EDMONTON, Alberta, June 27, 2017 (GLOBE NEWSWIRE) -- TEC Edmonton and pharmaceutical company Merck Canada Inc. are partnering up to create a business incubator connecting Alberta-based health technology companies to the health research expertise of Merck. The goal is to create an accessible entry point for health-focused startup companies to connect with industry and Alberta’s healthcare system.
The partnership is part of the Alberta Merck Innovation in Health Fund (AMI in Health Fund), a larger collaboration between Merck Canada, the University Hospital Foundation and the Government of Alberta Ministry of Economic Development and Trade.
“Merck Canada’s expertise will provide a great asset for startup companies operating in Alberta’s health innovation space,” said TEC Edmonton CEO Chris Lumb. “We look forward to working with Merck going forward.”
“Working in partnership with TEC Edmonton to provide both scientific expertise and funding to this new business incubator will help propel Alberta-based, health-focused startups to new heights, all the while fostering the innovation, entrepreneurship and competitiveness of the region,” said Mr. Chirfi Guindo, President and Managing Director of Merck Canada Inc. “This type of collaboration with promising, key players is essential to the future of the health sector, as we work together to provide meaningful benefit to patients.”
“Alberta’s health innovators are making our province proud – attracting international attention and investment. By supporting our researchers and entrepreneurs to create new products and businesses based on Alberta discoveries, we’re creating healthier lives for people around the world – and new jobs and a more diversified economy here at home,” stated Deron Bilous, Minister of Economic Development and Trade.
About TEC Edmonton
TEC Edmonton is a business accelerator that helps emerging technology companies grow successfully. As a joint venture of the University of Alberta and Edmonton Economic Development Corporation, TEC Edmonton operates the Edmonton-region’s largest accelerator for early-stage technology companies, and also manages commercialization of University of Alberta technologies. TEC Edmonton delivers services in four areas: Business Development, Funding and Finance, Technology Management, and Entrepreneur Development. Since 2011, TEC clients have generated $680M in revenue, raised $350M in financing and funding, invested $200M in R&D, grown both revenue and employment by 25 per cent per year and now employ over 2,400 people in the region. In addition, TEC has assisted in the creation of 22 spinoff companies from the University of Alberta in the last four years.
TEC Edmonton was named the 4th best university business incubator in North America by the University Business Incubator (UBI) Global Index in 2015, and “Incubator of the Year” by Startup Canada in 2014. For more information, visit www.tecedmonton.com.
About Merck Canada Inc.
For over a century, Merck, a leading global biopharmaceutical company known as MSD outside of the United States and Canada, has been inventing for life, bringing forward medicines and vaccines for many of the world’s most challenging diseases. Through our prescription medicines, vaccines, biologic therapies and animal health products, we work with customers and operate in more than 140 countries to deliver innovative health solutions. We also demonstrate our commitment to increasing access to health care through far-reaching policies, programs and partnerships. Today, Merck continues to be at the forefront of research to advance the prevention and treatment of diseases that threaten people and communities around the world - including cancer, cardio-metabolic diseases, emerging animal diseases, Alzheimer’s disease and infectious diseases including HIV and Ebola. For more information about our operations in Canada, visit www.merck.ca and connect with us on YouTube and Twitter @MerckCanada.