BIV Magazines: LifeSciences 2008

Aquinox Pharmaceuticals raised $14.5 million in Series A financing from an investor group led by Ventures West Capital. Aquinox, a spin-off company from UBC and the BC Cancer Agency, is developing targeted small molecule therapeutics for cancer and inflammatory disease.

June 29, 2007: Don Rix appointed member of Order of Canada

Cantest founder and board chair Dr. Don Rix was appointed a member of the Order of Canada in recognition of a lifetime of outstanding achievement and dedication to the community. Dr. Rix is also co-founder and chairman of MDS Metro Laboratory Services and serves on the Innovation Council of BC, BC Medical Services Foundation, the Premier’s Technology Council and the BC Children’s Hospital Foundation. He is a board member of MDS Ventures Pacific Inc., Perceptronix Medical Inc. and Genome BC. He was awarded the Order of British Columbia in 2004.

July 12, 2007: BCIT biotech researchers receive grant to investigate natural health products

BCIT biotech researchers received a $207,743 Canada Foundation for Innovation grant to examine the effectiveness and safety of natural health products. The grant will be used to develop the Integrated Molecular Biology Laboratory within BCIT’s biotechnology department, to provide molecular and biological evidence about natural health products with possible applications to future policies, regulations and commercialization.

July 17, 2007: Genome BC starts new funding program for applied genomics research

Genome BC launched a new $40 million Applied Genomics Innovation Program. The program, for small- and large-scale research projects, will support applied genome science-derived innovations for targeted sectors of B.C.’s economy.

July 18, 2007: Angiotech and partner announces first human use of new “petal” stent

Angiotech Pharmaceuticals and partner Boston Scientific Corp. announced the first successful human implantation of the TAXUS petal bifurcation stent. The drug-eluting stent has an innovative petal strut for use where diseased coronary arteries branch or bifurcate into smaller arteries. The companies also announced beginning clinical trial enrolment for the TAXUS Element platinum chromium stent.

August 15, 2007: BC Cancer Agency publishes discovery of new stem cell subtype

The BC Cancer Agency published the discovery of a new stem cell sub-type in the August edition of the scientific journal Cell Stem Cell. Discovered by Dr. Connie Eaves and her team at the agency’s Terry Fox Laboratory, the blood stem cell sub-type could provide new insight into understanding leukemia and improving bone marrow transplants.

October 9, 2007: EnWave receives funding for vaccine dehydration technology; Starfish Medical to design and build prototype

EnWave Corp. received a $300,000 contribution from NRC-IRAP to further develop its vaccine and antibody dehydration technology. EnWave is in the final testing stages of its in-container dehydration technology to produce room temperature stable vaccines and antibodies. Victoria-based Starfish Medical has been enlisted to design and build the prototype.

November 14, 2007: Dr. Michael Hayden awarded 2007 Prix Galien

Distinguished B.C. scientist and biotechnology entrepreneur Dr. Michael Hayden was selected to receive the Prix Galien for outstanding research. It is one of the biopharmaceutical industry’s most prestigious awards. Hayden is director and senior scientist at UBC’s Centre for Molecular Medicine and Therapeutics and co-founder of B.C. biotech success stories Aspreva Pharmaceuticals and Xenon Pharmaceuticals.

November 20, 2007: Wex Pharmaceuticals appoints new president and CEO

Wex Pharmaceuticals appointed Dr. Bin Huang as president and CEO. Huang replaces Dr. Edge Wang as president and CEO.

December 11, 2007: Cardiome’s IV drug for atrial fibrillation recommended for approval by FDA

Cardiome Pharma Corp. and co-development partner Astellas Pharma announced that the Cardiovascular and Renal Drugs Advisory Committee of the U.S. Food and Drug Administration (FDA) recommended the approval of KYNAPID. KYNAPID is the intravenous formulation of vernakalant hydrochloride, its investigational drug for acute atrial fibrillation. If approved, the drug will be the first pharmacologic therapy for atrial fibrillation in eight years.

January 3, 2008: Galenica completes Aspreva acquisition

Victoria-based Aspreva Pharmaceuticals completed a plan of arrangement with Berne, Switzerland-based Galenica Group, in which Galenica’s wholly owned Canadian subsidiary acquired all outstanding shares of Aspreva for $26 per share in cash. The total value of the transaction is about $915 million.

January 8, 2008: Pyng Medical receives support for rapid infusion system; Starfish Medical to build prototype

Pyng Medical Corp. received about $128,000 in research support from NRC-IRAP to accelerate development and commercialization of its rapid infusion system for shock and trauma patients. Pyng entered into a development agreement with Victoria-based Starfish Medical for design of the next generation medical device.

January 10, 2008: B.C. and Alberta scientists team up to fight mountain pine beetle infestation

Genome BC and Genome Alberta launched a joint research effort to understand interactions on a genomic level between mountain pine beetles, the fungus they carry and the pine trees they are damaging. The two-year project, valued at $4 million and funded equally by the two genomics organizations, is led by UBC forestry scientist Joerg Bohlmann and the University of Alberta’s Janice Cooke.

January 31, 2008: Medical Ventures acquires two vascular device developers

Medical Ventures Corp. signed an agreement to acquire two vascular product development companies. The two acquisitions were B-Balloon Ltd. and Neovasc Medical Ltd., both Israeli early-stage life sciences companies focusing on developing technologies for treatment of heart and vascular disease. Concurrently, Alexei Marko became company president and CEO.

February 15, 2008: Oncogenex reports Phase 2 trial results for lead prostate cancer chemotherapy drug

Oncogenex Technologies announced its lead cancer drug candidate OGX-011 was found well-tolerated with other chemotherapies in Phase 2 trials. It also showed better ongoing survival durations and pain reduction for patients treated with OGX-011 than chemotherapy alone.

February 21, 2008: Genome BC receives $50 million in 2008 provincial budget

Genome British Columbia received a $50 million lead investment from the B.C. government in the 2008 provincial budget. The investment, part of a budget focused on environmental issues and economic growth, will allow Genome BC to apply genomics knowledge to sectors including health, bioenergy, agriculture, fisheries, forestry and the environment.

February 26, 2008: Adnavance Technologies completes $3.7 million financing; appoints CEO

Adnavance Technologies Inc. completed Series B financing totalling $3.7 million to be used to fund development and expansion of the company’s metalized-DNA based diagnostic tests for medical applications. The company also announced the appointment of veteran medical diagnostics industry executive V. Randy White as CEO.

February 26, 2008: Allon clinical trial shows efficacy of investigational drug on human cognition and memory

Allon Therapeutics released results of a Phase 2A clinical trial, showing its drug AL-108 has a positive impact on memory function in patients with a precursor condition to Alzheimer’s disease, and showed the drug was safe and well tolerated by patients.

February 26, 2008: Forbes Medi-Tech establishes exchange ratio for corporate reorganization

Forbes Medi-Tech’s board of directors set an exchange ratio for the company’s reorganization. Shareholders of the company exchanged eight existing common shares for one common share of the newly B.C. incorporated company. Shares of new Forbes Medi-Tech will trade on the TSX and Nasdaq exchanges.

February 28, 2008: EnWave food dehydration technology tests successfully at Richmond blueberry farm

EnWave Corp. successful completed tests of its technology to dehydrate blueberries on a large scale at a Richmond blueberry plant. EnWave’s nutraREV technology uses radiant energy vacuum technology, also used to dehydrate vaccines and antibodies, to dehydrate blueberries at the rate of 100 kilograms of dried berries per hour.

February 28, 2008: B.C.’s life sciences sector ranks tops in Canada in securing federal research funding

B.C. life sciences projects garnered a total of $59.8 million, or about 37%, of federal research funding awarded in the federal 2007 budget, matching Ontario and beating all other provinces. The funding establishes four new Centres of Excellence for Commercialization and Research (CECRs) in B.C. Three life sciences-related centres in B.C. will be: the Centre for Drug Research and Development; CECR in the Prevention of Epidemic Organ Failure; and the Prostate Centre’s Translational Research Initiative for Accelerated Discovery and Development.

March 3, 2008: Zymeworks closes financing round; announces additions to board of directors

Industrial enzyme and protein therapeutics developer Zymeworks Inc. closed a $1.3 million round of private investor financing, raising $3.5 million from angel investors over three rounds of financing. The company also announced veteran CEO and entrepreneur Amos Michelson has joined its board of directors.

March 5, 2008: CardioComm Solutions EKG technology sold to Canadian Heart Research Centre

CardioComm Solutions sold 10 WebEKG systems to the Canadian Heart Research Centre to be used in a large Phase 3 study on stroke prevention in patients with irregular heartbeat. CardioComm’s technology can be used to view live electrocardiograms over the web.

March 5, 2008: Chemokine receives Health Canada approval to study lead liver cancer drug candidate

Chemokine Therapeutics received a no-objection letter from Health Canada to start Phase 2 study of its drug candidate CTCE-9908 in liver cancer. The trial will be an international, multi-centre, randomized, controlled, open-label study including up to 123 patients.

March 7, 2008: Urodynamix enters collaborative agreement for study of prostate treatment device

Urodynamix Technologies entered a collaborative agreement with a prostate treatment device manufacturer and a multinational team of urologists to evaluate its proprietary technology’s use in minimally invasive treatment of enlarged prostate.

March 10, 2008: Genome BC receives $800,000 investment from Government of Canada

Genome BC received an investment of $800,000 in federal funding over four years through Western Economic Diversification Canada. The investment will create four networks for the application of genomics to key economic sectors in Western Canada through Genome BC. The networks, involving industry, provincial governments, universities and federal laboratories and agencies from across Western Canada, are expected to focus on applications in human health, natural resources and the environment.

March 17, 2008: enGene completes US$6.4 million Series A financing

enGene Inc., a privately held biotechnology company developing an innovative approach for the treatment of diabetes called GEMS-Insulin, raised US$6.4 million in a Series A financing, consisting of new investment and conversion of an existing convertible note financing. The financing was led by Saad Investments Co. Ltd. and included Masa Life Science Ventures LP (MLSV) of Washington, DC and private investors.

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