Introducing BioVOS: a new biomedical company based on UPEI technology
The University of Prince Edward Island celebrated today the launch of a new contract research company based partly on UPEI technology. Bio-valuation Outsourcing Solution (BioVOS) provides services to the pharmaceutical industry to test new drugs and treatments for neuro-inflammatory, metabolic, and cardiovascular disorders, including stroke and heart disease.
'Pharmaceutical companies face real challenges when bringing a new drug to market,' says Dr. Tarek Saleh, Professor of Biomedical Sciences at UPEI's Atlantic Veterinary College and CEO of BioVOS. 'Drug development takes up to 15 years with a success rate of just one in five thousand at an average cost of more than a billion dollars. Contract research organizations, such as BioVOS, can help streamline that process and make it more affordable.'
BioVOS has exclusive agreements in place to use more than one hundred in vivo and in vitro research models and techniques developed by the Atlantic Centre for Bioactive Valuation (ACBV) and other partners. The research of ACBV was made possible by generous funding from Innovation PEI and the Atlantic Canada Opportunities Agency (ACOA).
Three Oaks Innovations Inc., the commercialization arm of the University of Prince Edward Island, helped navigate the partners involved in BioVOS toward today's business launch.
'We are excited to have been a part of the process that led to this deal,' said Sophie Theriault, Managing Director of Three Oaks Innovations Inc. 'BioVOS' scientific expertise, mixed with the state-of-the-art, SPF- equipped facilities will provide pharmaceutical clients with efficient and high-quality reporting. This is an exciting venture for Prince Edward Island.'
'BioVOS is the result of the collaboration and excellence built on the UPEI campus between the Atlantic Veterinary College and the NRC-INH,' said Dr. Katherine Schultz, UPEI's Vice-President of Research. 'With the help of Three Oaks Innovations Inc., the expertise of UPEI is making a real contribution to future Island prosperity.'
'I want to congratulate Dr. Saleh for this exciting achievement,' said Dr. Alaa Abd-El-Aziz, President of UPEI. 'This is our fourth spin-off company from UPEI, and our second in the last 18 months. We're turning research into commercial output at a rate twice that of any other post-secondary institution in Atlantic Canada.'
