Emergence client, Charlottetown, PEI and Toronto, Ontario-based Dalriada Therapeutics Inc. has been announced as one of the key recipients of FACIT funding through the organization’s Prospects oncology investment competition.
Established by the Ontario Institute for Cancer Research (OICR) and the Province of Ontario as a strategic partner to accelerate commercialization of oncology innovations, the Fight Against Cancer Innovation Trust (FACIT) supports innovations “from the lab to the marketplace” to benefit patients, researchers, investors and the local economy.
FACIT’s investments are important in bridging the capital gap often experienced by early-stage companies.
Startup Dalriada is developing the DT-1 class of small molecules which possess selective cancer cell-killing activity and reduced toxicity due to a unique “cloaking” mechanism.
Dalriada Therapeutics is a startup venture founded by Drs. Patrick T. Gunning and Diana Kraskouskaya of the University of Toronto. Dalriada is employing innovative chemical approaches to develop more effective treatments for the most aggressive and orphan cancers. With broad expertise in small molecule drug discovery, their efforts are currently centered on the preclinical development of a new class of drugs for blood and brain cancers.
The other investment recipients announced include:
- 16-Bit: a start-up founded by two medical doctors from the University of Toronto’s Diagnostic Radiology Program, which is developing a machine learning algorithm to automate triaging of screening mammograms for breast cancer detection.
- The Diagnostic Development team at OICR: which is validating a gene test to predict which breast cancer patients benefit from anthracycline chemotherapy.
- Researchers at the Ottawa Hospital and the University of Ottawa: which are developing a multi-mechanistic Vaccinia virus-based platform for the treatment of pancreatic cancer.
“With FACIT’s investment, our partners gain important access to early stage capital, industrial development expertise and our network. Congratulations to all the strong applicants and in particular these outstanding awardees in their quest to make a difference for patients living with cancer,” said David O’Neill, Acting President, FACIT.