By IAN ROSS
Two years after famed biotechnology guru and best-selling author Juan Enriquez spoke at a Thunder Bay conference, Bob Thayer’s brain is still buzzing about the event.
“His vision of things, just the way he thinks is just amazing,” says the CEO of Genesis Genomics, a privately-owned research and development firm.
Enriquez, a close associate of Craig Venter, the father of molecular biology, told Thayer he saw great opportunity for Thunder Bay during his 2005 visit.
When Thayer assesses his city’s biotech potential, he takes his cue from Enriquez who talked about how the natural-based economies of the world are all faltering and are in deep trouble. But countries that have invested in a knowledge-based economy and education have all fared well and are now leading global players.
“The lesson is there to be learned.”
This year, Thayer’s five-year-old company is going commercial with a recent landmark deal to bring one of their cancer bio-market products to market.
Their exclusive agreement with VitalScience Corp. to manufacture and market a two-step DNA skin test has seven years in the making and is the first major commercial breakthrough for the Thunder Bay biotech firm.
The Skinphysical test determines ultraviolet damage to a person’s skin over a person’s lifetime. The product will be rebranded as DermaDNA and is expected to hit the drug store shelves in September 2008.
A Thunder Bay lab will be selected to test thousands of DNA swabs expected to come into the city.
VitalScience produces a line of skin care products exported to 25 countries.
No financial details were disclosed.
Though little known by outside of the biotechnology field, Genesis Genomics is considered a world leader in the development of biomarkers.
Those are DNA detection devices that pinpoint the onset of cancer and other diseases before symptoms appear.
Stepping in last summer to help seal the VitalScience deal was Bob Poulter, Genesis Genomics newly appointed president and chief operating officer.
After spending 13 years with IBM, including six in Southeast Asia, Poulter returned to his hometown to take the privately-held company to the commercialization stage and market their coming suite of DNA care products.
In an encouraging story of in-migration, Poulter’s decision to return to Thunder Bay was based on family and lifestyle.
Thayer calls his arrival on the scene “serendipitous.” Poulter’s international experience in sales and marketing, and negotiating skills added a much-needed business element to the 18-employee firm.
“It was not our expertise,” says Thayer. “We’re all science people.”
Poulter says it’s important to emphasize the value proposition in their products marketing to the end-user and consumers about how these products will benefit people’s lives.
Genesis Genomics will retain intellectual property rights and the company has made the decision to commercially licence their products to relevant companies in the field.
Poulter says he’ll focus on the company’s fundamental strength in R & D.
“The risk of becoming more than that at this stage is too great because the investments are massive.”
Their commercial strategy is to engage global companies to develop partnerships for market-ready products.
“There’s no limitations to the size of this company and the bio-marker discovery platform to generate new products,” says Poulter.
The global market for cosmetics, photo-aging, skin screening products is $70 billion.
Both Thayer and Poulter are reluctant to say if they’ll ever take the firm public, though it’s an option.
In branding Thunder Bay as a biotechnology cluster, Thayer says it’s impressive with what’s been accomplished in the last five years with companies like Molecular World, Lakehead University’s upcoming Ph D progra
m in biotechnology and especially the Molecular Medicine Research Centre now under construction.
The $44.1 million project will be managed as a joint venture partnership between Thunder Bay Regional Health Sciences Centre, Sunnybrook Health Sciences Centre, with the involvement of private partners such as Philips Medical Systems.
The economic impact on the Thunder Bay area is estimated to be between $92 million and $110 million over five years and is projected to lead to 205 full-time knowledge-based jobs, and an additional 400 to 600 spin-off jobs across the region.
Thayer says the community’s future is in molecular biology for forestry and other industries.
“When you look at that five to six year period how much is occurring in Thunder Bay and how much it’s changing the landscape, I honestly think in 10 years time you won’t recognize Thunder Bay.”
But more can always be done.
Thayer wants to see a venture capital fund established in Northern Ontario to allow home-grown entrepreneurs and post-secondary grads to create similar start-ups.
“There has to be an aggressive fund where venture capitalists...can invest in risk ventures like biotechnology always is.
“The key is always to take care of business in the North, rather than relying on outsiders and government to solve problems,” says Thayer.
