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AHFMR News

New Funding Boost to Accelerate Commercialization

(Edmonton, AB) February 21, 2007... The Alberta Heritage Foundation for Medical Research (AHFMR) and TEC Edmonton and are pleased to announce new funding to help move Edmonton inventions closer to the marketplace.

“TEC Edmonton is dedicated to assisting local innovators access the resources and expertise needed to transform research-based technologies into beneficial products and services,” said David Cox, CEO of TEC Edmonton. “By combining the commercialization expertise of TEC Edmonton with vital development funding from AHFMR, we can build stronger pre-commercial foundations that will translate into better Alberta-based ventures.”

The initial funding in 2007 from AHFMR to TEC Edmonton is $105,000. TEC Edmonton will administer allocation of funds to selected qualified pre-commercial technologies for activities such as technology evaluation, market research, intellectual property protection, marketing and proof-of-principle development.

“AHFMR is committed to our long-term partnership with TEC Edmonton. This funding will enhance TEC Edmonton’s ability to strengthen the commercialization opportunities for innovations arising from the excellent research in the region, centred at the University of Alberta,” said Dr. Kevin Keough, AHFMR’s President and CEO.

Funding for the pre-commercialization activities is provided through AHFMR’s ForeFront Program, which supports people applying research knowledge into new medical and health products and services. This funding further demonstrates AHFMR’s commitment to providing balanced support for the generation and the application of knowledge that leads to improved health.

For more information call Jason Darrah, TEC Edmonton Communications Manager, at (780) 490-5645.

The new funding, from AHFMR, of $105,000 in 2007 will be administered by TEC Edmonton. The amount of investment awards is expected to be between $5,000 and $20,000. Successful awards for qualified research-based technologies will be used for activities that include:

  • protecting intellectual property (i.e. patents);
  • exploring market opportunities;
  • conducting market assessments;
  • completing product marketing initiatives;
  • conducting technical feasibility evaluations;
  • developing business opportunity strategies;
  • offsetting out-of-pocket due diligence expenses (travel, conference and trade show fees, legal fees); and/or
  • recovering prototype development/design expenses.

TEC Edmonton provides access to expertise, resources and connections to help inventors, entrepreneurs and investors succeed in technology-based ventures.

TEC Edmonton is a joint venture of the University of Alberta and the City of Edmonton, through Edmonton Economic Development Corporation. TEC Edmonton strives to help local innovators share beneficial technologies with society, while also capturing economic benefits in the region. TEC Edmonton’s core programs are Technology Transfer, JumpStart Company Development, VenturePrize, Alberta Deal Generator and the TEC Centre/Research Transition Facility. For more information, visit: www.TECedmonton.com.

AHFMR’s ForeFront program supports people who are developing new technologies that will lead to improved health of Albertans and contribute to the diversification of the economy in Alberta. ForeFront supports career, industry and innovation development through its numerous programs including training, education, and pre-commercialization support.

Since 1985, ForeFront has provided more than $23 million in funding to researchers and innovators who have undertaken almost 300 commercialization projects. For more information about AHFMR, visit www.ahfmr.ab.ca/forefront/.