More great news for MaRS biotech tenants
First Transition Therapeutics announces its listing on Nasdaq and now NeurAxon, another MaRS tenant, announces closing $32 million Series B Financing. This latest funding, led by two new blue-chip life science investors, Delphi Ventures and OrbiMed Advisors, yet again validates the quality biotech research taking place in Toronto’s Discovery District and guarantees it will continue.
This financing is good news for Canadian-led biotech companies, which have been struggling recently with what seems like more than their fair share of challenges. Steve Burrell Biotech Stock Select (PDF), which tracks 25 of Canada leading public companies, has seen a 29% drop in value since this time last year. Needless to say, that is not going in the right direction.
Hmmm… Wonder if there is any correlation between the good news from Transition Therapeutics and Neuraxon and the fact that they are both at MaRS? :-) OK, just some promotional wishful thinking!