Hope for Life Science Companies in times of Economic Uncertainty

For Immediate Release

Toronto, ON, March 27, 2009. The Biotechnology Initiative (TBI) would like to credit Premier Dalton McGunity and Minister of Research and Innovation John Wilkinson for their quick response to the looming economic uncertainty by the creation of the Emerging Technologies Fund. Ontario is the fourth largest life science cluster in North America and the current economic crisis poses a challenge for emerging companies in raising venture capital due to tightening credit markets. Companies will be forced to move, be sold or shut down if there is no funding available.

The Emerging Technologies Fund will invest $250 million dollars over five years together with qualified venture capital funds and private sector investors. The fund will target young Ontario companies in the province’s focus areas: cleantech, digital media/information technology and life sciences/advanced healthcare. The long term goal of the fund is to create a vibrant venture capital community which will aid Ontario companies in research and innovation on a global scale.

"The life sciences community in Ontario is greatly encouraged as a result of the creation of this Fund. Minister Wilkinson and his staff have quickly grasped the critical issue being access to capital. As such the Government of Ontario has responded with an excellent proposal to make capital available. This initiative should result in new capital from various sources, to invest in Ontario based life sciences companies, rather than have such companies, move or be sold outside the province, or shut down. This should retain or create new jobs in Ontario. We know that for every direct job created in this sector that there is a 2 to 3 indirect jobs multiplier", stated Chair TBI CEO Committee and CEO of Cervelo Pharmaceuticals Inc., Anthony J. Giovinazzo.

About TBI

The Biotechnology Initiative is a self funded community based organization which represents and promotes life sciences technologies and encourages their commercial success in Ontario through Government advocacy, stakeholder engagement, mentoring and education and promotion of Ontario's world-class science and industry.

TBI supports a wide range of sectors: academic and research institutions; government; companies from the biopharmaceutical industry, agriculture biotechnology sector, agricultural/ petrol bioproducts, medical devices, biopharmaceuticals, pharmaceutical multinationals, contract research/manufacturing, financial, legal, human resources and consultants.

For Further Information contact:

Bonnie Kuehl, Chair Communications Committee
Tel:905-823-2745
bk@scientificinsights.com

or

Anthony J. Giovinazzo, Chair CEO Committee
Tel: 905-402-3226
ajgiovinazzo@cervelopharm.com