Fight Against Cancer Innovation Trust (FACIT) announced today the launch of The Prospects Oncology Fund, designed to advance early-stage Ontario cancer discoveries by supporting the proof-of-concept studies needed to attract seed-stage investment.
The Prospects Oncology Fund is an evergreen fund to which capital is allocated annually.
The Prospects Oncology Fund is an addition to the Intellectual Property Development and Commercialization (IPDC) Fund being managed by FACIT.
FACIT has developed several unique funding solutions to address the lack of capital support commonly associated with early-stage research and translational discoveries. This shortfall impedes progression and growth of innovations that might otherwise have strong potential for future patient and economic impact.
The Prospects Oncology Fund was conceived in recognition of the growing volume of early breakthrough discoveries that require further maturation and proof of concept studies prior to being able to attract investors. To fill this gap, the fund aims to provide pre-seed, promising oncology discoveries in Ontario with up to $200K to help the technology reach a funding-ready inflection point. Applications for the Prospects Fund are accepted and awarded bi-annually.
“We are excited to introduce The Prospects Fund, which seeks to leverage FACIT’s combination of capital, network exposure and mentorship to help mature innovative early-stage Ontario discoveries towards creating patient impact. It also aims to enhance education in early translational research and entrepreneurship,” said Jeff Courtney, President of FACIT. “The Prospects Fund will invest in discoveries within Ontario research institutions and startups that fit within FACIT’s investment strategy, while providing us with an excellent source of future seed stage-ready investments.”
“Even discoveries with the greatest potential require substantial early development work, which can be difficult and expensive,” remarked Lincoln Stein, Interim Scientific Director at the Ontario Institute for Cancer Research. “I am thrilled about the launch of The Prospects Fund as this tool is critical to help fill the funding gap that exists in Ontario for the advancement of promising early translational cancer research.”
Established by the Ontario Institute for Cancer Research (OICR) as a strategic partner to accelerate commercialization of oncology innovations, the Fight Against Cancer Innovation Trust (FACIT) helps bring these innovations from the lab to the marketplace to benefit patients, researchers, investors and the Ontario economy.
photo credit: FACIT-OICR