TORONTO, ONTARIO--(Marketwire - Jan 24, 2013) - ScarX Therapeutics, a startup company commercializing a groundbreaking treatment to dramatically reduce post-operation scarring, is receiving a $250,000 investment from Ontario Centres of Excellence.
ScarX, a topical medication, emerged from Dr. Benjamin Alman''s research. Alman, head of orthopedic surgery at the Hospital for Sick Children, is developing his invention in conjunction with MaRS Innovation.
Each year, doctors worldwide perform 240 million surgeries. Currently, no clinically-proven prescription therapeutic exists to reduce post-surgical scarring. Given this critical need for its technology, ScarX Therapeutics believes sales of the ScarX product could potentially reach into the billions of dollars.
"ScarX is a true game-changer when it comes to reducing the scarring associated with many surgeries," said Dr. Tom Corr, President and CEO of Ontario Centres of Excellence. "Through our Market Readiness program, OCE is pleased to be supporting both the commercialization of this revolutionary research-based product and Ontario''s economy."
OCE''s investment will complete essential work to allow clinical trials to begin later this year. It is the first award to be given under OCE''s new expanded Market Readiness program, which helps companies commercialize promising technologies developed in publicly-funded Ontario academic research institutions. The program aims to keep the technology and sustainable economic benefits in Ontario.
"We have some incredible things happening in our hospitals and universities," said Brad Duguid, Ontario''s Minister of Economic Development and Innovation. "OCE''s support, together with MaRS Innovation, will help ScarX become a world-leading product that will change people''s lives for the better."
"ScarX is one of many promising life science technologies emerging from Toronto''s world-leading research cluster," said Raphael Hofstein, president and CEO of MaRS Innovation. "We are pleased to have the Ontario government and Ontario Centres of Excellence partner with us in creating the seed funding framework that will allow ScarX Therapeutics to advance their product toward clinical trials."
About Ontario Centres of Excellence (OCE) Inc. (www.oce-ontario.org)
Ontario Centres of Excellence (OCE) Inc. drives the commercialization of cutting-edge research across key market sectors to build the economy of tomorrow and secure Ontario''s global competitiveness. In doing this, OCE fosters the training and development of the next generation of innovators and entrepreneurs and is a key partner with Ontario''s industry, universities, colleges, research hospitals, investors and governments. OCE''s Centres work in communications and information technology, earth and environmental technologies, energy, materials and manufacturing and photonics. OCE is funded by the government of Ontario and is a key partner in delivering Ontario''s innovation Agenda as a member of the province''s Ontario Network of Excellence (ONE). OCE through its Centre of Commercialization of Research (CCR), an initiative supported by the federal government, also acts as a catalyst which allows innovative business to grow and achieve sustainable, commercial success and global competitiveness.