monthly reporter newsletter

March 2010

FEATURES

  • Federal Budget Adopts BIOTECanada Request for Removal of Section 116 - Opens Door to Flow of Foreign Capital for Biotech
  • Going to BIO?
  • Eighth Annual Whistler CEO Summit Draws Stellar Crowd
  • Canadian Pharmacists Journal Supplement Provides Valuable Overview of Biologics for Pharmacists

POLICY & COMMITTEE WATCH
  • BIOTECanada Supports International Rare Disease Day - Screens new film Extraordinary Measures
  • BIOTECanada Establishes a new Industry Health Canada Group on Electronic Regulatory Activities (GERA)
  • Ontario Prescription Drug Plan Update
  • The "Top 10" from the Cleantech Forum
  • BIOTECanada Shares Industry Perspective on Agricultural Biotech and Science Foresighting
ADVOCACY IN ACTION
  • Building Blocks of the Bio-economy: roundtables on Beyond Moose and Mountains Strategy forthcoming.
COMMUNICATIONS REPORT
  • Interview with FAO World Food Prize Winner
  • Corporate Communications & Media Relations Update

NEW MEMBERS

  • Deloitte & Touche LLP
  • Innovascreen Inc
  • Migenix Inc.
  • PTC Therapeutics
  • Superna Life Sciences
FEATURES

FEDERAL BUDGET IMPLEMENTS BIOTECANADA REQUEST FOR REMOVAL OF SECTION 116 - OPENS DOOR TO FLOW OF FOREIGN CAPITAL FOR BIOTECH


Yesterday’s Federal budget offered the promise of debt reduction, combined with further spending under the umbrella of continuing the stimulus measures begun in 2009.

For the biotechnology industry, the big “win” was the removal of section 116(US Canada Tax Treaty), which had created a disincentive for foreign investors. A long-time priority and advocacy project for BIOTECanada, the removal of the section will mean investors such as non-resident venture capital funds will no longer need to file Canadian tax returns on top of their US tax returns, or fill out section 116 certificates upon exit. BIOTECanada anticipates this change will open the doors for investment into Canadian biotechnology firms, and signals an “open for business” attitude by our government.

Also of note in the Federal budget, while the Minister committed to reviewing federal support for R & D and commercializing research, the details were left open regarding project commitments associated with these areas. As BIOTECanada continues to talk to the government about our sector’s strong role in long term productivity growth, this remains a clear area of opportunity. The Beyond Moose and Mountains industry strategy offers many recommendations on how best to link research and commercialization, and BIOTECanada will continue the dialogue with the federal and provincial governments during the BIO Roundtable at the BIO International Convention.
 
Other measures in Budget 2010

The federal budget also announced investments into research institutions and universities, as well as support for commercial development of technologies.  Funding for early stage research through the granting councils, including CIHR and Genome Canada, was renewed, with councils receiving an additional $ 32 million over the next 2 years lauds the announced $600 million over 3 years to help develop the innovation sector and attract talented people to strengthen our  research and development capabilities.  BIOTECanada also welcomes the government’s announcement to start a comprehensive review of federal support for R&D, with the goal to improve the federal contribution to innovation and economic opportunities for business.  In a time of rapidly growing global competition, Canada needs to find new ways to increase our competitiveness.    Members can login to read the BIOTECanada GR Flash, found here.
Read BIOTECanada's pre-budget letter to the Prime Minister here.

Going to BIO?

Join BIOTECanada as we promote and celebrate Canadian innovation in biotechnology to an international audience at the BIO International Convention in Chicago May 3-6, 2010.

Visit the BIOTECanada at BIO webpage of our site for information on what's happening at our booth in the Canadian pavilion, special offers, as well as event opportunities for our members.

And don’t miss the early bird registration deadline: March 11.
BIOTECanada members (Corporate A) receive $400 USD off registration.

May 4, 2010 … is BIOTECanada Day!

Join us for a day of events showcasing the Canadian biotechnology industry.
10:30 a.m. - Canadian Pavilion Opening
2:00 - 3:30 p.m. - National Bio-economy Roundtable
4:00 - 4:45 p.m.  - Gold Leaf Awards
6:00 - 8:30 p.m. - G20Biotech Canadian Soirée – by invitation only.

Back to Top

Going for Gold! Eighth Annual Whistler CEO Summit Draws Stellar Crowd


The 8th annual BIOTECanada CEO Summit was held in January in Whistler in advance of BioPartnering North America and the Winter Olympics. This unique event continues to grow and attract Canadian CEOS from across the country, top VCs, and pharmaceutical executives from the US and Canada.  The summit is an excellent opportunity for our members to meet face to face with key investors and partners in a relaxed atmosphere. This year, by our calculations CEOS met with investors with approximately $13 billion under management!

"There are countless venues and opportunities to hear "elevator pitches" from emerging biotech and device companies but few can match the intimacy and experience of "biotech at Whistler." The opportunity to socialize with CEOs and VCs during a day of skiing  is a unique way to build the kind of relationships and gain the valuable insights that are a key part of the process for building long-term business growth."
Peter van der Velden, President and CEO, Lumira Capital

 “ The weekend at Whistler was an incredible opportunity for Canadian-based biotech companies to develop US venture and pharma contacts in a way that simply cannot be accomplished during standard partnering conferences.  I spent amazing quality time with several key players in the biotech community including decision-makers at leading US VCs….  A really nice touch was the reception at Barry Guld’s beautiful chalet.  I wish the weekend were longer – thanks so much to BIOTECanada for helping pull it together.”
Mark Kaufmann, President & CEO, Allostera Pharma Inc

Following the Summit, many of the participants continued on to Vancouver for BioPartnering North America and engaged with international attendees in the partnering forum. These two events add great value to our companies and BIOTECanada will continue to create opportunities for our Canadian companies to expand their networks and get in front of the people who can help grow their companies.

BIOTECanada looks forward to seeing all of you next year at our CEO Summit at Paul Hastings’s home in Whistler and BPNA. BIOTECanada extends a special thank-you to Barry and his family for hosting our event these past two years.

Canadian Pharmacists Journal Supplement Provides Valuable Overview of Biologics for Pharmacists


The January/February 2010 edition of the Canadian Pharmacists Journal (CPJ) includes a special supplement on biolgies and SEBs to provide pharmacists with a detailed and accessible source of information, and assist them in patient care decisions when working with patients on biologic therapies. With regulation for Subsequent Biologics continuing to evolve in Canada, and the first SEB approved in 2009, pharmacists need detailed and accurate information on the differences between SEBs and biologics to be able to assist patients. The supplement is also an invaluable information piece for BIOTECanada members to use either to inform internal staff, or with any customers and partners interested in learning more about the characteristics and functioning of biologics, versus subsequent entry biologics. Hard copy reprints are available upon request.

Two overview articles by Leigh Revers and Eva Furczon, from the University of Toronto and by Patrick Mayo, a practicing home care pharmacist, provide a detailed introduction into the four classes of biologics. An explanation of how biologics work, their structure, and the difference between biologics and SEBs, including a short note on the regulatory pathway involved, is featured. Two case studies follow, detailing the use biologics in oncology. These articles provide an overview of the function of the two biologic drugs and offer practical tips to pharmacists on managing reactions; advising patients who are on these treatments, and overall management.

This supplement was made possible by an unrestricted educational grant from BIOTECanada.

Policy Watch & Committee Watch - Building the Bio-based Economy

BIOTECanada Supports International Rare Disease Day - Screens new film Extraordinary Measures

In celebration of International Rare Disease Day (Feb 28th), BIOTECanada and the Canadian Organization for Rare Disorders (CORD) held a private screening of the new movie Extraordinary Measures in Ottawa. Starring Harrison Ford, Brendan Fraser and Keri Russell the film is inspired by the true story of John and Aileen Crowley in their quest to find a cure for their children's life threatening disorder (Pompe Disease). Over 100 Ottawa decision-makers attended the film, and then joined us and members of CORD to share stories and impressions over some refreshments at the Sheraton.

The screening helped draw the attention of Senators, MPs, and key decision makers to the persistent challenges facing many Canadian patients who continue to struggle to receive care, and will also expose them to Canadian companies developing orphan products here in Canada.

BIOTECanada has advocated for the establishment of a national Orphan Product Policy since the publication of our White paper in 2007.  To learn more about BIOTECanada’s policy position on Orphan Products visit our new page.

BIOTECanada Establishes a new Industry Health Canada Group on Electronic Regulatory Activities (GERA)

The GERA creates a forum where the  industry and government representatives can collaborate and move electronic initiatives forward. BIOTECanada will chair and provide the operational platform for the GERA, and will also manage meeting logistics and lead ongoing activities of the group.

For more information, members can visit the Health Advisory Board page in the members' only section.

Ontario Prescription Drug Plan Update

Recently, BIOTECanada and several association members attended a meeting with the Ontario Prescription Drug Plan officials. Convened quickly by the department, the meeting provided a brief update on the strategic renewal and review process.

For more information, members can visit the Health Advisory Board page in the members' only section.

Cleantech Forum San Francisco Draws Top Companies, Investors

BIOTECanada recently participated in the 2010 Cleantech Forum in San Francisco, and also took part in the Canadian Cleantech showcase sponsored by the Canadian Consulate.  BIOTECanada supported two member companies, Agrisoma and CO2 Solution with travel subsidies to attend this important meeting with global cleantech CEOs and investors.

Coming back from the Forum, BIOTECanada shares its top 10 learnings from conversations with some of the industry’s top Venture capitalists and investors.
  1. Cleantech is multiple cluster phenomenon.  The technology is developing in many locations around the globe simultaneously which makes it more challenging to know the entire scope of the technology.
  2. Only 8 VC firms have done more than 10 deals over the past year.  514 VCs have done only 1 deal. Corporate VCs (Intel, Google, GE, etc. are major players)
  3. In the bio-cleantech space, investors are interested in companies that have feedstock identified; have a robust IP position on their technology and have a high-value product within an identified manufacturing chain.
  4. “Green” has become a board–level issue in major companies.  Corporate boards are interested in how it can be incorporated into the overall business portfolio – in both products and manufacturing processes. 
  5. To be attractive to a VC a cleantech company should demonstrate the ability to build a business without government support and be cost-competitive without subsidies within the lifetime of the investment.
  6. It is very difficult to know how to value a particular cleantech company without a working carbon pricing market.
  7. Conversation in cleantech is moving from “climate change” to “energy  and water efficiency.”
  8. The majority of the market for cleantech is outside of the United States.  New financing models are necessary for distributed technology implementation in developing countries.
  9. Major corporations are seeking technology solutions to secure sustainable sources for manufacturing intermediates and supply chains.
  10. A country can go from “nowhere” to domination in cleantech in less than a decade with the right set of policy commitments.

BIOTECanada Shares Industry Perspective on Agricultural Biotech and Science Foresighting

BIOTECanada was invited by the Canadian Food Inspection Agency to participate in a panel discussion on industry views about agricultural policy foresighting, as undertaken by Agriculture Canada. The objective of the meeting was to identify promises, risks and challenges of plant biotechnology advances as foreseen for the next decade.

During the panel discussion, BIOTECanada noted that innovative corporations engage in continual “industrial” foresighting in order to predict and respond to new trends, identify new markets and pursue future growth opportunities. BIOTECanada added that this “industrial” foresighting (or what industry commonly calls “forecasting”) is even more critical for publically traded companies, required by shareholders to identify future technologies and markets that will result in shareholder value growth. As industry is already working today on tomorrow’s innovative products and policy makers must be proactive to be in synch with the industry when these innovations, already in the pipeline today, come to market.  BIOTECanada was represented by Dr. Mejda Lortie, who may be contacted regarding further information on this topic.

Advocacy in Action

Building Blocks of the Bio-economy: roundtables on Beyond Moose and Mountains Strategy forthcoming


BIOTECanada will be hosting several roundtables in key provinces around Canada to introduce the Beyond Moose and Mountains industry strategy to provincial ministers, and build both support for the document, and provincial content into it. The roundtables will help facilitate the federal-provincial meeting of key ministers with biotech responsibilities to be held at BIO 2010 in Chicago. This table provides ministers a unique forum for open discussion with each other and with industry on how to build bio-economy leadership for Canada. Key partners are still needed for the Manitoba and Ontario roundtables, to take place in April.
For more information, contact Cate McCready.

Communications Update

Interview with FAO World Food Prize Winner:

to add to the positive dialogue about the contribution of agricultural biotechnology to farming, BIOTECanada interviewed Dr. Gebisa Ejeta, winner of the UN FAO World Food Prize, during his recent visit to Ottawa. BIOTECanada was one of the few organizations able to speak with Dr. Ejeta, and our video series is being distributed to media and industry stakeholders. The videos are available for viewing here.

A print version of the interview will be featured in the spring edition of insights.

Corporate Communications & Media Relations Update


New media materials for members are now available on the members section of the biotech.ca website. These materials are available to assist members in speaking on general biotech and association issues when taking media inquiries or meeting with elected officials. All materials may be found in the members’ area, under the link “Resource Centre.”

Since the last Board meeting, BIOTECanada closed the year with a year in review biotech panel on Business News Network’s The Trading Day. Peter Brenders and Don McCaffrey, president and CEO of Resverlogix, spoke with the hosts about the state of the industry, communicating the message that things were looking up as we entered the end of 2009.

In 2010, BIOTECanada began the year by issuing a press release noting the positive outlook for the industry in 2010 in time for the BPN show in Vancouver. The release was picked up by Fox Business and Financial Post online and a short article about the conference and industry was featured in the February issue of Business in Vancouver.

In February, BIOTECanada interviewed with the Hill Times. In the February 22, 2010 edition, “Canada consistently fails grade as innovation nation,” Peter Brenders spoke to the need for the federal government to make long-discussed changes to programs like the SR&ED, but also to be become more public in their support for science and technology.

Peter also provided comments to BioBusiness for their BIO edition;  spoke to WorldView magazine for their special BIO edition that includes the global biotech score card (the magazine will again be published at the BIO 2010 show in Chicago); and provided comments to the Scientist for their special feature on biotechnology in the province of Ontario.
 

New Member

BIOTECanada is pleased to welcome:
  • Deloitte & Touche LLP
  • Innovascreen Inc
  • Migenix Inc.
  • PTC Therapeutics
  • Superna Life Sciences

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