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MaRS Innovation Awarded $15 Million To Further Commercialize World-leading Canadian Innovations

Networks of Centres of Excellence recognizes strength of partnership between MI and its 16 member institutions

TORONTO, Feb. 6, 2013 /PRNewswire/ - How do you make sure the brilliant ideas emerging from Toronto's academic research community get the best possible chance to succeed?

MaRS Innovation (MI), created in 2008, bridges the chasm between these early-stage technologies and successful start-up companies and licensable technologies. By offering early-stage funding in tandem with hands-on management, mentorship and IP strategy protection, MI acts as a commercialization agent for its 16 member institutions.

The Networks of Centres of Excellence (NCE) has recognized the increasing strength of this novel partnership by awarding MI $14.95 million in funding through the Centres of Excellence for Commercialization and Research (CECR) program.

"Congratulations to MaRS Innovation for its successful application to the recent competition," said the Honourable Gary Goodyear, Minister of State (Science and Technology). "MaRS has a strong record of generating results for small and medium-sized companies by helping them realize the commercial potential of innovative Canadian ideas."

Member institution fees, grants from the Government of Ontario and the MI-Global Industry framework fund will provide matching funding." In total, four centres were extended for a total of $48.1 million through the recent CECR competition.

"MaRS Innovation's application was a team effort in the truest sense, involving our staff, our Board of Directors and our colleagues within the members' technology transfer offices," said Dr. Raphael Hofstein, president & CEO. "Our team presented a rigorous strategic business plan and case for financial sustainability, based on detailed analysis and forecasts of our portfolio assets. We are confident that we will achieve that sustainability in three years.

"On behalf of our members, MI thanks our colleagues at the NCE for their continued support of our mandate."

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