Lab Canada

New life science development centre in cards for Montreal

Montreal, QC – Following a US$30-million commitment to Sanderling Ventures, BDC Venture Capital and the Fonds de solidarité FTQ say Sanderling will create a permanent facility for the development of early-stage life science projects in Montreal. The funds committed by BDC and the Fonds will be placed in a Canadian parallel fund to Sanderling Ventures Fund VII, which has a target size of US$250 million.

This initiative, which the two organizations say will result in a significant investment in the Montréal and Canadian life sciences sector, will shepherd very early-stage life science projects further along the path to commercialization, at which point Sanderling and other syndicate investors may choose to invest further in the development of the projects. BDC Venture Capital is contributing US$20 million to the fund as part of this financing round, while the Fonds will put in an additional US$10 million.

“Sanderling has developed a unique, Canadian-centered approach to address the structural and economic challenges facing life science opportunities as they transition from the research laboratory through development to ultimate commercialization,” said Neal Hill, vice-president of fund investments, BDC Venture Capital. “We are delighted to welcome Sanderling to Canada as they take on a greater role in the Canadian market. This partnership is a step in the right direction for the Canadian venture capital industry.”

“The Fonds de solidarité FTQ is proud to be a financial partner of the Sanderling Ventures Fund VII which will have a positive impact on Quebec’s life sciences sector,” said Alain Denis, Senior Vice-President – New Economy at the Fonds de solidarité FTQ. “Partnering with performing private funds such as Sanderling and institutional investors such as BDC Venture Capital will foster the creation of new businesses in Quebec’s life sciences sector as well as provides unique co-investment opportunities that perfectly fits Fonds’s strategy in life sciences. Led by an experienced drug development team in Montréal, this initiative will not only help keep Quebec scientists within the province, but also represents a unique opportunity to utilize the existing network of experienced Québec based universities and contract research organizations.”

Sanderling will take preclinical drug candidates that appear to be ready for Investigational New Drug (IND) application through toxicology and early stage clinical studies to determine if the compound is active in humans. Compounds that show promising activity will be developed through the clinical process.