FACIT congratulates Turnstone Biologics, a startup co-founded by FACIT, and Takeda Pharmaceutical Company Limited on their global collaboration and license agreement.
December 19, 2019 – FACIT congratulates Turnstone Biologics, a startup co-founded by FACIT, and Takeda Pharmaceutical Company Limited on their global collaboration and license agreement. Announced earlier today, the strategic collaboration will focus on developing multiple products from Turnstone’s next-gen oncolytic viral immunotherapies, marking an important alliance for both companies in the fight against cancer. Under the terms of the agreement, Turnstone will receive a total of $120 million in upfront cash, near-term milestones and future equity investment. Turnstone is also eligible to receive up to an additional $900 million in potential development, regulatory and commercial milestones across all programs. The Takeda partnership leverages strong Ontario science and deepens the Company roots established by FACIT and its co-founders, expanding the scale of innovative research, manufacturing and local career opportunities for scientists and trainees.
Turnstone’s technology platform is the product of a unique collaboration between the Ontario Institute for Cancer Research (OICR), McMaster University, Children’s Hospital of Eastern Ontario and the Ottawa Hospital Research Institute. In spinning out Turnstone, FACIT provided seed financing and executive management during the initial years of the Company. Supporting the growth of Turnstone in Ontario, FACIT has continued to co-invest in the Company and remains an observer on its board of directors. Since beginning operations in 2014, Turnstone has secured multiple rounds of financing, built out the management team and initiated multiple clinical trials with its lead product in Ontario.
Read the news release here.
Connie Chen, PhD | Senior Director, Strategy & Corporate Development, FACIT email@example.com
FACIT actively manages our diverse portfolio of Ontario oncology assets (including therapeutics, imaging, diagnostics, and technology platforms) that span all stages of commercialization, from proof-of-concept to clinical development.
With critical seed funding, FACIT makes it possible for Ontario’s best cancer research discoveries to compete globally and reach patients.