Law Times

PAGE 12 FOCUS augusT 23, 2010 • Law Times Young lawyers see opportunity in burgeoning field Province moves to fund life sciences BY DARYL-LYNN CARLSON For Law Times Ontario government to provide more funding for the sector. In April, the province an- nounced a $161-million life sci- ences commercialization strategy for research into medical and re- lated technologies in an effort to position the province at the fore of the sector and stimulate job creation. Yet some lawyers say that L while it's a good start, more needs to be done to facilitate cli- ents seeking money for research and development and to comply with regulatory demands. "I think Ontario is to be ap- plauded for the priority it's given to its innovation agenda and, in particular, to its life sciences sec- tor and its realization that the key to success in the sector is to ad- dress the commercialization ele- ment," says Michael Herman, a partner in the corporate finance department at Gowling Lafleur Henderson LLP in Toronto who awyers who practise in the life sciences field are applauding a move by the often works with the firm's life sciences group to assist clients. "While we applaud Ontar- io for its efforts in what it has done, from our perspective, there needs to be different ways to find a variety of fund- ing through more sources." His firm is a platinum sponsor of BIOTECanada, a biotechnology organiza- tion whose members are ac- tive in making submissions to effect legislative change in their sector. Herman says that through such organiza- tions, he and the firm's life sciences practice group aim to help the sector thrive. "We're trying to work with various constituencies to look for ways to address the challenges to find the funding they need because we're nowhere close to the amount of money needed and the reason why is that the venture capital market has all but dried up. So a lot of our focus has been placed on how we can stimulate the amount of venture capital, angel funding, requires lawyers to immerse themselves in the work of life- sciences company clients in order to serve them well. "It's really important for lawyers to be experienced, as there are too many unique issues in this area of law," he says. Herman points out that many companies are estab- lished based on research at the university level, which prompts questions about pro- prietary rights, patents, trade- marks, and a gamut of regula- tory regimes that need to be dealt with in order to get a product in development. "All of those issues are Lawyers need to immerse themselves in the work of their life-sciences company clients in order to serve them properly, says Michael Herman. and even public market money into the sector." At the same time, Herman says that area of practice is becom- ing increasingly complex, which there from Day 1 and if they are not managed prop- erly, they can create real dif- ficulties down the road," says Herman. "So it's important people work with advisers who know all the issues in detail, as it is very complex." Herman's colleague Jane Clark, the firm's life sciences in- dustry group leader, agrees. "There are so many unique Trust [ Aleks Mladenovic | Every time you refer a client to our firm, you're putting your reputation on the line. It's all about trust well placed. issues involved, so it would be a disservice to a client not to be fully familiar with all of the is- sues, such as funding sources, regulatory requirements or the time it takes for approvals, as well as all of the pitfalls where you can lose your intellectual property rights," says Clark. "I think the biggest differ- ence between this industry and others are indeed the regulatory overlays." Clark, who also sits on the board of directors of BIOTE- Canada as a lawyer representa- tive, says the organization has just recently submitted its pro- posal for funding from the 2011 federal budget. According to the organiza- tion's proposal, the life sciences industry contributes upwards of $80 billion to Canada's GDP and touches more than one mil- lion jobs in Canada. The organization's proposal acknowledges: "Canada's bio- based economy has an economic footprint across the entire coun- try but it requires attention for global competitiveness. Action is needed now to secure innova- tive technology researched and developed in Canada, to see technology adopted, to ensure our tax credit system remains competitive, and to modernize stipulations of existing tax policy frameworks to better reflect our trading realities." While the sector has realized growth as it continues to push for more funding, government resources, both provincial and federal, may never be enough to boost Canada's or Ontario's posi- tion globally. But Mairi MacGil- livray, an associate at Stikeman Elliott LLP who worked in the biomedical research field before joining the firm, is optimistic the Ontario initiative will foster some growth in the long term. "From a lawyer's perspective, it can certainly create opportuni- ties that weren't there before the funding," she says. MacGillivray, who represents several biotechnology and life sciences companies located at the MaRS science and technology facility in Toronto, acknowledg- es that the complexities within that area of law necessitate some hands-on experience. "With the process of research and development, it's a hard slog for many years to get from the idea to the commercial product or device, so it's an area where a little bit of patience is always required, even for lawyers," she notes. She adds that in recent years, she's noticed more young people talking about augmenting their law studies with life sciences courses in university in the hope of establishing a law practice in the field. area that will see a lot of growth in the future," she says. "I think students believe it is an LT Richard Halpern | Sloan Mandel For over 70 years Thomson, Rogers has built a strong, trusting, and collegial relationship with hundreds of lawyers across the province. As a law firm specializing in civil litigation, we have a record of accomplishment second to none. With a group of 30 litigators and a support staff of over 100 people, we have the resources to achieve the best possible result for your client. Moreover, we are exceptionally fair when it comes to referral fees. We welcome the chance to speak or meet with you about any potential referral. We look forward to creating a solid relationship with you that will benefit the clients we serve. THOMSON, ROGERS Barristers and Solicitors 416-868-3100 Toll free 1-888-223-0448 www.thomsonrogers.com YOUR ADVANTAGE, in and out of the courtroom Untitled-1 1 www.lawtimesnews.com 5/19/09 11:47:00 AM

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