 million in 2011 alone. With a proud tradition of charitable and community support, GSK is designated a Caring Company by Imagine Canada. Discover more at www.gsk.ca.
For further information, please contact:
The Centre for Drug Research and Development (CDRD)
604-221-7750 ext. 223