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news.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.
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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.
"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 NEOMED.
The creation of NEOMED in 2012 was made possible through major funding by the Government of Quebec and the key support of two pharmaceutical companies, namely AstraZeneca and Pfizer. The financing announced today by the federal government will allow NEOMED to achieve its business plan by supporting drug discovery work based on academic progress.
"Thanks to its structuring project, NEOMED helps maintain and create high-quality jobs in Quebec, and strengthens our expertise in drug development. The organization is a major player in our pharmaceutical industry and we are proud to support its achievements," declared Mr. Jacques Daoust, Minister of Economy, Innovation, and Exports.
The NEOMED business model is unique. Entirely dedicated to drug discovery and preclinical and clinical development, NEOMED is comprised of a team of researchers with solid industrial expertise. The team works in a virtual environment, using the services of academic laboratories and contract research organizations to conduct its research and development activities.
"I want to emphasize the fact that this is the result of outstanding work from the entire NEOMED team and I wish to extend the warmest of thanks to them for their continued efforts," concluded Dr. Fehlmann.