Money for molecules: The search for funding in the life sciences sector

Think financing for life sciences took a beating?

It’s a tough world out there for life science entrepreneurs, especially when talking about finances. Despite reports that life sciences companies raised capital in record amounts in 2010, it’s still slow going for venture capital and IPO funding… which might mean you.

When dollars are tight, it helps to target your fundraising efforts to the sources and investors that are most appropriate for your business. This could include government funding, angel investments or venture capital.

A whole whack of funding information for life sciences organizations can be found here and here on the MaRS website, and I’ve highlighted a few notable sources below.

Remember that a solid business model and perfected pitch can really help your cause and MaRS Advisory Services can work with you to showcase the best of your business to potential investors. Fill out a Discovery Document to become a client, or shoot me an email for more information. Read on for some great funding options!

The Investment Accelerator Fund (IAF) invests in innovative, Ontario-based, incorporated life sciences companies. Eligible sectors include:

• pharmaceutical compounds
• molecular diagnostics; combination devices
• imaging or drug delivery technologies
• biomaterials.

Check out marsdd.com/iaf for a full list of eligibility criteria.

Another source is the Ontario Genomics Institute’s Pre-commercialization Business Development Fund (PBDF), which invests in companies or organizations based in “omics” (proteomics, genomics or related) in the proof-of-principle phase of their development. The application deadline is January 31^st 2011, so check out OntarioGenomics.ca for more! You can also hit www.g-sin.com to connect with collaborators and investors in the genomics industry.

The Ontario Centres of Excellence (OCE) offers several collaborative programs, bridging the gap between industry and research. Their Collaborative Research program , for example, forges an industry-academia research partnership to encourage the development of commercially viable technology. The Market Readiness program helps companies advance to the next stage of commercialization by helping them achieve specific milestones, like prototype development or IP protection.

The OCE’s Centre for Commercialization of Research offers opportunities to early-stage entrepreneurs. Their Embedded Executive program matches company funds to temporarily place someone in the role of a C-level manager, filling a gap in leadership.

The Ontario Institute for Cancer Research (OICR)’s Intellectual Property Development and Commercialization Program (IPDCP) funds contributions to the commercial development of Ontario-based, cancer-related IP. Check their website around April 2011 for this year’s deadlines.

Here’s hoping that this is the start to another record-breaking year for life sciences funding!

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Tags: finance, funding, life sciences