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BlueRock Therapeutics, co-founded by UHN researchers, receives historic investment.
Posted On: January 11, 2017
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Ontario Premier Kathleen Wynne speaking at a news conference, held in the MaRS Discovery District in Toronto, announcing the creation of BlueRock Therapeutics.
German drug-maker Bayer AG and American venture capital firm Versant Ventures are investing US$225 million to create a new biotechnology company, BlueRock Therapeutics, which will develop stem cell-based treatments for a variety of diseases. BlueRock was co-founded by world-leading researchers including TGHRI Senior Scientists, Drs. Gordon Keller and Michael Laflamme. UHN's Technology Development and Commercialization office worked closely with representatives from Versant, Bayer, the Centre for Commercialization of Regenerative Medicine and UHN's McEwen Center to negotiate and execute the License Agreements for the foundational UHN intellectual property, as well a Master Research Agreement to fund future work at UHN. One of the first innovations that will be commercialized by the company is an approach developed by Drs. Keller and Laflamme to regenerate and repair damaged heart muscles.
"I truly believe that establishing BlueRock Therapeutics at this time is both a visionary and a bold move that will lead to new therapies for the treatment of cardiovascular disease," said Dr. Keller during the launch event.
The total amount of funding received by BlueRock represents one of the largest biotechnology investments in the history of the industry. The funds are expected to support the company’s first four years of operation and the creation of at least 50 positions. BlueRock will have research and development facilities in Toronto, New York and Boston.
The announcement was made during a news conference attended by Drs. Keller and Laflamme, as well as Navdeep Bains, the Federal Minister of Innovation, Science and Economic Development; Kathleen Wynne, the Premier of Ontario; and Reza Moridi, Ontario’s Minister of Research, Innovation and Science.
"I truly believe that establishing BlueRock Therapeutics at this time is both a visionary and a bold move that will lead to new therapies for the treatment of cardiovascular disease," said Dr. Keller during the launch event.
The total amount of funding received by BlueRock represents one of the largest biotechnology investments in the history of the industry. The funds are expected to support the company’s first four years of operation and the creation of at least 50 positions. BlueRock will have research and development facilities in Toronto, New York and Boston.
The announcement was made during a news conference attended by Drs. Keller and Laflamme, as well as Navdeep Bains, the Federal Minister of Innovation, Science and Economic Development; Kathleen Wynne, the Premier of Ontario; and Reza Moridi, Ontario’s Minister of Research, Innovation and Science.