AmorChem, a Quebec, Canada-based life sciences venture capital fund, received a $6.8m investment from Merck Canada.
AmorChem, which was established by the Quebec government, Fonds de solidarité FTQ and various supporters, plans to invest in promising early-stage therapeutic, diagnostic and medical device projects research initiatives and technologies in the life sciences to give them the necessary resources to advance research projects toward licensing or commercialization.
It will also create opportunities to keep top researchers in Quebec, including seven former employees of Merck Canada.
As stated by President Louis Lacasse, AmorChem will fund very early-stage therapeutic, diagnostic and medical device projects in order to rapidly reap the commercial benefits of the bustling academic R&D going on in the province.
Last month, Merck made a $5m investment in the Quebec Consortium for Drug Discovery (CQDM), an organization supporting early-stage biopharmaceutical research in Quebec.