The province is investing $10 million in a new venture capital fund which will provide seed capital for companies in the early stages of pharmaceutical and medical developments.

Western Life Sciences Venture Fund (WLS Fund) will invest in companies that develop pharmaceutical, biological and neutraceutical products, and medical devices. Crown Investments Corporation (CIC) will invest $7 million in the fund and the Saskatchewan Opportunities Corporation (SOCO) $3 million.

"There is great potential for growth in the commercialization of health research in Saskatchewan," Crown Investments Corporation Minister Maynard Sonntag said. "Our health research companies will now have more access to the early stage investment capital which is critical to moving discoveries from the lab to the path of commercial development."

The fund will be managed by WLS Management Ltd. of Winnipeg and focus on Saskatchewan and Manitoba. It will establish an office in Saskatoon and invest a minimum of $7 million in Saskatchewan based companies.

"One of the biggest challenges faced by companies involved in health research is finding venture capital in the initial stages of developing products and services," Sonntag said. "It has been especially difficult for Saskatchewan companies located far from traditional sources of venture capital in central Canada. We now have a fund that will invest in companies based in our province and help bring their products to market."

The WLS Fund is being established with $45 million from its founding investors. It is expected to grow to $90 million over the next four years.

Ted Boyle
Crown Investments Corporation
Regina
Phone: (306) 787-9039