(OAKVILLE, Ontario) February 22, 2022 – FORUS Therapeutics, a Canadian biopharmaceutical company dedicated to advancing differentiated, novel medicines for hematologic malignancies and other forms of cancer, today announced it has secured $2.5M CAD in growth capital from Silicon Valley Bank. FORUS Therapeutics officially launched in January 2021, bringing a new pharmaceutical company onto the Canadian landscape. With a highly-experienced and proven team, an FDA-approved product already in its pipeline, and significant financial investment secured, the Toronto-based company was created to bring innovative cancer therapies to Canadian patients, new treatment options for caregivers and physicians, and in the future, be a preferred partner for emerging Canadian-based research companies.
This funding supports FORUS as the company advances the commercialization of important treatment options for adults with Multiple Myeloma and other cancers. Multiple Myeloma is the second most common blood cancer. Every year, 3,400 Canadians are diagnosed with Multiple Myeloma, and sadly 1,600 die from the disease.
“We are excited to work with a financial partner like Silicon Valley Bank who understands the needs of a fast-growing company like ours,” said Kevin Leshuk, CEO of FORUS Therapeutics. “The team at SVB took the time to truly understand our business and our unique opportunity. This is a great step forward in delivering solutions to address our working capital requirements today and for the future.“
“This debt agreement demonstrates our confidence in the FORUS leadership team, their broader business strategy, and their ability to advance game-changing cancer treatments,” said Anne Woods, Managing Director of Life Sciences and Healthcare at Silicon Valley Bank.
About FORUS Therapeutics
FORUS Therapeutics is a Canadian biopharmaceutical company dedicated to advancing differentiated, novel medicines for hematologic malignancies and other forms of cancer. Our mission is to accelerate access to unique and important treatments that meaningfully enhance life for Canadian cancer patients.
About Silicon Valley Bank
Silicon Valley Bank helps innovative companies and investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centres around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators.
Learn more at svb.com/canada