YM Biosciences, based in Mississauga, is in the business of turning our country's investments in health sciences research and innovation into products that can be brought to market and improve public health. "We take our public investment in innovation and turn it into a return for society," says David Allan, the company's CEO. Hospitals and universities spend billions of public dollars on basic research, he notes, but very little of it is pursued beyond the basic stage. YM Biosciences uses that basic research to pursue clinical trials to prove the efficacy of drugs for the market.
Allan says he is surprised and somewhat dismayed that there are very few companies doing what his does, noting that the investment in research we make as citizens is so often wasted -- that is, it finds no public health application. And he also sees it as a huge opportunity, "it's almost free food," he says. Which doesn't mean conducting clinical trials is inexpensive.
Last week, YM Biosciences
secured US$17.5 million in financing by issuing shares. The money will be used to pursue three products it is currently developing. Allan says that as drug testers, YM Biosciences is a "huge consumer of capital," and that the company has raised roughly $200 million in financing in the 15 years since its founding.
Writer: Edward Keenan
Source: David Allan, CEO, YM Biosciences