MONTREAL, Aug. 25, 2014 /CNW Telbec/ - NEOMED, a not-for-profit organization whose mission is to create a bridge between academic research and the pharmaceutical industry, will receive $12 million in funding from the Government of Canada to help academic researchers turn their early discoveries into future medicines. This financing was attained thanks to the success of NEOMED's application to the highly competitive federal CECR program.
"Very early in the creation process of NEOMED, about two years ago, we set the objective to become a Centre of Excellence in Commercialization and Research because that is precisely what we do each day at NEOMED. This objective has been achieved and it is a major milestone in our history," rejoiced Dr. Max Fehlmann, President and CEO of NEOMED, adding, "The CECR program funding will not only provide us the money to increase the number of projects in the short and long term that can benefit from NEOMED's expertise in drug development, but it will also allow us to attract more financing from the private sector and through this leverage, sustain our operations. Our business plan is ambitious but realistic, and anticipates nearly thirty projects over five years' time that could be developed towards the stages of commercialization."
"Academia plays a key role in the identification of molecular targets on which drugs act. NEOMED offers industry expertise in the discovery and development of drugs, as well as a funding capacity and a centre (the NEOMED Institute) to transform academic discoveries into therapeutically beneficial innovations. As a non-profit organization, its aim is to establish commercialization agreements on advanced projects with development partners, and to reinvest the profits of these agreements into the public-private NEOMED fund," declared Philippe Walker, Chief Scientific Officer at NEOME
Copyright©2014 PR Newswire.
All rights reserved