2019-2020 annual report - admare bio · 2020. 12. 10. · message from the chair & president...

2019-2020 ANNUAL REPORTPrepared for: Innovation, Science, and Economic Development CanadaProject #950-511357 (CDRD - The Centre for Drug Research and Development)

ABOUT ADMARE BIOINNOVATIONSadMare BioInnovations is Canada’s Global Life Sciences Venture, building the Canadianlife sciences industry from sea to sea. We do this by sourcing therapeutically andcommercially promising research from leading academic and biotech partners to createnew companies of scale, providing specialized expertise and infrastructure to helpexisting companies scale up, and driving the growth of those companies into Canadiananchors by training the next generation of highly-qualified personnel.

admarebio.com

MESSAGE FROM THE CHAIR & PRESIDENT & CEOWe are pleased to submit this 2019-2020 Annual Report as required under Contribution Agreement #950-511357between Innovation, Science and Economic Development Canada and The Centre for Drug Research and Development(CDRD), and confirm its approval by the CDRD Board of Directors.

As noted in our 2018-2019 Annual Report, it has been a pivotal time for our organization, as most notably, on May 30,2019, it was announced that CDRD and the NEOMED Institute, a leading not-for-profit R&D organization building aninnovation ecosystem in Montréal, have brought together our respective strengths and resources to co-create a new pan-Canadian enterprise, adMare BioInnovations.

For the purposes of the administration of the referenced Contribution Agreement, CDRD continues to exist as a legalentity (and has the same Board and Management as adMare). Although the CA is with CDRD, because the organization isnow doing business publicly solely as adMare, it is referred to as such throughout this document, and the plannedactivities described include those carried out previously by both CDRD and NEOMED individually.

Subsequent to this, in January 2020, it was announced that adMare and Accel-Rx, another federally-supported (via theCECR Program) innovation organization would also bring their respective capabilities and resources together to operateunder adMare (for administrative purposes, the Accel-Rx legal entity remains). The combined efforts are now guided byadMare’s Board of Directors, under the leadership of adMare management, and the organization has continued theinvestment and programming efforts pioneered by Accel-Rx since 2014.

The combined organization has helped build companies that have attracted over $600M of investment, are worth over $2.5B, and employ more than 700 Canadians; and with a shared Vision to be Catalysts for Canadian life sciences leading the world, adMare’s core Mission, based on the well-established strengths of CDRD, NEOMED, and now Accel-Rx remains:

Translating leading academic research into new companies of scale;

Deploying a combination of scientific and business expertise, capital, and physical infrastructure (including the NEOMED Innovation Centre, a commercialization complex in Montréal, CDRD’s Vancouver drug development labs, and Accel-Rx’s investment fund and programming), to help existing Canadian life sciences companies scale-up;

Training the next generation of highly-qualified personnel to drive the growth of those companies into Canadian anchors.

…/3

2019-2020 Annual Report Prepared for: Innovation, Science and Economic Development CanadaProject #950-511357

…/4

With its combined strength, adMare is prioritizing high-value job creation through an impactful and sustainableCanadian life sciences industry; which will directly support the advancement of the Canada’s Innovation and Skills Plan,the recommendations of the federal Health/Biosciences Economic Strategy Table, as well as provincial and localinitiatives such as the Québec Life Sciences Strategy and the new Montreal Geared Up for Tomorrow 2018–2022Economic Development Strategy.

As this reporting period was coming to an end, the COVID-19 pandemic was also beginning to have an impact on theadMare organization, most significantly in regard to lab-based R&D activities, including those of the resident companiesat the NEOMED Innovation Centre. Longer-term impacts are still being assessed as the pandemic has continued todevelop, but were minimal for the reporting period at hand.

Outside of this development, we are pleased to confirm that adMare had a very successful year, with specific keyperformance measures, major accomplishments, outcomes, and key ongoing strategic activities highlighted in thisreport. As you will read in the following pages, the funding provided by the Government of Canada has enabled sometremendously impactful work by our team of scientific and business leaders both in-house and throughout our nationaland international network of partners.

None of this impactful work would have been possible were it not for the tremendous ongoing support of theGovernment of Canada. We thank you for your commitment to adMare, and to making Canada a global research andinnovation leader.

Sincerely,

BRADLEY POPOVICH GORDON C. MCCAULEYCHAIR PRESIDENT AND CHIEF EXECUTIVE OFFICER

NOTE: For the purposes of the administration of the referenced Contribution Agreement, CDRD continues to exist as alegal entity (and has the same Board and Management as adMare) Although the CA is with CDRD, because theorganization is now doing business publicly solely as adMare, it is referred to as such throughout this document.


…/5

BOARD OF DIRECTORSDr. Bradley Popovich – ChairFormer Chief Scientific OfficerGenome British Columbia

Rodd BuddPartner and Leader, Life Sciences PracticeErnst & Young (retired)

Paul BuronExecutive Vice President, Government Mandate and Programs Management Investissement Québec

Dr. Helen BurtAssociate Vice President, Research and InnovationUniversity of British Columbia

Nancy HarrisonPast President, MSI Methylation Sciences, and Former Partner, Ventures West

Dr. Kathy L. HudsonFormer Deputy Director for Science, Outreach, and PolicyNational Institutes of Health (NIH)

Didier LeconteVice President, Investments - Life Sciences and Funds of Funds Fonds de solidarité FTQ

Gordon C. McCauleyPresident and CEOadMare BioInnovations

Dr. Rémi Quirion, OC, CQ, FRSCChief Scientist of Québec

Dr. Laurence RulleauPartnerCTI Life Sciences

Dr. Michelle SavoieAssociate Professor, Faculty of Pharmacy, Université de Montréal, and President, Consilio Manuque Inc.

SENIOR MANAGEMENTGordon C. McCauleyPresident & CEO

Dr. Youssef BennaniChief Scientific Officer

Matthew J. CarlyleExecutive Vice President & Chief Financial Officer

Dr. Lana JanesVenture Partner

Dr. Mounia AzziVice President, Partnerships and Program Development

Dr. Dave RogersVice President, Intellectual Property & Legal Affairs

Patricia YorkVice President, People & Culture

Frédéric Lemaître AugerManaging Partner, Investments

Barry GeeSenior Director, Communications & External Affairs

Kristy LonerganChief of Staff

Sacha MannEntrepreneur-in-Residence

A PAN-CANADIAN ORGANIZATION WITH GLOBAL REACH…..

…/6

…..AND A PROVEN TRACK RECORD


…/7

To compete with global markets and advance our national life sciences industry to an international leadership position, a pan-Canadian collaboration is vital. adMare BioInnovations is excited to be leading this charge from sea to sea as a catalyst for Canadian life sciences leading the world.

GORDON C. MCCAULEY, President and CEO

8

To compete with global markets and advance our national life sciences industry to an international leadership position, a pan-Canadian collaboration is vital. adMare BioInnovations is excited to be leading this charge from sea to sea as a catalyst for Canadian life sciences leading the world.

GORDON C. McCAULEYPresident and CEO adMare BioInnovations

THE HEADLINESFOLLOWING ARE JUST SOME OF THE TOP 2019-2020 STORIES FROM ADMARE, OUR SPIN-OFFS, AND PORTFOLIO COMPANIES

April 2, 2019: CDRD & TRIUMF Announce Collaboration to Revolutionize the Fight Against Cancer with Targeted Alpha Therapy

June 3, 2019: adMare BioInnovations Appoints Dr. Youssef Bennani as Venture Partner

May 30, 2019: CDRD & NEOMED Institute Join Forces to Create a New Pan-Canadian Enterprise adMare BioInnovations

May 19, 2019: NEOMED, CQDM, The Canadian Cancer Society, The Goodman Cancer Research Centre, and The Lady Davis Institute Announce a Unique Collaboration to Develop New Anti-Cancer Therapies

July 4, 2019: Ground-Breaking Ceremony Marks Start of Construction of Major Expansion to Montreal’s NEOMED Innovation Centre

September 19, 2019: adMare Academy Announces New Executive Institute Cohort to Drive the Canadian Life Sciences Industry Forward

THE HEADLINESFOLLOWING ARE JUST SOME OF THE TOP 2019-2020 STORIES FROM ADMARE, OUR SPIN-OFFS, AND PORTFOLIO COMPANIES

November 18, 2019: adMare BioInnovationsAppoints Dr. Mounia Azzi as Vice President, Program Development and Partnerships January 9, 2020: adMare BioInnovations &

Accel-Rx Unite to Advance the Canadian Life Sciences Sector

January 21, 2020: adMare BioInnovationsPortfolio Company SoundBite Receives FDA 510(k) Clearance of the SoundBite™ Crossing System

February 26, 2020: adMareAwarded LifeSciences BC “Strategic Partner of the Year” Award March 31, 2020: Zucara

Therapeutics, an adMare & TIAP Spin-off Company, Announces $21M Series A Financing

March 26, 2020: adMare and BELLUS Health Close Transaction for Intellectual Property Rights to P2X3 Platform

COURAGE

Say what we believe, embrace the obligation to dissent & question actions inconsistent with our values.

OBJECTIVITY

Make decisions that are evidence-based with transparency & accountability.

REACH

Do more than expected.

EXCELLENCE

Strive for exceptional science & business practices.

A GRAND VISION, FOCUSED MISSION, AND CORE VALUES

…/11

COLLABORATION

Integrate disciplines, network diverse & engaged partners, listen well & articulate with respect.

JUDGMENT

Encourage creative risk-taking to translate unique ideas into valuable innovations.

With a shared Vision to be Catalysts for Canadian life sciences leading the world, adMare’s core Mission, based on the well-established strengths of CDRD and NEOMED, is to:

Translate leading academic research into new companies of scale;

Deploy a combination of scientific and business expertise, capital, and physical infrastructure (including the NEOMEDInnovation Centre, a commercialization complex in Montréal, and CDRD’s Vancouver drug development labs), to helpexisting Canadian life sciences companies scale-up;

Train the next generation of highly-qualified personnel to drive the growth of those companies into Canadian anchors.

THE VALUES WE ARE COMMITTED TO EXEMPLIFYING AS WE CARRY-OUT OUR MISSION….


SUMMARY OF FUNDED ACTIVITIESCHANGING THE LANDSCAPE OF THE CANADIAN LIFE SCIENCES ECOSYSTEM

adMare BioInnovations plays a central national role in advancing Canada’s Innovation and Skills Agenda. We do this bysourcing the most therapeutically and commercially promising research from leading academic and biotech partners tocreate new companies of scale, providing specialized expertise and infrastructure to help existing companies scale up, anddriving the growth of those companies into Canadian anchors by training the next generation of highly-qualified personnel.

To this end, the expected Objectives and Results of Government’s investment, as stated in our Contribution Agreement, are:

OBJECTIVES Make research discoveries more attractive for clinical development and commercialization;

Provide research and training for building the pool of industry-ready highly qualified personnel; and

Fuel and strengthen the reputation of Canada’s life sciences community, and attract investment.

RESULTS Expand adMare’s reach to health researchers and entrepreneurs across Canada to accelerate drug development and

commercialization;

Increase adMare’s scale to expand the commercial benefits gained from investments in basic health research; and

Create a robust pipeline of health technologies capable of achieving commercial success.

…/12


AREAS OF ACTIVITYadMare activities to achieve these Results, and meet these Objectives, are summarized below.

ACTIVITIES TO SUPPORT IDENTIFICATION AND ADVANCEMENT OF PROMISING HEALTH TECHNOLOGIES (SMALL MOLECULE, BIOLOGICS AND/OR DIAGNOSTICS) THROUGH PRE-CLINICAL DEVELOPMENT AND/OR BEYOND

One pillar in ADMARE’S MSSION IS TO TRANSLATE LEADING ACADEMIC RESEARCH INTO NEW COMPANIES OF SCALE. adMare offers apathway to advance researchers’ breakthrough research, and translate it into a new life sciences company, and new therapeutics for patients.To do this, we:

IDENTIFY OPPORTUNITIESCurrent (and future) commercial opportunities are proactively identified and thoroughly assessed through a focused, systematic‘foresighting’ and Search and Evaluation process managed by a dedicated, commercially-experienced internal adMare team.

VALIDATE AND ADVANCE TECHNOLOGIESWe find leading technologies/platforms with the potential to be first/best-in-class and can form the foundation around whichwe can build an investable company. We not only further validate technologies, but also develop them into commercially attractiveprograms by generating valuable IP and data, and developing and executing on a viable commercial strategy.

BUILD PARTNERSHIPSFor the opportunities deemed to hold the most potential in creating/returning value, we then bring together the very best partners fromthroughout academia, industry, patient foundations, the investment community, as well as other Key Opinion Leader (KOLs).

RECRUIT LEADERSHIPWe build an experienced management team – thus generating a complete and highly-compelling business case to secure the privatesector investors, grow the company, and take technologies to patients.

…/13


ACTIVITIES RELATED TO THE CREATION, GROWTH AND RETENTION OF CANADIAN HEALTH SCIENCES COMPANIES

A second pillar of ADMARE’S MISSION IS TO HELP EXISTING CANADIAN SMALL AND MEDIUM-SIZE COMPANIES (SMES) SCALE UP.adMare is a single-stop destination with the necessary scientific, business, infrastructure and capital resources to drive health-relatedtechnology to a company of scale. To achieve this, we collaborate with existing life sciences companies in a flexible sharedrisk/reward model. We offer access to world-class, cross-disciplinary scientific and commercial expertise and infrastructure housedwithin our own state-of-the-art facilities, including the NÉOMED Innovation Center (see page six), as well as through our extendednetwork of national and international partners. By working together and providing our resources to Canadian companies, adMare helpsenable them to successfully advance their pipeline to the next corporate value creation point.

The resources we make available to these companies include:

CAPITALDue to the generous support of the government, industry, and foundation partners; and the commercial revenue we havesuccessfully generated, adMare has a strong financial runway, and resources to bring to selected impactful collaborative companycreation and growth, and training initiatives, an also make strategic catalytic seed investments in companies.

EXPERTISE~100 industrially-experienced in-house drug development (scientific) and commercialization (business) experts with proven trackrecords.

INFRASTRUCTUREThree world-class R&D centres (one under construction) in Vancouver and Montréal that include 225,000 sq. ft. of state-of-the-art industrial drug development labs and shared service facilities. For example, we provide cost-effective, high quality analytical service work, with fast turn-around times. Our analytical services team works closely with clients to understand their needs and priorities, offering a wide range of customizable services (e.g. the purification of chiral and achiral compounds in which we specialize).

PARTNERSHIPSThrough adMare’s extensive national and international networks of partners in industry, academia, the investment community,clinical practice, patient foundations, and translational research centres, we can access any additional required resources needed.

…/14


ACTIVITIES TO ATTRACT, RETAIN AND DEVELOP HIGHLY-QUALIFIED AND INDUSTRY-READY PERSONNEL

THE ADMARE ACADEMYThe adMare Academy was created to deliver on a third critical part of the organization’s MISSION: TO UNIQUELY TRAIN THE NEXTGENERATION OF HIGHLY-QUALIFIED PERSONNEL TO DRIVE THE GROWTH OF CANADIAN COMPANIES INTO STRONG ANCHORS.

The Academy currently encompasses three distinct streams (in addition to an internal @adMare Institute to ensure adMare teammembers remain at the forefront of science and business): The Executive Institute, the Post-Graduate Institute and theUndergraduate Institute. Each provides a highly-successful, customized training program to ensure that the Canadian lifesciences sector has the scientific and management talent to lead the world. The Academy is firmly committed to addressingissues of gender disparity, and to supporting diversity in the Canadian life sciences sector.

…/15


“Applying to the Executive Institute is the best investment you can make for your career and for your organization. You will learn new skills, meet incredible people and will be a much better leader at the end of the program.”

FRÉDÉRIC LEDUC, CEO and Co-Founder, Immune Biosolutions, Sherbrooke

CANADA’S GLOBAL LIFE SCIENCES VENTURE

17

PHASE 1 OF THE NEOMED INNOVATION CENTER EXPANSION WILL BE DELIVERED IN

2020PROJECTED VALUE OF

$25M

THE NEW COMPLEX WILL FEATURE:

• EXPERTISE AND EXPERIMENTATION CENTRES• MODULAR SPACES AND CORPORATE SPACES• INCUBATORS/ACCELERATORS• TRAINING CENTRES• SPECIALIZED SERVICES, INCLUDING ACCESS TO

SOURCES OF FUNDING

50K SQ FTOF NEW SPACE TO HOUSE LIFE SCIENCE FACILITIES

THE EXPANSION OF THE NÉOMED INNOVATION CENTER IS A KEY PART OF ADMARE'S VISION TO BE A CATALYST FOR CANADIAN LIFE SCIENCES LEADING THE WORLD

2019-2020 OBJECTIVES AND OUTCOMESThe following pages detail specific 2019-2020 key strategic priorities/objectives, example activities, and performanceindicators as defined in the Performance Management Strategy associated with this Contribution Agreement, and as presentedin the 2019-2020 CDRD Corporate Plan previously approved by ISED.


Strategic Priorities/Objectives Example Projects/Initiatives Undertaken

Performance Indicator Baseline

2019-2020 Target

2019-2020 MetricAchieved

Identify new means, models, and opportunities to come together with other organizations across the country to foster a more collaborative, effective, and efficientnational commercialization ecosystem

Establish new multi-asset companies of scale able to attract significant financing

Develop new models / criteria for co-investment in companies

In January 2020, it was announced that adMare and Accel-Rx, another federally-supported (via the CECR Program) innovation organization would also bring their respective capabilities and resources together to operate under adMare

Additional adMare spin-off companies formed in 2019-2020 include two new : Neurasic Therapeutics (Montreal) Find Therapeutics (Montreal)

adMare spin-off, Zucarasuccessfully attracted a $21M Series A financing

Number of new companies formed and maintaining operations in Canada as a result of CDRD’s activities

Amount of new dollars invested in companies

7 3

$25M

2

~$45M

PROGRAM OUTPUT OR OUTCOME: CANADA’S LIFE SCIENCES SECTOR IS STRENGTHENED

…/19



2019-2020 Target


Attract Highly-Qualified Personnel through training opportunities in the CDRD (now adMare) Academy‘s Executive, Post-Graduate, and Undergraduate Institutes

Through the We@CDRD (now adMare) Institute, provide CDRD employees with the training needed to excel in their current roles, and to prepare them for future opportunities and needs

Build upon adMare’s Venture Partner/Entrepreneur-in-Residence model to provide executive-level mentorship and/or leadership for spin-off companies

New Executive Institute cohortlaunched to build Canadian life science leadership capcity

New internal Emerging LeadersProgram launched to build managerial capacity of the adMareteam

Youssef Bennani recruited as adMareVenture Partner / Chief Scientific Officer; Dr. Mounia Azzi recruited asVice President, Partnerships and Program Development; Frédéric Lemaître Auger recruited (from Accel-Rx) as Managing Partner, Investments

Number of new adMareAcademy members trained

20 annually 40 42

Ensure alignment of adMare Academy training programs with industry needs

Connect Academy members to opportunities in the Canadian life sciences sector to foster employment of new Highly-Qualified Personnel

Canadian SMEs, KOLs consulted, and feedback incorporated into new Academy Business Plan and programs

Academy alumni network well-established to build valuable relationships, connections, and employment opportunities

Percentage of Post-Doctoral Fellows employed in the life science sector

95% 95% 96%

PROGRAM OUTPUT OR OUTCOME: TRAINING ACTIVITIES FOR CANADA’S EMERGING HEALTH TALENT


…/20

MEET THE 2019-2020 ADMARE ACADEMY EXECUTIVE INSTITUTE MEMBERS…

Arun AnandChief Executive Officer and Co-founder, Tieös Pharmaceuticals

Richmond Hill, ON

Nadine BeaugerChief Executive Officer, IRICoR

Montréal, QC

Veronique BougieActing Chief Executive Officer, Mperia Therapeutics

Westmount, QC

Lee BowmanChief Operating Officer, Mediphage Bioceuticals

Toronto, ON

Brian CanestraroGeneral Manager, Intercept Pharmaceuticals

Mississauga, ON

Jason DingManaging Director, National Life Sciences & Healthcare CF Leader, Deloitte

Edmonton, AB

Monica GautamManaging Director, COMPASS Medical Affairs Consulting,

Georgetown, ON

Sabrina LeslieFounder, Chief Scientific Officer and President, ScopeSys

Montréal, QC

Sharon LouisVice President, Research & Development, STEMCELL Technologies,

Vancouver, BC

Francois-Thomas MichaudChief Executive Officer, Feldan Therapeutics, Quebec, QC

Mark MitchellAssociate Director, US Medical Affairs Finance, Genentech

South San Francisco, CA

Jennifer MoodyChief Operating Officer, Morphocell TechnologiesMontreal, QC

Mehrsa RaeiszadehChief Operating Officer, Novateur VenturesNorth Vancouver, BC

Lucas SiowChief Executive Officer and Co-Founder, ProteinQureToronto, ON

Anne StevensChief Operating Officer and Director, Aequus PharmaceuticalsVancouver, BC

Mary Sunderland, Field Medical Lead, Ocular Gene Therapy, NovartisToronto, ON

Catalina Vasquez, Chief Operating Officer, NanosticsEdmonton, AB

James Wang, President and Founder, KDM LaboratoriesSt. Laurent, QC



2019-2020 Target


Undertake strategic and proactive process to identify the most promising opportunities to commercialize in Canada

Review adMare’s project portfolio on an ongoing basis to ensure optimum alignment with commercial objectives and viability

Leverage national strengths by building productive partnerships with other Canadian research and development/commercialization organizations, sharing knowledge and resources, and collaborating on mutually beneficial projects

NEOMED, CQDM, the Canadian Cancer Society, the Goodman Cancer Research Centre, and the Lady Davis Institute announced a unique collaboration to develop new anti-cancer Therapies

adMare and TRIUMF, Canada’s national particle physics laboratory continued to build upon their strategic partnership and undertake new programs aimed at developing targeted alpha therapeutics

adMare greatly expanded its portfolio of supported start-up companies via its partnership with Accel-Rx. The following page details these companies, Accel-Rx’s investments and dollars leveraged.

Annual number of research and development projects

15 18 21

Continue to build key relationships with academic institutions, ensuring each of Canada’s life sciences clusters is well served

Institute a new model/mechanism/process through which adMare can garner input from world-leading researchers and other Key Opinion Leaders to help identify the nascent but high potential scientific developments around the world

Extend the sharing of their expertise to the life sciences community to provide valuable learning opportunities.

New agreement established with the Fred Hutchinson Cancer Research Centre, Seattle

Number of national and international umbrella affiliation agreements with discovery-generating universities

52 52 53


PROGRAM OUTPUT OR OUTCOME: ACTIVITIES IN DRUG DEVELOPMENT

…/22

23

ACCEL-RX PORTFOLIO COMPANIES

STATUSINITIAL

ACCEL-RX INVESTMENT

TOTAL INITIAL INVESTMENT

FOLLOW-ON ACCEL-RX INVESTMENT

TOTAL FOLLOW-ON INVESTMENT

COMPANY DESCRIPTION

ImStarTherapeutics

Active $500k $1.82M - -Therapeutic company developing an antibody against TDP43 for ALS,frontotemporal dementia and other neurological diseases. Currently raising a$7M Series A financing to support preclinical development.

InversagoPharma

Active $500k $6.84M $1.00M $47.07MTherapeutic company developing peripherally-restricted CB1 inverse agonistsfor the treatment of Prader-Willi Syndrome and other metabolic disorders.Raised a $47M Series B in 2020 to support clinical development.

KalgenePharmaceuticals

Active $500k $9.37M $250k $3.24MTherapeutic company developing a fusion protein targeting Aβ42 oligomers forAlzheimer’s disease. Series B roadshow is stalled as pharmas and VCs arewaiting for FDA decision on the approval of Biogen’s aducanumab.

KisoJiBiotechnology

Active $500k $4.00M - $13.90MTherapeutic antibody platform company developing multi-specific singledomain antibodies for cancers. Currently raising a US$30M Series B financing tosupport preclinical and clinical development.

SpecificiT Pharma Will be closed $500k $5.20M - $2.00M

Therapeutic company developing hematological cancer immunotherapy usingselected minor histocompatibility antigens for the ex-vivo priming of donor Tcells. Company will be closed given unsatisfactory clinical data.

ZucaraTherapeutics

Active $350k $525k $65k $33.86MTherapeutic company developing SSTR2 antagonist for the prevention ofhypoglycemia in insulin-dependent diabetic patients. Raised a US$21M Series Afinancing in 2020 to support clinical development.

FlosonicsMedical

Active $500k $5.38M - $1.33MMedical device company developing a wireless ultrasound patch to monitorblood flow and assess patient responsiveness to emergency interventions.Raising a US$10M Series A to support commercialization in US, CA and EU.

SoundBite MedicalSolutions

Active $500k $11.05M - $33.00MMedical device company developing shockwave-powered guidewires andmicrocatheters for endovascular interventions. Will start raising a $30M Series Bfinancing later in 2020 to support commercialization in US, CA and EU.

EncycleTherapeutics

Sold $750k $6.31M N/A $680kTherapeutic macrocyclic peptide platform company developing an oral integrin⍺4β7 inhibitor for inflammatory bowel disease. Acquired by Zealand Pharma inOctober 2019.

Scar-X Closed $580k $2.24M N/A N/ATherapeutic company developing a novel nefopam cream for the reduction ofpost-surgical scarring. Company was closed in 2018 given unsatisfactoryclinical data.

Total $5.0M $52.7M $1.3M $135.1M FINANCIAL LEVERAGE OF MORE THAN 20X ACCEL-RX INVESTMENTS

ACCEL-RX INVESTMENTS…..VALUABLE ADDITIONS TO THE ADMARE PORTFOLIO



2019-2020 Target


Define Key (Go/No Go) experiments to determine significant adMare investment in program to accelerate progress or to divest in program (Portfolio Review)

Hit project milestones as quickly and efficiently as possible to determine if there is a fatal scientific barrier that would preclude further commercial development

adMare continues to advance a robust portfolio of drug development programs across a broad array or therapeutics areas, including but not limited to oncology, neuroscience, infectious diseases, fibrosis

Annual number of project milestones

29 30 26

Project Advancement - efficiently execute scientific plans to provide value for adMare in commercially attractive opportunities for end-users

BLU-5937 (assigned by AstraZeneca to adMare in 2012) is now in a Phase II trial for chronic cough (data expected mid-2020); and Phase II trials for chronic pruritus are also expected to commence later this year.

Annual number of projects advanced towards commercialization

Number of new drugs in the clinic

47 cumulatively

12

3

10

1


PROGRAM OUTPUT OR OUTCOME: TECHNOLOGY IS DEVELOPED/ADVANCED

…/24



2019-2020 Target


Support adMare sustainability and extend financial runway by leveraging additional funding from public and private sector partners

Pursue sources of private capital to support adMare projects

Increase commercial returns to the organization such that adMarebecomes decreasingly reliant on public funding

Build adMare’s level of available investment capital to addresses early company needs, and allow theorganization to also participate in subsequent financing rounds

With the resources of each of CDRD, NEOMED, and Accel-Rx incorporated into adMare, the organization has a diverse pipeline of funding partners/sources that include the Province of Quebec, the City of Montreal, the NEOMED resident companies (rental and service income), and a robust portfolio of companies in which adMareholds equity.

Notably this year, adMare and BELLUS Health Inc. (Nasdaq: BLU; TSX: BLU) closed an agreement under which BELLUS acquired full ownership of intellectual property previously licensed from adMare.adMare originally entered into a worldwide license agreement with BELLUS for this intellectual property in 2017. Since that time, BELLUS has advanced these assets into an ongoing Phase 2 human clinical study. Under the terms of the agreement, BELLUS will own 100% of the BLU-5937 assets, and adMare’s remaining rights have been fully converted into equity in the company.

Ratio of leveraged contributions from non-federal government sources

0.96:1 At least 1:1 2.5:1

(excludingpublic and private financing for new Innovation Centre expansion)


PROGRAM OUTPUT OR OUTCOME: INVESTMENT FOR CDRD’S ACTIVITIES IS LEVERAGED

…/25



2019-2020 Target


Support value creation through providing commercial analysis of ongoing adMareprojects, projects under evaluation, and for adMare's overall Scientific Strategy /Foresighting Process

Review current portfolio for commercial viability of all projects

Determine commercial viability/pathway for new projects under consideration

Execute commercial transactions to further advance technologies and return value to adMare, our partners, the sector, and Canada -- and therein secure stable, long-term funding from diverse sources

adMare and AmorChem created a new company, Neurasic Therapeutics, based on breakthrough research from Dr. Philippe Séguéla, professor of neuroscience at McGill University in Montreal, that was validated and further advanced by adMareBioInnovations in Vancouver. Dr. Séguéla is a world-expert in ion channel biology and molecular pharmacology. His research lab at the Montreal Neurological Institute (the Neuro) is renowned for investigating genes, cells and circuits involved in pain perception and analgesia.

Annual number of funded collaborations

Annual total dollar value of funded collaborations

15

$1.4M

15

$2M

15

>$10M

Collaborate with Canadian scale-up life sciences companies in a cost-effective and flexible model to advance the company to their next value inflection point and secure new capital, diversify adMare’s portfolio

In addition to it’s R&D collaborations, adMare greatly expanded its support for company scale-up by offering new infrastructure and services at its NEOMED Innovation Centre, and new direct seed investments via its incorporation of Accel-Rx

Annual number of SME-CDRD collaborations

6 12 14 R&D collaborations

Generate valuable data for a comprehensive IP package, viable commercial strategy, and strong company foundation.

Annual number of patent applications filed

9 12 22


PROGRAM OUTPUT OR OUTCOME: INVESTMENT FOR CDRD’S ACTIVITIES IS LEVERAGED

…/25

2019-2020 ELIGIBLE EXPENDITURES

ELIGIBLE ACTIVITIES TOTAL ISED-SUPPORTED EXPENDITURES

TECHNOLOGY ADVANCEMENTActivities to support identification and advancement of promising health technologies through pre-clinical development

$7.815M

COMPANY GROWTH: Activities related to the creation, growth and retention of health sciences companies in Canada

$4.101M

DEVELOPMENT OF HQPActivities to attract, retain and develop highly qualified and industry-ready personnel

$1.268M

OPERATIONS & MAINTENANCEActivities related to operations and management of the recipient and the requirements of the CA

$2.916M

TOTAL $16.101M

TYPE / SOURCES AMOUNT

FUNDING FROM PARTNERS / EXTERNAL SOURCES FOR CDRD $1.217M

PRIVATE CAPITAL SECURED BY/FOR CDRD SPIN-OFFS $296.007M

COMMERCIAL REVENUE GENERATED FOR CDRD $12.785M

TOTAL $310.009M

2019-2020 LEVERAGED FUNDS

2019-2020 Annual Report - CONFIDENTIALPrepared for: Innovation, Science and Economic Development CanadaProject #950-511357

…/26

CANADA’S GLOBAL LIFE SCIENCES VENTURE

admarebio.com

@adMare_Bio

adMareBioInnovations

CONTACTSGORDON C. MCCAULEY BARRY GEEPresident & CEO Senior Director, Communications & External AffairsDirect: (604) 827-1207 Direct: (604) [email protected] [email protected]

2019-2020 annual report - admare bio · 2020. 12. 10. · message from the chair & president...

Documents