Local economic benefits realized by Ontario First investment strategy

October 10, 2024 – cTRL Therapeutics (“cTRL”), a FACIT portfolio biotechnology company developing a novel cancer cell therapy platform, announced it is strengthening its research and development operations in Canada. Following an investment by FACIT, the company will establish a state-of-the-art laboratory and leverage Ontario’s world-leading cancer research network to accelerate advancement of its cancer therapeutics pipeline to benefit patients sooner.

With founding intellectual property (IP) licensed from the University of Toronto, and seeded by FACIT, cTRL has grown with operations in the United States and Canada. Having secured a predominately American investor base, the company is well financed to advance its proprietary IsoQore™ platform and clinical pipeline to benefit patients with cancer.

Despite taxpayer support of Ontario health research and IP, the incumbent US market for biotechnology development often results in cancer research translation south of the border and at the expense of Ontario R&D jobs. To capitalize on Ontario-based IP, hospital research infrastructure and potential for highly skilled industrial development jobs, FACIT uses investment capital from its Compass Rose fund and takes start-up board of director roles. FACIT’s unique commercialization model ensures not only the optimal path for new technologies to reach patients in collaboration with international partners and investors, but also places Ontario in a more competitive position to realize the benefits of investments in health research.

With FACIT support, cTRL’s expansion plan includes opening a new laboratory in Toronto. This will create a number of local jobs that will attract, retain, and develop highly skilled talent. In additional to the new laboratory, the company also announced the ongoing recruitment of a healthcare executive and staff to operationalize cTRL’s expansion in Canada. Ultimately, Ontario First investments can drive the long-term growth in jobs for science graduates and see experimental medicines benefit Ontario patients sooner. Realizing the economic potential of the $10 trillion healthcare marketplace is critical to sustaining our investments in health research and the innovation economy.

Read the company’s news release here.
To learn more about cTRL Therapeutics and related FACIT news, please click here.

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About FACIT        
FACIT is an award-winning commercialization venture firm that builds companies with entrepreneurs to accelerate oncology innovation, with a portfolio that has attracted more than $1.6 billion in investment to Ontario. Blending industry experience, capital and the unsurpassed clinician-scientist network of its strategic partner the Ontario Institute for Cancer Research (OICR), FACIT capitalizes on the province’s investment in research and healthcare to the benefit of the local economy and patients worldwide. Cancer Breakthroughs. Realized. facit.ca