Canada Rated World's Soundest Bank System: Survey
Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets. Britain, which once ranked in the top five, has slipped to 44th place behind El Salvador and Peru, after a 50 billion pound ($86.5 billion) by the government to bolster bank balance sheets. The United States, where some of Wall Street's biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa. The United States has purchased large stakes in debt-laden banks to inject trust back into lending between financial institutions now too wary of one another to lend. The World Economic Forum's Global Competitiveness Report based its findings on opinions of executives, and handed banks a score between 1.0 (insolvent and possibly requiring a government bailout) and 7.0 (healthy, with sound balance sheets). Canadian banks received 6.8, just ahead of Sweden (6.7), Luxembourg (6.7), Australia (6.7) and Denmark (6.7). UK banks collectively scored 6.0, narrowly behind the United States, Germany and Botswana, all with 6.1. France, in 19th place, scored 6.5 for soundness, while Switzerland's banking system scored the same in 16th place, as did Singapore (13th). The ranking index was released as central banks in Europe, the United States, China, Canada, Sweden and Switzerland slashed interest rates in a bid to end to panic selling on markets and restore trust in the shaken banking system. The Netherlands (6.7), Belgium (6.6), New Zealand (6.6), Malta (6.6) rounded out the WEF's banking top 10 with Ireland, whose government unilaterally pledged last week to guarantee personal and corporate deposits at its six major banks. Also scoring well were Chile (6.5, 18th) and Spain, South Africa, Norway, Hong Kong and Finland all ending up in the top 20. At the bottom of the list was Algeria in 134th place, with its banks scoring 3.9 to be just below Libya (4.0), Lesotho (4.1), the Kyrgyz Republic (4.1) and both Argentina and East Timor (4.2). RANKINGS 1. Canada 2. Sweden 3. Luxembourg 4. Australia 5. Denmark 6. Netherlands 7. Belgium 8. New Zealand 9. Ireland 10. Malta SOURCE: World Economic Forum Global Competitiveness Report 2008-2009. |   |
 Senior U.S. Energy Official Praises Canada's Oil Sands
"Canada's oil sands are a great example of responsible development of a natural resource", a senior U. S. energy department official says. Jeffrey Kupfer, acting deputy secretary of the U. S. Department of Energy, said he felt "invigorated" after visiting the Syncrude Canada Ltd. oil sands project near Fort McMurray, Alta., on Tuesday. "It's a great example of developing an important natural resource, for Canada, the U. S. and the whole world, and doing it in an environmentally responsible way," he said in an interview. Mr. Kupfer was in Calgary to address the C. D. Howe Institute. While in Alberta, he visited the oil sands with Mel Knight, Alberta's Energy Minister. | | |
Canada Minnesota Business Council
The Canada-Minnesota Business Council, formed in 1994 to promote stronger trade, investment and other commercial and economic relations between Canada and Minnesota, is currently developing a more active program of activities for 2009. The Council will seek to create a mix of useful networking, discussion and advocacy initiatives that reflects the size and dynamism of the bilateral relationship. Further details on specific Council events will be provided shortly. | | |
New Protocol to Revise Canada-U.S. Tax Treaty
A new Protocol to the Canada-U.S. Tax Treaty was recently signed and is expected to enter into force in the near future, causing substantial changes to the taxation of cross-border transactions with the U.S. Changes include the elimination of withholding taxes on cross-border interest payments and the extension of treaty benefits to U.S. limited liability corporations ("LLCs"), as well as the denial of treaty benefits for certain "hybrid" entities. Withholding tax on cross-border interest Until recently interest paid by a Canadian resident to a U.S. resident was subject to a 10% withholding tax. The U.S. has a broadly available exemption from such tax; but Canada's main exemption is often highly impractical for borrowers to access, resulting in higher cost of capital for Canadian borrowers. The Protocol proposes to completely eliminate the 10 per cent withholding tax. This change has motivated the Canadian Government to change Canada's general tax laws to eliminate Canadian withholding tax on interest to arm's length non-residents of all countries, which it did effective at the start of 2008. Accordingly, the only difference for payments of interest to the U.S. will be in respect of payments to non-arm's length recipients, for whom the elimination is to be phased in over three years. Treaty benefits for LLCs The Canada Revenue Agency has long taken the position that LLCs (if they elect not to be taxable in the U.S.) are not "resident" in the U.S. for the purposes of the Treaty because they are not subject to tax in the U.S. As a result, treaty benefits such as reduced withholding tax or the exemption from Canadian tax on Canadian-source gains are not available. The Protocol introduces a new rule under which income earned by U.S. residents through an LLC will in certain cases be treated in Canada as having been earned by a U.S. resident, therefore enabling treaty protection in respect of that income. However, as of two years after the Protocol coming into force, if income of the LLC is not taxed directly in the hands of its investors, the income will be treated as not having been earned by a U.S. resident. The Protocol therefore removes serious impediments to cross-border investment. U.S. private equity funds with U.S. investors investing into Canada may now be structured as LLCs (as U.S. fund managers often prefer) rather than partnerships, and U.S. tax leakage will be eliminated. However, LLCs will not be attractive to non-U.S. investors, who will not be entitled to this "look-through" treatment, and will not be entitled to benefits of tax treaties between Canada and their own countries of residence. U.S. private equity funds with international investors will likely continue to structure as partnerships. Limitation of Benefits and Hybrid Entities Not all of the provisions of the Protocol are beneficial. A new "limitation of benefits" provision applicable to Canada forms part of the Protocol, the first time Canada has adopted such a provision in a tax treaty. As a result, not all U.S. taxpayers will be entitled to the benefits of the treaty, or their benefits may be restricted. For example, a U.S. subsidiary of a foreign parent corporation will see its entitlement to treaty benefits restricted. As well, treaty benefits will be denied to certain "hybrid" entities (being, in general terms, an entity that is treated as being taxable in either Canada or the U.S., but as being a "pass through" for tax purposes in the other country). This change will apply possibly as early as Jan. 1, 2010. This change will dramatically affect tax structuring between the two countries. At particular risk are ULCs, which are currently a favourite tool of planners to facilitate U.S. investment into Canada due to their treatment under U.S. law; they are eligible to be treated as fiscally transparent in the U.S., allowing losses to flow through to shareholders and permitting other planning opportunities including so-called "push down" or "reverse hybrid" structures. Existing ULC structures will need to be reviewed in advance of the application of this provision of the Protocol. Binding arbitration Finally, there is one exciting provision for arbitrators and ADR practitioners in the Protocol. A new provision allows taxpayers to elect for binding arbitration to resolve double taxation issues. Participation is mandatory for the revenue authorities. This will prove particularly important in cases of transfer pricing audits by Canada or the U.S. Going forward The Protocol has been approved by Parliament as Bill S-2, receiving Royal Assent on Dec. 14, 2007. However, before its entry into force the Protocol must be approved by the U.S. Senate Committee on Foreign Relations, and then by the Senate itself. The treaty was referred to the Senate by President Bush on March 13, 2008; there is no current timeline for Senate consideration. Tax practitioners in Canada therefore await action by the U.S. before planning on the basis of the Protocol can commence. | | |
Spectrum Pharmaceuticals Annouces Expansion into Canada
--Spectrum Pharmaceuticals, Inc. headquarted in California announced the formation of a Canadian affiliate, Spectrum Pharma Canada, Inc. based in the province of Quebec. "The establishment of Spectrum Pharma Canada is another important milestone as we build a global pharmaceutical organization," said Rajesh C. Shrotriya, M.D., Chairman, President, and Chief Executive Officer of Spectrum Pharmaceuticals. "The Canadian research infrastructure, highly qualified talent pool, and economic incentives provided by the individual provinces, especially the Province of Quebec, were all factors in the establishment of this affiliate. Furthermore, we were impressed with the receptiveness of Investissement Quebec, and are currently working with this state-owned corporation to help Spectrum Pharma Canada succeed in its mission." As announced in February 2008, the Therapeutic Product Directorate of Health Canada approved clinical trials to be conducted in Canada by issuing a No Objection Letter to Spectrum's Clinical Trial Application for EOquin(R). Patients are being enrolled at approximately 30 clinical centers in Canada, including the Province of Quebec. The EOquin(R) registration plan calls for two double blind, placebo-controlled, randomized Phase 3 clinical studies, each with 562 evaluable patients with Ta G1 or G2 low risk non-muscle invasive bladder cancer (NMIBC). Clinical studies with our second leading drug, Ozarelix, are likely to be initiated later this year, and to be followed by other drug development activities. | | |
2008 LifeScience Alley Annual Conference
Canadian participation will be readily apparent at the upcoming LifeScience Alley Annual Conference, December 10, 2008 at the Minneapolis Convention Center. The Consulate General of Canada is sponsoring the Research & Development tracks with a focus on imaging and drug delivery featuring several Canadian guest speakers. The Province of Manitoba is a major sponsor, and the Province of Alberta will be sponsoring the VIP reception the evening before. Both provinces will have a significant presence on the exhibit floor. More than14 companies from four provinces will be participating in a number of events, including exhibits and networking at the conference, and participating in a trade mission on the day before the Conference. For more information on the Life Science Alley Conference you can go to www.lifesciencealleyconference.org or contact Trade Commissioner Paul Hansen at the Consulate General of Canada in Minneapolis at paul.hansen@international.gc.ca or by phone at 612.492.2916. | | |
LEED-ing the Way for Green Building
It’s no secret that buildings are colossal devourers of energy, water, and resources. According to the World Business Council for Sustainable Development, buildings represent a whopping 40 percent of global energy demand and raw material usage. The main culprits are heating, air conditioning, water heating, and lighting, but related services like construction waste and water usage also play a role. That means to really get serious about conserving energy and materials, not to mention reducing greenhouse gas emissions, we must fundamentally change how we design, construct, and use our buildings. Thankfully, such change is already happening across Canada. Just look to the $88-million BC Cancer Agency Research Centre in Vancouver—one of Canada’s largest cancer research facilities. Officially opened in March 2005, the centre demonstrates what’s possible with real green construction and was the first LEED gold-certified health building in Canada. Created by the U.S. Green Building Council in 1998, LEED (Leadership in Energy and Environmental Design) is the recognized standard in North America and several other countries for measuring building sustainability. In other words, the best way to prove a building is genuinely green is to achieve LEED certification. For a building to qualify for one of LEED’s four performance levels—certified, silver, gold, and platinum—there must be significant reduction or elimination of negative impacts in five areas: water efficiency, energy efficiency and renewable energy, conservation of materials and resources, sustainable site planning, and indoor environmental quality. The BC Cancer Agency Research Centre scores top points in all five categories, hence its gold rating. Sustainable features include natural ventilation in all the labs and offices, a heat recovery system that captures heat from exhaust air and condensing units, dual flush toilets, waterless urinals, and sunshades to capture solar energy. As well, the research facility houses interstitial service floors—a floor system involving a secondary floor that is raised above the structural floor. Such a floor system adds little initial cost but allows for faster and cheaper reconfiguration of the labs with less material cost and waste—an important consideration for labs that typically get reconfigured every nine months.
The building’s innovations resulted in 50 percent less energy consumption than a building of comparable size, and a 43 percent saving of potable water demands. Plus, a remarkable 98.5 percent of the construction waste for the project was diverted from landfill. The architects met gold LEED standards without compromising visual appeal or user comfort. For example, the laboratory block features 15-foot diametre, Petri-dish-inspired windows. Not only do these windows act as an expression of scientists at work, they flood the lab space with natural daylight. On the office side, 15 floors look out to ocean and mountain views through multi-coloured strips. These vertical, strip-like windows form an abstraction of a sequence of chromosome six, a subject of study in cancer research. These windows can also be opened for natural airflow without wasting energy because the building’s heating and cooling system has been built to factor this in. “From a user’s point of view, there isn’t a single green feature that could be regarded as an impairment,” explains Dr. Ralph Durand, VP Discovery (interim) for the BC Cancer Agency. The centre has proven to be green, architecturally interesting, and above all, functional. “Within the first week of moving in, we were doing experiments, and there hasn’t been a hitch since,” says Durand. Equally important, the building is quickly paying back the initial added investment required to build green, and the paybacks have been more substantial than originally estimated. “We projected our electricity bill to be in the $1.2 million range. It’s coming in at about 50 percent of that,” says Durand. And, with this particular building, the significantly reduced operating costs come with a critical added bonus: every dollar saved goes back into cancer research. As the official LEED certifier in Canada, the Canada Green Building Council has witnessed a phenomenal growth in green buildings in both the public and private sector. By November 2007, there were 88 LEED-certified buildings in Canada and over 600 candidates vying for certification. “Every year, the number doubles,” says Nancy Grenier, manager of communications and marketing with the council. “Our membership grows about 10 percent every month.” The green building sector is part of a larger sustainability movement that emphasizes a “triple-bottom-line” approach that places equal importance on environmental, social, and economic performance. “We have to shift our perception of buildings as mere bricks and mortar, and start appreciating the value of buildings that conserve energy, use water efficiently, and make a positive contribution to our communities and quality of life,” says Grenier. The BC Cancer Agency Research Centre demonstrates this triple win, acting as a showpiece in environmental, research and economic leadership for the BC Cancer Foundation, the fundraising arm of the BC Cancer Agency, that raised funds to construct and equip the new centre, and continues to raise the funds needed for research within the centre. “The building came in ahead of schedule and $7 million under budget,” affirms foundation interim president Nick Locke. “And, the donors love the fact that it is green.” | | |
Medtronic to Acquire CryoCath Technologies Inc.
Medtronic, Inc. (NYSE: MDT) and CryoCath Technologies Inc. (TSX: CYT) today announced they have entered into an agreement whereby Medtronic, through a wholly owned subsidiary, will make a takeover bid for all of the outstanding shares of CryoCath for $8.75 Cdn per share in cash, representing a total equity value of approximately $400 million Cdn ($380 million USD). The CryoCath board of directors has unanimously recommended that CryoCath shareholders accept the offer, and the acquisition is expected to close in the fourth quarter of calendar 2008. “Medtronic estimates that up to five million patients worldwide are impacted by atrial fibrillation,” said Pat Mackin, president of the Cardiac Rhythm Disease Management business and senior vice president at Medtronic. “Medtronic and physicians are interested in procedures that are safer, faster and less complex so that more patients can benefit from treatment.” “Medtronic’s offer reflects its endorsement of our cryoablation technology and the role that our flagship product, Arctic Front®, will play in treating atrial fibrillation patients around the world,” said Jan Keltjens, president and CEO of CryoCath. “This offer delivers significant value. Joining forces with Medtronic at this stage in our development will dramatically expand our reach and accelerate innovation to the benefit of patients today and tomorrow.” The offer price represents a 97 percent premium to the closing price of the common shares of CryoCath on September 24, 2008, the last trading day prior to the announcement of the offer and a 93 percent premium to the volume weighted average trading price of the shares for the last 20 trading days. The agreement was entered into following the completion of due diligence and negotiation during an exclusivity period and provides for, among other things, a non-solicitation covenant on the part of CryoCath, subject to “fiduciary out,” superior proposal and right-to-match provisions and the payment of a $13.6 million Cdn break-up fee in certain circumstances. Medtronic’s offer to purchase is subject to the tender of at least 66 2/3 percent of CryoCath’s outstanding common shares on a fully diluted basis. The closing of the transaction is also subject to regulatory clearance and other customary conditions. A take-over bid circular containing the terms of the offer and additional information regarding the offer, as well as a directors’ circular describing the background to the offer, will be mailed to CryoCath shareholders in the near future. Once mailed, these documents will also be available on the SEDAR website at www.sedar.com. Asanté Partners is the financial advisor to the Board of Directors of CryoCath and legal counsel to CryoCath is Davies Ward Phillips & Vineberg LLP. Medtronic is being represented by Stikeman Elliott LLP. About CryoCath CryoCath - www.cryocath.com - is a medical technology company that leads the world in cryotherapy products to treat cardiac arrhythmias. With annual sales in excess of $40 million Cdn, its products are routinely used in more than 500 centers around the world. The Company’s flagship product, Arctic Front, is a minimally invasive cryo-balloon catheter designed specifically to treat Atrial Fibrillation, an emerging $2 billion market opportunity. Marketed in Europe and the subject of a pivotal study in the United States, Arctic Front has been used to treat approximately 3,100 patients. About Medtronic Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology – alleviating pain, restoring health, and extending life for millions of people around the world. | | |
Natural Resource Group Opens Office in Calgary
Natural Resource Group, LLC (NRG) has opened its first Canadian office in Calgary, Alberta, to assist clients developing and operating energy infrastructure facilities in western Canada. Managing the office is Philippe Reicher, who was previously the Director of External Relations at a local midstream energy company. Reicher began his career more than 20 years ago, building public affairs expertise throughout the Canadian energy industry. From the NRG Calgary office, he will pursue public affairs opportunities that leverage his extensive knowledge and background in Canadian public consultation. ”The decision to commit to the Canadian energy market came easily,” said Joe Reinemann, President of NRG. “We have existing clients in the Calgary area expressing a desire to utilize our services in both Canada and the US. That, paired with the strong projections for the energy industry, has confirmed that opening an office in Calgary is a good strategic move for NRG.” NRG’s Calgary office brings extensive knowledge of the Canadian energy sector, regulatory requirements and stakeholder expectations. That knowledge and experience coupled with NRG’s client-focused approach will benefit existing and new clients. The Calgary office currently offers specialized services, including consultation and awareness compliance programs; media relations; crisis management; Aboriginal, community and government relations; issues advocacy and material development. NRG was founded in 1992 and has distinguished itself from other environmental consulting firms by focusing solely on energy projects. The Calgary office, Natural Resource Group Canada, Ltd., is a wholly owned subsidiary of Natural Resource Group, LLC. NRG is the market leader in providing public affairs support, environmental permitting and compliance services for thousands of miles of natural gas, crude oil, and refined products pipelines. NRG also works on new and expanded gas storage facilities, including LNG terminals, and services the growing electric utility sector. Additionally, NRG provides environmental permitting services to the biofuels and renewable industry primarily related to air quality and water supply development. NRG emphasizes high quality and expert service, with experience that is always relevant and specifically focused. NRG’s team of more than 200 consultants serves clients collaboratively from offices in Minneapolis, Houston, Denver, Providence, Charlotte, Baton Rouge, Portland, Las Vegas, Anchorage and Calgary. To learn more, please visit www.NRG-LLC.com or call (612) 347-6789. | | |
Alberta's New Scientific Research & Experimental Development Credit
To encourage investment in research and development and make Alberta a more attractive option for knowledge intensive companies a new tax credit has been announced. Alberta’s Scientific Research & Experimental Development (SR&ED) credit will be effective for all expenditures incurred after December 31, 2008 that are also eligible for the federal SR&ED Credit. Eligible activities can include experimental development, applied research, basic research, and support work. The credit will be worth 10% of a company’s eligible expenditures up to $4 million. The credit will be refundable for all companies. The combined federal and provincial credit rate is for large Canadian and foreign-controlled corporations is 28%. | | |
Minnesota Based Highjump Software Buys Canada's BelTek Systems
HighJump Software has bought a Canadian tech firm that helps business manage product deliveries. Eden Prairie-based HighJump didn’t disclose terms of its deal to buy BelTek Systems Design, based in Moncton, New Brunswick. However, the company said the deal will bolster its presence in the food and beverage market and help it tap into new businesses, such as the delivery of ice, uniforms and linens. The acquisition also will help HighJump expand further into Europe, the company said in a press statement. HighJump makes software that companies use to track inventory. Maplewood-based 3M Co. bought the company in 2004, but sold it earlier this year to Battery Ventures, a Boston-based venture capital firm, for about $84 million. BelTrek has about 50 customers, though HighJump didn’t disclose its revenue. | | |
Pepsi to Buy Alberta Snack Food Firm
Food and beverage behemoth PepsiCo Inc. has agreed to buy Alberta-based sunflower- and pumpkin seed-making king Spitz International Inc. in a bid to add healthier fare to its snack lineup. Terms of the deal weren't disclosed but PepsiCo is working toward a closing date of Dec. 1 for the privately held company, officials said. Tom Droog, who started Spitz along with his wife, Emmy Droog, in 1982, was tight-lipped about the deal. "The only thing I can say financially is that Stephen Harper and the tax department will be very happy and I hope they are going to send me a thank-you note," he said. Spitz is Canada's leading sunflower seed and pumpkin seed company, with annual sales of more than $30 million. Initially started in 1982 as Alberta Sunflower Seeds Ltd. supplying the the local bird seed market, the Droogs vaulted to the forefront of consumer snacking success in 1990 when they introduced Spitz, a line of roasted confection sunflower seed snacks for humans. Today, Spitz product is sold in about 60,000 stores in Canada and approximately 30,000 stores in more than 40 states in the U.S. Under the deal, Spitz will continue its Canadian operations, consisting of a production facility in Bow Island and distribution centre in Medicine Hat, and report into Frito-Lay North America. Spitz employs about 70 people. Marc Guay, president of Frito-Lay Canada, said the sunflower seed category is a natural extension of the corporation's snacking-brand portfolio and caters to the whole health and wellness trend "which we're really kind of a leader in." Frito-Lay, a PepsiCo company, recently introduced True North nut snacks and also makes Doritos. "Spitz is a brand that we've admired for a long time," he said. "We have a small sunflower business at Frito-Lay but realistically we like to be the leader in the categories we compete in, and this partnership allows us to become the overnight leader in the category." Frito-Lay won't be making any changes to Spitz's processing, brand or the variety, Guay added. Spitz sunflower seeds come in salted, seasoned, dill pickle, spicy, chili lime and smokey bbq, while the pumpkin seeds are available in salted, seasoned and dill pickle. The seeds are roasted using Spitz's own patented process. "The only change that I think we'll see is because of the extent of our distribution network at Frito-Lay, the Spitz brands both in Canada and other parts of North America will get a lot more exposure," Guay said. Droog agreed the deal will take the Spitz brand to the next level, which has been the entrepreneurial couple's long-term goal for the business they literally built from the ground up. "I'm thrilled now that they will bring the name Spitz to worldwide levels, and now I can say instead of the Spitz owners, we are the Spitz founders," Droog said. Droog said PepsiCo approached him and Emmy about selling last year. "When a Fortune 500 company comes to you and is interested in the organization, it tells you two things: that you have some value there and . . . you must be running a good show, otherwise they wouldn't come," he said. Droog said he and Spitz vice-president Myles Hamilton will stay on. Guay said Droog is very keen on having the Spitz brand and the couple's legacy live on. "We both thought that the partnership between Frito-Lay and PepsiCo and Spitz would allow him to do that," Guay said, noting the corporation has a tradition of doing just that, having acquired brands like Miss Vickies, Stacy's Pita Chips and Hostess brands. | | |
Trans Canada Posts 20 Percent Increase in Third Quarter Profits
TransCanada, the Calgary, Alberta-based company that has two pipeline projects that would carry tar sands crude oil underneath South Dakota, posted a 20 percent increase in third-quarter profits, the company’s president said Tuesday. TransCanada’s board of directors declared a quarterly dividend of 36 cents per common share for the quarter ending Dec. 31. Net income for third quarter was $390 million Canadian, or 67 cents per share, compared to $324 million Canadian, or 60 cents per share, for the same period in 2007.
“TransCanada’s strong third-quarter financial results demonstrate our ability to generate significant, sustainable earnings and cash flows from our growing portfolio of high-quality energy infrastructure assets,” said Hal Kvisle, TransCanada’s president and chief executive officer. “We continue to focus on delivering significant enduring value to our shareholders from a growing portfolio of large scale assets that include the recently acquired Ravenswood Generating Station in New York City, the restart program at Bruce Power in Ontario and the Keystone Pipeline system that will deliver Canadian crude oil to U.S. Midwest and U.S. Gulf Coast markets.”
Keystone Phase I is a 2,148-mile pipeline that would carry 590,000 barrels of crude oil daily through its 30-inch-diameter pipe from Hardisty to a refinery in Wood River, Ill., and storage and distribution centers in Patoka, Ill., and Cushing, Okla.
Keystone Phase II would run in a diagonal route from Alberta to northern Nebraska, where it would turn south to the Gulf Coast and meet up with the first phase of the Keystone project in Steele City, Neb.
Keystone Phase II would cost about $7 billion and would raise the project's total investment cost to about $12.2 billion.
Site work has begun in South Dakota on Keystone Phase I. Phase II construction is set to begin in 2010.
| | |
Nanocopoeia Licenses New Polymer-Based Biomaterials Platform from The University of Western Ontario
The creative deal structure builds a bridge between Minnesota's thriving life sciences industry and WORLDiscoveries™, the new technology transfer entity led by Western and Lawson Health Research Institute, and follows on the launch of their first partnership venture, NanoInterventions, at BIO International. Following the launch at BIO International in San Diego of NanoInterventions, their cardiovascular joint venture partnership, Nanocopoeia and WORLDiscoveries™ are pleased to announce their broader agreement to co-develop the biomedical uses of arborescent polyisobutylene-based block copolymers. Nanocopoeia, a drug delivery company specializing in therapeutic coatings for medical devices, will lead the development effort and WORLDiscoveries™ will participate as a partner in the market-targeted applications. The agreement includes an exclusive world-wide license, for all biomedical fields of use, for the polymer system that is the subject of US Patent No. 6,747,098 (2004) and nine other international issued patents. Arborescent polyisobutylene-based block copolymers are branched polymers with unique properties for biomedical use. A major market opportunity is their use as a drug-eluting coating for medical devices such as coronary stents. When applied using Nanocopoeia's proprietary ElectroNanospray™ process, the polymer provides a highly controllable matrix for drug delivery and has excellent physical properties. For other applications, such as tissue implants, this family of polymers has many attributes in common with silicone materials but without the need of the additional chemicals that are required to formulate silicone-based devices. Judit E. Puskas, PhD, P.Eng, led the team at Western that invented the family of polymers based on arborescent polyisobutylene. She held the Bayer/NSERC (Natural Science and Engineering Research Council of Canada) Industrial Research Chair at Western between 1998 and 2003, and is now Professor of Polymer Science at The University of Akron in Ohio. Dr. Puskas commented, "This polymer system has enormous flexibility in the way it can be applied, while remaining totally stable. That, together with the favorable biocompatibility profile of its building blocks, makes it an ideal interface with body tissues." Dr. Puskas will participate in the joint development program. Nanocopoeia's drug delivery and coating technology uses the proprietary ElectroNanospray™ process to apply nanoparticle-based coatings. The unique process, which originated at the University of Minnesota, generates nanoparticles made of drugs and polymers and assembles them into films with controllable delivery. The National Science Foundation's research funding has played an important role in launching the collaboration. The commercial development of Nanocopoeia's ElectroNanospray™ technology for biomedical applications has been supported through multiple SBIR Phase II and supplemental awards from the NSF Division of Industrial Innovation and Partnerships. In the course of that research, the Company's search for novel coating polymer systems led them to Dr. Puskas, resulting in the ongoing productive collaboration. Dr. Puskas' research is supported by the NSF Division of Materials Research. Nanocopoeia's CEO, Robert A. Hoerr, MD, PhD, said, "Based on our success in working with this polymer system, we believe it will have applicability for a broad range of biomedical uses." He further commented that a first use of the polymer has been as a prototype drug-eluting stent coating based on arborescent polyisobutylene-block-polystyrene (abbreviated arbIBS) used by the joint venture NanoInterventions for its Mouse Stent Model. He continued, "Given the strong interest that NanoInterventions' Mouse Stent Model generated at BIO, we believe the polymer will be a key element in helping us to define next generation of stent-delivered therapies." NanoInterventions is a joint venture partnership that is launching the first rapid screening model for new coronary stent coatings, using a genetically modified mouse strain with human-like atherosclerosis, a mini-stent, and experimental coatings on the stent. Joint venture partners other than Nanocopoeia and Western include Stentome, LLC, an interventional cardiology company based in Palo Alto, CA, Oxford, UK, and Galway, Ireland, and The Integra Group, a medical research organization based in Brooklyn Park, MN, that provides a full range of preclinical and clinical development services. NanoInterventions was a featured company in the Positively Minnesota pavilion in the BIO International exhibition hall, from June 17-20, 2008. With annual research expenditures of more than $223 million and an international reputation for success, The University of Western Ontario ranks as one of the top ten research-intensive universities in Canada. Offering Canada's best student experience among its peers, Western and its affiliated research institutes provide a culture that encourages entrepreneurial research and innovation. WORLDiscoveries™ is a joint venture between Lawson Health Research Institute and The University of Western Ontario, including Robarts Research Institute, that capitalizes on the institutions' combined research strengths related to medical and health-related sciences, energy and the environment and new materials. The London region is recognized as a national leader in these key areas, and the city has identified them as opportunities for further growth. Rob Herold, Associate Director of Western's Industrial Liaison Office, commented, "The innovative structure of our licensing partnership with Nanocopoeia lets us participate in the evolving healthcare applications of this polymer platform. WORLDiscoveries™ was structured to enable us work with highly entrepreneurial companies like Nanocopoeia and share in their upside potential, in addition to the standard licensing process that we have traditionally used. We have great confidence both in the technology and in our new partner." | | |
| Canadian Conferences & Events |
Construct Canada
With over 1100 exhibits, Construct Canada will be held concurrently with HomeBuilder & Renovator Expo, PM Expo, Concrete Canada, and DesignTrends featuring the very latest in products, technologies, best practices and applications for the design, construction, operation, retrofit, and renovation of all types of buildings. Featuring over 450 speakers, the seminar program will focus on a wide range of educational sessions on improving project delivery and smart business practices, leading edge technology for project design, green buildings, building environments and performance, building envelope solutions, legal, regulatory and risk management, professional and personal skills development, and design trends for building interiors. More than 23,000 visitors attended the Show in 2007 including architects, builders, contractors, engineers, specifiers along with building owners, facility managers, property managers, and interior designers. This year’s National GreenBuilding Conference will focus on innovations and best practices for designing and building of energy efficient and higher performance commercial, residential and institutional buildings. Leading green building experts will provide you with insight into new technologies, cost management strategies and project delivery models that will enable you to successfully achieve your environmental and greening objectives. Click here for more information on the National GreenBuilding Conference. Hundreds of international visitors attend the Show to learn more about Canadian technology, products, services and building systems and construction techniques, and to meet and make contact with leading Canadian suppliers. The International Business Program has established valuable partnerships and relationships for Canadian manufacturers and service providers with international clients. Construct Canada will provide you with a unique once-a-year opportunity and a considerable amount of information, all at one place, at one time. You will be able to make valuable contacts and learn about new products, innovations, and market opportunities for 2009. | | |
Construct Canada
With over 1100 exhibits, Construct Canada will be held concurrently with HomeBuilder & Renovator Expo, PM Expo, Concrete Canada, and DesignTrends featuring the very latest in products, technologies, best practices and applications for the design, construction, operation, retrofit, and renovation of all types of buildings. Featuring over 450 speakers, the seminar program will focus on a wide range of educational sessions on improving project delivery and smart business practices, leading edge technology for project design, green buildings, building environments and performance, building envelope solutions, legal, regulatory and risk management, professional and personal skills development, and design trends for building interiors. More than 23,000 visitors attended the Show in 2007 including architects, builders, contractors, engineers, specifiers along with building owners, facility managers, property managers, and interior designers. This year’s National GreenBuilding Conference will focus on innovations and best practices for designing and building of energy efficient and higher performance commercial, residential and institutional buildings. Leading green building experts will provide you with insight into new technologies, cost management strategies and project delivery models that will enable you to successfully achieve your environmental and greening objectives. Click here for more information on the National GreenBuilding Conference. Hundreds of international visitors attend the Show to learn more about Canadian technology, products, services and building systems and construction techniques, and to meet and make contact with leading Canadian suppliers. The International Business Program has established valuable partnerships and relationships for Canadian manufacturers and service providers with international clients. Construct Canada will provide you with a unique once-a-year opportunity and a considerable amount of information, all at one place, at one time. You will be able to make valuable contacts and learn about new products, innovations, and market opportunities for 2009. | | |
Study in Canada
The Canadian Embassy in Washington, D.C. developed ConsiderCanada.org, a web resource designed to provide information on Canadian universities to students in the U.S. ConsiderCanada.org offers students several unique features, including a blog with relevant news updates; a U.S. student ambassador page with profiles of current Americans in Canada; important information on the application and funding process; and links to other helpful resources. We encourage you to visit ConsiderCanada.org and recommend it to friends, family and colleagues who may be interested in learning more about academic opportunities in Canada. When you're considering universities, think outside the country and Consider Canada! | | |
Connect 2 Canada.com
Connect 2 Canada is a network for Canadians and friends of Canada in the U.S. to get information on current events and news from Canada. Canadians living in the U.S. can sign up to receive email notices from the Canadian Embassy in Washington on a range of topics -- Canadian news, arts, letters from the Ambassador, Canadian events in your area, just to name a few. To become a member of the Connect2Canada network go to www.connect2canada.com and complete the form to sign on to the email list as well as to provide feedback on what is of interest to you. | | |
| Important notice
Department of Foreign Affairs and International Trade is committed to respecting the privacy rights of individuals who participate in on-line program activities. Participation in the Department of Foreign Affairs and International Trade E-newsletter Program is voluntary and you may unsubscribe or opt-out of this mailing at any time. Whether your contact information was received via e-newsletter subscription form or indirectly (receipt of a business card during an event), you should be aware that this information is being collected and used for the purpose of administering this Program. An invitation contact list could be developed from this data and used to seek your participation at appropriate events. It will not be linked with any other databases nor will it be used for any other purpose without first obtaining your explicit consent. Also, you should know that the E-Newsletter data is used to assist us to better understand your needs. Your personal information is protected from disclosure to unauthorised persons/agencies pursuant to the provisions of the Privacy Act. You should also know that third party commercial information may be subject to requests under the Access to Information Act, but that no information will be released without first consulting with you.
|
