MISSISSAUGA, ONTARIO--(Marketwire - Sept. 18, 2012) - CML HealthCare Inc. (CLC.TO) (the "Company" or "CML") and MaRS Innovation (MI), a Centre of Excellence for Commercialization and Research, have entered into a strategic partnership to commercialize early-stage technologies that present innovative methods in medical diagnostics.
This partnership represents a shared vision for contributing towards the delivery of novel, transformative diagnostic technologies to Canadians based on well-validated scientific research. CML and MI will identify opportunities for investment and CML will provide up to $1 million in funding over a three-year period at their discretion, which will be leveraged with financial support from MI. This combined support will be used by MI's 16 member institutions to accelerate the development, validation and commercialization of medical diagnostic technologies that arise through research discoveries.
The collaboration promises to deliver considerable benefit to Canadians and others around the world as new blood and other diagnostic tests are developed and successfully brought into the Canadian marketplace.
"Our partnership with MaRS Innovation will allow CML to contribute to the development of cutting-edge technologies while leveraging the resources and expertise within a research and innovation powerhouse cluster," said Thomas Wellner, President and CEO of CML. "This strategic partnership is in-line with our stated growth objectives of diversifying our tests and services as well as being the provider of choice to commercialize innovative medical diagnostic services."
"This is truly a made-in Canada partnership," said Dr. Raphael Hofstein, President and CEO of MaRS Innovation. "CML's national network in delivering medical diagnostics to market makes them an ideal partner to develop and deliver Canadian innovations in Canada. Partnerships like this one are essential to successful commercialization and will continue to be a core component of MI's strategy."
About CML HealthCare Inc.
Based in Mississauga, Ontario, CML HealthCare Inc. is Canada's leading community-based, medical diagnostic services provider operating 113 laboratory collection centres in Ontario and 103 imaging centres in Ontario, British Columbia, and Alberta. CML is publicly-traded on the Toronto Stock Exchange under the symbol "CLC" and has approximately 89.8 million common shares outstanding. For more information, please visit www.cmlhealthcare.com.
About MaRS Innovation
MaRS Innovation (www.marsinnovation.com) (MI) is the commercialization agent for Ontario's exceptional discovery pipeline from 16 leading academic institutions. As a single-entry point to member-based activity of $1 billion in annual research and development, MI is a gateway for investors and licensees to gain access technology assets. Supported by the Government of Canada through the Networks of Centres of Excellence, by the Government of Ontario through the Ontario Centres of Excellence, and by its 16 member institutions, MI is a transformational partnership that turns research strengths into commercial opportunities. MI's portfolio includes the most promising assets and advances commercialization into global markets through industry partnerships, licensing and company creation (www.marsinnovation.com).