UPEI licenses new technology to PEI bioscience company
The University of Prince Edward Island (UPEI) today signed a licensing agreement with PEI bioscience company Nautilus Biosciences Canada Inc. for UPEI-developed technology to extract anti-inflammatory agents from sea coral. The deal has the potential to create millions of dollars in benefits to the University, and Nautilus Biosciences Inc.
'This is a truly exciting day for us at UPEI,' says Dr. Katherine Schultz, UPEI's Vice-President of Research and Development. 'This agreement allows UPEI and Nautilus to share in revenue generated by this ground-breaking technology. It is an exciting partnership for us, and one I am sure will benefit Nautilus, the University, and the Island's future prosperity.'
Today's agreement is UPEI's first-ever licensing agreement with an outside body. It licenses patented technology created in the lab of Dr. Russell Kerr, Professor of Chemistry at UPEI, and Canada Research Chair in Marine Natural Products to Nautilus Biosciences Canada Inc. - a company of which Dr. Kerr is CEO.
'For many years, certain species of sea coral and sponges were known to contain compounds with anti-inflammatory properties,' says Dr. Kerr. 'We were able to determine that the compounds actually exist in the bacterium growing on the corals. This discovery allows us to ferment the bacterium in a lab, and produce the anti-inflammatory compounds in larger quantities without having to go back to the sea to harvest more material.'
The compounds, known as pseudopterosins, have immediate applications in skin creams and other cosmetics, but have potential to be useful in prescription and over-the-counter medications. Nautilus Biosciences will use Dr. Kerr's technology to increase production to a commercially viable level.
Today's agreement was facilitated and negotiated by Three Oaks Innovations, Inc. - the independent spin-off company of the university with the mandate of assisting university-created technologies and innovations make their way into real-world business applications.
'Three Oaks has worked hard to make this deal happen. We are excited to have been a part of initiating the process and coordinating the follow-through that led to this deal,' says Sophie Theriault, Director of Technology Transfer and Commercialization Coordination at Three Oaks Innovations. 'This is technology that will have a real impact on the economy of Prince Edward Island. UPEI, through commercialization partnerships such as this one, is a key player in the province's economic development and sustainability. The potential of this agreement is really limitless.'
Dr. Kerr's lab employs 26 people, and Nautilus employs another six.
