More great news for MaRS biotech tenants
First Transition Therapeutics announces its listing on Nasdaq and now NeurAxon, another MaRS tenant, announces closing $32 million Series B Financing. This latest funding, led by two new blue-chip life science investors, Delphi Ventures and OrbiMed Advisors, yet again validates the quality biotech research taking place in Toronto’s Discovery District and guarantees it will continue.
This financing is good news for Canadian-led biotech companies, which have been struggling recently with what seems like more than their fair share of challenges. Steve Burrell Biotech Stock Select (PDF), which tracks 25 of Canada leading public companies, has seen a 29% drop in value since this time last year. Needless to say, that is not going in the right direction.
Hmmm… Wonder if there is any correlation between the good news from Transition Therapeutics and Neuraxon and the fact that they are both at MaRS? 
OK, just some promotional wishful thinking!
Nina Chagnon facilitates connections between MaRS and its constituents to the biopharmaceutical industry and develops programs for bio-entrepreneurs.
This is welcome news in a time of considerable turmoil both in the pharma and biotech sectors. There has been considerable consolidation in the former and numerous corporate failures in the latter. Another correlation that might be drawn is to the CEOs and staff of both of these two companies. Hard work, fortified by extreme dedication to the noble cause of biomedical product development and commercialization I consider the prime driver behind the recent Neuraxon and Transition Therapeutics successes. Is there a correlation that both companies are MaRS tenants? Yes. A stable workplace that includes proper infrastructure support provides any young discovery company with the acceleration it needs to travel along the sometimes lengthy road to profitability. Loss of R&D or production facilities can severely curtail or even terminate a company’s growth. If MaRS is to become the catalyst of future corporate successes it will need to continue to provide high quality facilities and services that suitably address the diverse needs of its various tenants. Most importantly, MaRS will have to accomplish this formidable task in an atmosphere where corporate entities are as diverse in size and financing as their commercial missions.
Posted by: Jeffrey Charuk on September 11th, 2007 at 11:37 pm