TRIUMF scientists are actively solving many current medical, environmental, and societal problems. And, as the commercial arm of TRIUMF, TRUIMF Innovations (TI) links TRIUMF’s cutting-edge science and technology to tangible business opportunities.
TI has found perhaps its most beneficial success in advancing life-saving nuclear medicine technologies, including new diagnostics and radiotherapeutic treatments that are giving late-stage cancer patients new hope, and making TRIUMF a leading enabler of building the next generation pipeline of medical isotope and nuclear medicine companies.
For instance, the first therapeutic isotope produced at TRIUMF was palladium-103 for prostate brachytherapy. And, after more than 40 years producing a millions of doses of medical isotopes for patients in Canada and around the globe, in 2020, TRIUMF entered into an agreement for increasing its production and supply of Ac-225, commonly known as “the rarest drug on earth,” to researchers and patients around the world. It now has commercial agreements with both BWXT Medical, and Fusion Pharmaceuticals.
Further TI has partnered with a pan-Canadian consortium of key stakeholders in the medical isotope industry: TRIUMF, the Centre for Probe Development, McMaster University, Canadian Nuclear Labs, Bruce Power, Saginaw-Ojibway Nation, and BWXT Medical to build a national platform to accelerate the development of a robust Canadian Medical Isotope Ecosystem and the next generation of novel isotope technologies. Canada truly punches above its weight in the medical isotope sector, thanks in no small part, to TRIUMF.
TI excels in many other areas, from commercializing particle detector technologies for use in sectors ranging from mining and security to oil and gas to radiation-testing new technologies for computing, communications, and aerospace electronics.
TI has spun off five companies, which have all gone successfully to market (with more in the pipeline). These companies include: Ideon, ARTMS, D-Pace, Micromatter, and Ikomed. The spinoffs continue to be profitable and have created dozens of permanent high-paying jobs in Canada.
For example, spinoff company Ideon Technologies uses artificial intelligence and advanced muon detectors to reduce the cost and environmental impact of geological exploration. Ideon is leading a $13.5M Digital Supercluster project and has raised $5 million in seed financing and US$16 million in a Series A. The company provides local jobs and tax revenues from its location in Richmond, British Columbia.
Further, TRIUMF Innovations:
• completed two licensing deals to venture-funded startup companies as well as two funded drug development collaborations with venture-funded Canadian and U.S. radiopharmaceutical start-ups;
• launched a training program that provides entrepreneurship training and coaching to individuals seeking to increase the commercial impact of their work;
• worked as part of a global team that worked on a 6-month project to design, test, and manufacture 4,000 COVID-19 ventilators, purchased by the Government of Canada, with public and private sector partners in Italy, the U.S., and Canada; and
• provides specialized tech-transfer licensing services to partner research institutions.
But it’s important to remember: TRIUMF Innovations does not compete with Canadian industry. Quite the contrary: we are all about building collaborations that will leverage Canada’s past investments in infrastructure and talent to reap benefits for Canada’s public and private sector. And benefiting its citizens, and people around the world.
TI’s proven deal-making expertise is coupled with the critical sectoral leadership required to build a strong ecosystem and the kind of public-private collaborations and partnerships needed to keep Canada in a leadership position in the fast-growing global medical isotope landscape. We can help Canada assert our rightful place as one of the world’s most technologically sophisticated entrepreneurial outfits.
TRIUMF INNOVATIONS BY THE NUMBERS
In 2017, TRIUMF Innovations’ mandate was expanded to encompass TRIUMF’s commercialization activities (previously it only focused on start-up company creation).
Since that time:
• 5 spin-off companies developing successful technologies, attracting investment, and generating revenue were created.
• $52 million in Seed and Series A & B financing was raised for TRIUMF spin-off companies.
Now:
• 18% of TRIUMF’s funding is from its commercialization activities born from long-standing relationships now nurtured by TI.
• TRIUMF commercialization revenues related to medical isotope innovations are expected to more than double in the next 5 years.
