Ontario Bioscience Industry Organization

Ontario Bioscience Industry Organization

December 08, 2011 09:00 ET

$1 Million Financing for Ontario Biomedical Innovator Triggered by CEO-Led Advocacy

Device Innovations Reduce Risks of Thrombosis and Infection from Implantable Devices; Promise Healthcare Savings, Global Markets

TORONTO, ONTARIO--(Marketwire - Dec. 8, 2011) - An Ontario biomedical company has received $1 million in financing to fund clinical trials and facilitate commercialization. Interface Biologics receives the financing as the result of a report by the Ontario Bioscience Industry Organization™ (OBIO™) that was presented to the Government of Ontario in 2010.

Following release of OBIO's report, "Industry-Generated Recommendations for Sustainability and Growth of Ontario's Bioscience Industry in 2010 and Beyond", the Government of Ontario announced an initial, one-time special financing of $7 million exclusively for Ontario-based bioscience companies. Funding is managed by the Investment Accelerator Fund of the Province of Ontario and focuses on seed and later stage financing in companies that have the potential to be global leaders in their field and provide sustainable economic benefits to Ontario.

Gail Garland, President and Chief Executive Officer, Ontario Bioscience Industry Organization, said: "OBIO congratulates Tom Reeves, CEO and the Interface Biologics team. This round of financing will support the company's expansion of their technology platforms into ophthalmology applications as well as accelerate the commercialization of products that will bring significant savings to healthcare systems in Canada and around the world.

"CEOs of Ontario bioscience companies devoted many hours of volunteer time to developing OBIO's recommendations which, if implemented in full, will ensure a thriving bioscience sector to help grow Ontario's knowledge economy."

Interface Biologics' focus is two-fold. First, on anti-thrombogenic devices, which reduce the risk of blood clot formation without the need for heparin. Second, on programmable drug delivery devices that allow for targeted release of pharmaceuticals and biologics directly from a device, increasing the safety and effectiveness of drug delivery.

About OBIO

Ontario Bioscience Industry Organization (OBIO™) is Ontario's leading advocate for the life-science sector. A private sector, membership-based organization, OBIO engages in policy advocacy and government relations activities to enable successful development and commercialization of life-science technology through investment, strategic alliances, stakeholder engagement and industry promotion.

OBIO is supported by members and sponsors, among whom are Amgen Canada, AstraZeneca Canada, Eli Lilly Canada, Gowlings LLP, HealthComm, Merck Canada, Norton Rose LLP, Medtronic, Novartis Canada, Pfizer Canada, PricewaterhouseCoopers, Purdue Pharma Canada, RBC Royal Bank, Sanofi, Torys LLP.

About The Investment Accelerator Fund-Life Sciences Program

The Investment Accelerator Fund-Life Sciences (IAF-LS) helps accelerate the growth of life sciences companies in Ontario. The fund invests up to $1,000,000 in seed and later stage financing in companies that have the potential to be global leaders in their field and provide sustainable economic benefits to Ontario. Funded by the Government of Ontario, the fund is a $7-million program that helps innovative life sciences companies turn their discoveries into new products and services that meet patient needs. The IAF-LS is delivered by MaRS. For more information, please visit www.marsdd.com/iaf-lifesciences.

About Interface Biologics Inc.

Interface Biologics is a commercial stage privately held company that develops transformative biomedical polymer technology to improve the safety and effectiveness of medical devices. IBI's primary technology focus areas are anti-thrombogenic devices that reduce thrombosis without the need for heparin, anti-infective polymers, and programmable combination drug delivery devices. IBI, a University of Toronto spinoff, is located at the MaRS Centre in Toronto, Canada. For more information about Interface Biologics, please visit www.interfacebiologics.com.

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