Back in 2010 the Ontario Institute for Cancer Research (OICR) and MaRS Innovation came together to form a new cancer-focused accelerator. Called
Triphase, in October, 2012 that accelerator quietly closed a collaboration deal with major biotech company
Celgene—a deal that has just been publicly announced.
Triphase focuses on developing oncology therapies, taking them through the early phases of that process, including initial funding, industry advice, and clinical proof-of-concept work. Their goal is to help new therapies complete this process in under three years. Products that make it through the accelerator will then be sold or licensed, on their way to full commercialization. Some key terms of the deal—including the amount Celgene paid upfront to gain access to Triphase's products—haven't been disclosed, but we do know that Celgene has acquired the right of first refusal on Triphase's first three products, plus negotiation rights on three more cancer therapies.
"For the last year or so, we've basically been accumulating assets [i.e. potential new therapies], and running drug development processes around those products," explains Triphase CEO Frank Stonebanks, about the 15-month gap between when the deal with Celgene was signed and when it was announced.
Triphase has now acquired one product in particular that they are excited about, and has been working on trials, cleaning up the data from the company that originally developed the therapy, and generally doing some groundwork. Now that the Celgene deal has been announced, Triphase is focusing on expansion, including potentially expanding beyond oncology entirely.
With facilities in both Toronto and San Diego, and experience working on both sides of the border, Stonebanks has developed an appreciation for the differences between the two business cultures. A Canadian, he originally left here in 1995 "for basically all of the [usual] reasons: I could not find the intellectual, economic challenges that I wanted… Then the OICR recruited me and I came back in 2010. That's a good sign, the tide is starting to turn."
Now back in the States, Stonebanks says that we do "a great job on early science and technology, but translating that into actionable value—that's where Canada has frankly fallen short over the years." That may be something to work with rather than worry about, however: "I think we need to be a little honest with ourselves with what we don't do well… We live in a global economy, don't have to have all manufacturing here, all aspects of development here. It's not a flag-waving exercise; you need to do what's right for your business."
Writer: Hamutal Dotan
Source: Frank Stonebanks, Founder and CEO, Triphase Accelerator Corporation