Frequently Asked Questions
What is FACIT and what is its purpose?
FACIT is the gateway to the cancer research pipeline in Ontario. Bridging the public and private sectors, FACIT brings together scientists, partner institutions, investors, and industries to accelerate the commercialization of Ontario’s oncology innovations.
Why was FACIT established?
Previously known as the Commercialization Program at the Ontario Institute for Cancer Research (OICR), FACIT was established as an independent, for profit corporation to further accelerate efforts in commercialization. While OICR assets are the primary focus, FACIT’s mandate is to search for and support innovative cancer technologies throughout Ontario.
What is FACIT’s relationship with Ontario Institute for Cancer Research (OICR)?
FACIT houses all of OICR’s commercial assets and related commercial activities and is the vehicle through which these assets are further developed and commercialized.
How is FACIT governed?
With an independent board of directors, experienced management and an extensive network of advisors and industry contacts, FACIT is well positioned to develop and commercialize OICR and other Ontario-related oncology assets. FACIT is always cognizant of the “Ontario First” mandate and strives towards building local jobs and sustainable commercial enterprises where possible.
Does FACIT provide funding?
FACIT offers two funding programs for Ontario oncology research – the Prospects Fund and the Compass Rose Fund. The Prospects Fund provides early stage assets with a grant of up to $200K to help them reach a funding-ready entity. The Compass Rose Fund invests up to $5M in early stage development assets for which there is obvious commercial potential. More information on the FACIT Funding programs can be found here.
How is FACIT funded?
FACIT is supported through funding from the Government of Ontario. Revenues received through our investments are re-invested in additional oncology opportunities.
Are there opportunities to invest in FACIT’s portfolio?
Yes, FACIT offers investment partners access to the most promising early stage oncology development opportunities in a variety of areas such as new technologies, imaging, and diagnostics. Our ability to identify discoveries with the greatest potential for commercialization enables investors to reduce risk associated with early participation. More information on FACIT’s portfolio can be found here.