Compass Rose Fund
FACIT’s Compass Rose Oncology Fund makes it possible for Ontario’s cancer research innovators to realize the commercial possibilities of their inventions by supporting early stage development projects.
A common bottleneck to the commercialization of innovative technologies is the scarcity of funding to support early stage applied research and development. Moreover, the funding gap between traditional public granting agencies and private investors continues to widen.
FACIT’s Compass Rose Fund is designed to address/bridge these funding gaps and support cancer-related, early stage commercialization activities. These include: proof-of-concept (POC), validation, standard operating procedures, market analyses, IP protection and acquisition, expert guidance and management.
The Compass Rose Fund encourages collaborative working relationships among institutions, investigators, commercial partners and investors. This aligns with FACIT’s objective of cultivating maximum participation of Ontario organizations in the development, commercialization and utilization of inventions arising from FACIT activities (an “Ontario First” Policy). The Compass Rose Fund aims to anchor and scale biotechs in Ontario, and attract investment to the province.
Strategic investments through the Compass Rose Fund are critical in fueling early stage innovations to be in a position to attract additional funding from a wider life science investor network, and subsequently support Ontario’s competitive position as a destination for biotechnology.
Compass Rose Fund Attributes
Investments typically range between $1M and $5M, dispersed in tranches based on achieving pre-established milestones during the planned development, contingent upon satisfactory annual reviews by FACIT (please note, these are not grants). In exchange, FACIT receives consideration by way of various mechanisms (e.g. royalty on revenue, equity and/or convertible debenture) depending on the type of project and applicant. All applications will be reviewed by FACIT as well as appropriate external reviewers selected from academic and/or business communities.
Select Compass Rose Funded Projects
CellaxTM is a drug-polymer conjugate nanoparticle that when injected, selectively accumulates in tumours resulting in increased therapeutic benefits and reduced side effects.
This novel, best-in-class orally bioavailable proteosome inhibitor is being developed for the treatment of multiple myeloma and other cancers.
A unique analytical instrument for high throughput and highly multiplexed analyses of biomarkers for research, clinical trials and personalized medicine.
Novel bio-therapeutics for the treatment of cancer: Turnstone Biologics extends the boundaries of the emerging field of cancer immunotherapy.