Emerging Technology, Government Business
Globenewswire | July 04, 2023
The Government of Canada has announced its intent to lead the fight against cancer at home and around the world with funding announced today that will support the development of a medical isotope ecosystem in Canada. The partnership includes Indigenous communities, Ontario’s nuclear industry, and leading research facilities, academics, and firms working to commercialize novel therapies.
As part of the funding announced today at the Bruce Power Visitors’ Centre, the Saugeen Ojibway Nation (SON) will take the next step in their partnership with Bruce Power to jointly produce, advance and market new isotopes in support of the global fight against cancer, while also working together to create new economic opportunities within the SON territory.
This funding will ultimately enable a pan-Canadian consortium – the Canadian Medical Isotope Ecosystem (CMIE) – to advance and accelerate the development of the next generation of novel medical isotopes and technologies. The CMIE will position Canada as a leader across all stages of the isotope production cycle, most importantly to ensure cancer patients and health care professionals have access to the critical isotopes they need, when they need them.
“Canada is a world leader in medical isotope research and production, and Bruce Power is proud to be among the innovative companies that places Canada at the forefront of nuclear medicine,” said Mike Rencheck, Bruce Power’s President and CEO. “We are honoured to partner with the Saugeen Ojibway Nation to market isotope production and thank the federal government for its support in leveraging this historic opportunity, while creating sustainable economic benefits within the SON territory.”
The Hon. François-Philippe Champagne, Minister of Innovation, Science and Industry, advanced the funding to support projects that strengthen Canada’s leadership position in research, development and production of medical isotopes and pharmaceuticals.
“Our government is proud to partner in the creation of the Canadian Medical Isotope Ecosystem, which includes support for the SON First Nations communities’ partnership with Bruce Power to innovate in the fight against cancer,” said Minister Champagne. “The pandemic has shown us how important it is to have strong domestic production of pharmaceuticals, and we are delivering on our commitment to providing Canadians with the best therapies they need to care for their health. With this investment, we are making our country a major player in the global biomanufacturing and life sciences industry while creating good jobs for Canadians and stimulating the local economy.”
Pam Damoff, Parliamentary Secretary to the Minister of Public Safety and the Member of Parliament for Oakville North-Burlington, has been a strong advocate for Canada’s medical isotope sector, and announced the funding on behalf of Minister Champagne at today’s event.
“With this investment in the creation of the Canadian Medical Isotope Ecosystem, the Government of Canada is taking another major step towards building resiliency in our domestic medical production capabilities, which will help to ensure the health and safety of Canadians in the event of any potential future global supply chain disruptions,” said Damoff. “This investment will not only grow the economy, as the Ecosystem is expected to attract over $75 million in investment, and create or maintain over 600 highly skilled, well-paying jobs, but also contribute to economic reconciliation with the Saugeen Ojibway Nation.”
Bruce Power partnered with the SON in 2019 in an historic collaboration for the marketing of current and new isotopes produced through the first-of-a-kind Isotope Production System (IPS) that was installed at Bruce Power in 2022. The partnership, named Gamzook’aamin aakoziwin, which translates to ‘We are Teaming Up to Fight the Sickness,’ includes a revenue-sharing program that provides a direct benefit to the community.
“Today marks another important milestone in the Gamzook’aamin Aakoziwin partnership between Bruce Power and the Saugeen Ojibway Nation,” said Chief Veronica Smith, Chippewas of Nawash Unceded First Nation. “By working together, patients around the world have access to cancer-fighting treatments made possible through medical isotope production.”
“We are proud to be part of this innovative project, which will deliver benefits beyond the local community, to people across the world in the global fight against cancer,” said Chief Conrad Ritchie, Chippewas of Saugeen First Nation.
The Made-in-Ontario IPS, designed and installed by Isogen (a joint venture between Framatome and Kinectrics) at Bruce Power, irradiates ytterbium-176 to produce lutetium-177, which is then transported to ITM’s manufacturing facility in Germany for processing of pharmaceutical-grade, non-carrier-added lutetium-177 (n.c.a. lutetium-177) and used in various clinical and commercial radiopharmaceutical cancer treatments.
“With commercial production of lutetium-177 well underway at Bruce Power, physicians and their patients worldwide now have access to a new, dependable, large-scale supply of lutetium-177 for their cancer treatments,” said John D’Angelo, Chair, Isogen Corp.
The funding announcement was made possible through Innovation, Science and Economic Development’s Strategic Innovation Fund, which provides major investments in innovative projects that will help grow Canada’s economy for the well-being of all Canadians. The investment will help develop Canadian technologies and support advancements in Canada’s medical isotope industry, supporting projects at Bruce Power, TRIUMF, Centre for Probe Development and Commercialization, McMaster Nuclear Reactor, Canadian Nuclear Laboratories and BWXT Medical.
About Bruce Power
Bruce Power is an electricity company based in Bruce County, Ontario. We are powered by our people. Our 4,200 employees are the foundation of our accomplishments and are proud of the role they play in safely delivering clean, reliable nuclear power to families and businesses across the province and life-saving medical isotopes around the world. Bruce Power has worked hard to build strong roots in Ontario and is committed to protecting the environment and supporting the communities in which we live. Formed in 2001, Bruce Power is a Canadian-owned partnership of TC Energy, OMERS, the Power Workers’ Union and The Society of United Professionals.
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Government Business
PR Newswire | July 05, 2023
DroneShield Ltd has been awarded a follow-on 2-year R&D contract with a total value of $9.9 million by a Five Eyes Department of Defence (DoD). Approximately $4.5 million is due in the September and December 2023 quarters. Five Eyes refers to the defence/intelligence alliance between the US, Canada, UK, Australia and NZ.
The award follows DroneShield materially completing the $3.8 million contract announced 4 June 2021 with the DoD, with a final milestone payment expected this month.
Oleg Vornik, DroneShield's CEO, commented, "Follow-on contracts are the ultimate customer measure of our performance. As an Australian sovereign industrial capability business, DroneShield is proud and pleased to continue undertaking multi-year contracts of increasing size with this customer."
"This is the largest long-term contract received by DroneShield to date, significantly larger than the earlier, $3.8 million contract. The 2-year term locks in cash receipts over a period of time. Further larger contracts are anticipated following completion of this phase."
"In the current uncertain geopolitical environment, there is a significant focus by the Five Eyes Governments to procure from defence industrial capability champions within their network of countries. Having deep engineering and research capability, TRL9 products and a track record of working with Defence, places DroneShield in a favourable position for ongoing work."
Operational Update
Following a strong $7 million cash receipts 1Q23 quarter, DroneShield is on track for an all-time record 2Q23 quarter and continuing on a trajectory for another record year for cash receipts in 2023. Further detail will be provided in the next 4C quarterly, due to be released later in July.
Significant progress on manufacturing, operations and inventory scale-up to support additional anticipated orders for remainder of 2023. DroneShield is currently finalizing the location for a larger industrial site to move its Sydney operations to enable the growth.
With the $11 million contract announced in December now fully delivered and paid for, DroneShield is progressing the inventory build of the second $11 million order announced in January, expected to be delivered later this year.
Current order book (committed and binding customer purchase orders) of approximately $29 million, an all-time record.
Over $200 million qualified opportunities pipeline (in addition to the order book), across approximately 80 projects.
Ongoing record demand for counterdrone / C-UAS equipment, underscored by the events in Ukraine and increasing defence and security budgets globally.
In addition to military and intelligence communities, significant engagement with critical infrastructure plants, airports and other civilian customers.
About DroneShield Limited
DroneShield provides Artificial Intelligence powered platforms for protection against advanced threats such as drones and autonomous systems. We offer customers custom counterdrone (or counter-UAS) solutions and off-the-shelf products, designed to deliver highly effective capabilities for multiple missions and use cases. Our customers include military, government, law enforcement, critical infrastructure, and airports globally.
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Emerging Technology
PR Newswire | July 31, 2023
NewSpring Holdings leverages proven organic growth strategies and a disciplined M&A process to accelerate growth in sector-specific markets, including logistics, fin-tech, government services, IT services, and sports. The team has completed over 40 acquisitions and successfully built a government services platform, Avantus Federal,which recently sold for$590M.NewSpring("the Firm"), a family of private equity strategies, announced today that NewSpring Holdings, the Firm's majority investment strategy focused on sector-specific platform builds, has acquiredBridge Core, a leading provider of visual intelligence, cybersecurity, and other technical solutions to the U.S. government intelligence community. Bridge Core will use the proceeds of this transaction to execute a disciplined M&A and aggressive organic growth strategy to create a full-spectrum, technology-enabled intelligence company.
Alongside this transaction, Chad Kim has been named CEO of Bridge Core. Chad has spent over two decades supporting the intelligence community and interagency task force apparatus in diverse worldwide roles spanning from operations to analysis. This has provided Chad with a unique breadth of experience, mission intimacy, and relevant capability expertise. He also has an extensive track record in scaling organizations capable of building industry-disrupting technology for defense, intelligence, and commercial clients, most recently with former NewSpring portfolio company Avantus Federal. Bridge Core founders Tyler Laverick and Andy Rackovan will stay on with the company in key leadership roles.
"In the creation of a full-spectrum intelligence company, we're proud to begin our journey with Bridge Core, a company whose values and culture are closely aligned with my own and the team at NewSpring," said Kim. "Bridge Core treats its team members like family, fosters a strong work ethic, and consistently delivers mission impact in a nurturing environment that attracts and retains the best talent in the industry. Tyler and Andy have built an amazing company filled with savvy technologists and intelligence professionals, and we're thrilled to continue growing this business alongside them."
Bridge Core leverages a unique tech-to-mission concept, agility, and speed in delivering services that drive true value for its intelligence agency clients. Established expertise in visual intelligence, technology transfer, cybersecurity, and technical operations positions Bridge Core well to add on additional services and expand into a full-service agency serving a broad range of needs facing the intelligence community.
"An era of rapidly proliferating and converging data presents unique, evolving challenges for the intelligence community. More than ever, we see the crucial role of a holistic solutions partner capable of elevating the transformation of data into precise and impactful insights for the numerous mission sets of the U.S. government.," said NewSpring General Partner Lee Garber. "Our partnership with Bridge Core, a true market leader, aligns with our core vision to innovate within the national security space, where there is significant growth potential. Combined with Chad's leadership and extensive experience delivering mission outcomes with technology in the intelligence community, we're excited for the future of this business."
"In 2015, Andy and I set out to build a company focused on empowering and fostering a transparent culture, giving everyone a seat at the table to define our success," said Bridge Core Cofounder Tyler Laverick. "Eight years later, we realized it was time to join forces with a team that embodied what we built at Bridge Core and have found the perfect partner in NewSpring to help scale this business and further raise our impact on critical intelligence missions. We're excited about this new era for Bridge Core and look forward to taking this business to the next level."
About NewSpring
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $3.0 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 200 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.
About Bridge Core
Bridge Core is a federal services company built on a culture of trust and teamwork to advance the mission through innovation and passionate people. The Bridge Core team of experts enable Mission Partners by integrating innovative technologies and implementing processes that modernize the digital workplace. The Company's trusted, skilled, and diverse team members make a lasting impact by building tailored, client-focused solutions within secured spaces. The Bridge Core team facilitates the rapid adoption of technologies and commercial off-the-shelf (COTS) solutions through a unique understanding of mission requirements and the vendor's product(s).
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