Canada NewsWire
Press Release
New company puts Ottawa at the forefront of stem cell research in
Canada
OTTAWA, April 23 /CNW/ - The Ottawa Health Research Institute
(OHRI)
today announced the launch of a new spin-off company dedicated to
researching
and developing new stem cell-based therapies for some of the world's
most
disabling diseases.
StemPath Inc. represents one of the few stem cell companies
working
exclusively in the area of adult stem cells. The ambitious company
was created
through $1 million in start-up funding from Genesys Capital
Partners., manager
of the Triax-Covington New Generation Biotech Funds, a venture
capital group
focused on biotechnology.
Stem cells are the "master" cells that provide the starting
material for
every organ and tissue in the body. Stem cells have the ability to
differentiate, or develop into highly specialized cells, such as
heart, bone
and muscle cells. The hope is to use stem cells one day to create new
tissue
to treat diseases such as diabetes, heart disease, Parkinson's and
degenerative neuromuscular diseases such as Duchenne muscular
dystrophy.
"This company has grown out of a strategic initiative on the part
of the
Ottawa Health Research Institute to build up intellectual property in
the area
of stem cells and stem cell biology," said Dr. Michael Rudnicki,
Director of
the Molecular Medicine Program at the OHRI and future director of the
Institute's Centre for Stem Cell and Gene Therapy. The 30,000-square-
foot
facility, which is scheduled for completion in 2004, will be one of
the
largest stem cell research facilities in the country.
"Our goal is to identify drugs that modulate the behavior of
adult stem
cells, promote their activity and stimulate regeneration," said Dr.
Rudnicki
who, along with OHRI Senior Scientist Dr. Lynn Megeney, is a founding
scientist of StemPath Inc.
Led by Dr. Megeney, the two Ottawa scientists and their research
teams
recently became the first in the world to identify a population of
cells in
cardiac tissue that have stem cell-like activity. The hope is that,
given the
right mixture of factors and environment, this population of
"pluripotent"
stem cells could become fully functioning cardiac muscle cells. The
transplant
of healthy heart muscles could provide new hope for patients with
chronic
heart disease or for those who have suffered a heart attack. StemPath
scientists will also investigate the function of stem cells in
skeletal
muscle.
Dr. Ronald Worton, CEO and Scientific Director of the Ottawa
Health
Research Institute, sees this as an exciting extension of the OHRI
vision to
become the premier centre for stem cell research in Canada, and a
great
stimulus to the biotechnology sector in Ontario. "Having Genesys
Capital
Partners involved at such an early stage is the catalyst needed to
bring this
venture to the next level."
Genesys Capital Partner's investment in StemPath is part of its
Ottawa
Biotechnology Innovation Fund, which provides seed funding for
companies
coming out of Ottawa's vibrant health and life sciences research
community.
"Part of our investment philosophy is looking for areas where
Canada has
a resident scientific strength which intersects with high growth
market
opportunities," said Kelly Holman, Managing Director of Genesys
Capital
Partners.
"We believe that Ottawa, under Dr. Worton and Dr. Rudnicki's
leadership,
is growing to be a center of excellence in stem cell research."
About the Ottawa Health Research Institute:
-------------------------------------------
The OHRI is the research arm of The Ottawa Hospital, and a major
part of
the University of Ottawa Faculty of Medicine and Faculty of Health
Sciences.
With more than 200 scientists, 225 students and more than 400 support
staff,
and $42 million in external funding, the OHRI is one of the fastest
growing
and most respected hospital-based research institutes in Canada.
Additional
information about the OHRI and StemPath Inc. can be found at
http://www.ohri.ca
About Genesys Capital Partners:
-------------------------------
Genesys Capital Partners Inc. is a Canadian capital management
firm
focused on building companies in the high-growth sectors of
healthcare and
biotechnology. Through its expertise and network, Genesys accelerates
the
development of commercially viable emerging companies that represent
promising
biotechnology investment opportunities. With over $100 million of
assets under
management, Genesys is one of the largest Canadian-based venture
capital firms
exclusively focused on the healthcare and biotechnology industries.
For more
information, visit http://www.genesyscapital.com
-30-
For further information:
Sharon Kirkey,
Communications Officer,
Ottawa Health Research Institute,
613-798-5555 ext. 17840, [log in to unmask]
SOURCE: Canada NewsWire
http://www.newswire.ca/releases/April2003/23/c3440.html
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