QUICK FACTS

Company:     Med-Life Discoveries

Type:              Company Restructuring

Sector:           Biotechnology

ABOUT THE DEAL

In 2016, Med-Life Discoveries (MLD), a biotechnology company based in Saskatoon, faced the challenge of rising from the ashes of its predecessor, Phenomenome. Phenomenome had spent over 15 years and millions of dollars developing a portfolio of biotech assets, yet shown preciously little progress in commercialization and lost the faith of its Board and investors. Phenomenome went into receivership, MLD acquired the assets, and Gavin – now Managing Director of MLD – was tasked with discovering what, if any value, could be salvaged from the once promising start-up.

Early on, Gavin’s goal was to return the company to health and set it on a sustainable growth trajectory. Unfortunately, most of the assets in the portfolio were still painfully early in their development. It was difficult to determine which ones held real market potential and where to prioritize investment. An executive team was assembled to conduct extensive market validation and restart product development. Meanwhile, operations were streamlined, leases negotiated and unnecessary assets were sold to conserve cash and extend the company’s runway – anything that might give the fledging start-up more time to get on its feet.

In the end, the team discovered the company’s plasmalogen research held the greatest market potential. The business shifted to focus on developing therapies for neurodegenerative diseases and rare conditions like Rhizomelic chondrodysplasia punctata (RCDP).

Now, nearly eight years after receivership, MLD has made substantial progress and is back on its feet. The company has now advanced its plasmalogen research, successfully completing phase I of a clinical trial for RCDP in February.