Dr. Raphael (Rafi) Hofstein brings global perspective to important leadership role at MaRS Innovation

TORONTO - The Board of Directors of MaRS Innovation is pleased to announce the appointment of Dr. Raphael (Rafi) Hofstein as President and CEO, effective June 8, 2009.

"We are delighted to welcome Dr. Hofstein to Canada and to MaRS Innovation," said Mary Jo Haddad, Chair, MaRS Innovation Board of Directors, and President and CEO, The Hospital for Sick Children. "His outstanding credentials and experience stood out in our extensive international search. He is exceptionally qualified to build and lead this important partnership to a recognized success."

MaRS Innovation was created as a single, market-facing commercialization storefront for Toronto's renowned academic institutions. It aggregates the discovery pipeline in life sciences, physical sciences, information and communication technology, and cleantech from its member institutions, which include three universities, 10 academic teaching hospitals and the Ontario Institute for Cancer Research. MaRS Innovation, with support from MaRS and BioDiscovery Toronto, will advance commercialization through industry partnerships, licensing and company creation.

Dr. Hofstein joins MaRS Innovation from Israel, where he has held the position of President and CEO of Hadasit Ltd., the technology transfer company of the Hadassah Medical Organization in Jerusalem, since 1999. He has also served as Chair of Hadasit BioHolding Ltd., publically traded on the Tel Aviv Stock Exchange (TASE), since 2005. In these roles, he was responsible for the commercialization of intellectual property emerging from the Hadassah Medical Organization, clinical trials with industry partners, as well as the launch, development and strategic oversight of a series of medical devices, biomedicine and diagnostic equipment spin-off companies.

"I am delighted to take on this new challenge," said Dr. Hofstein. "MaRS Innovation is a unique global initiative, and I must commend the institutional leaders in Toronto for pulling this innovation powerhouse together to strengthen commercialization output. In my experience, good science is the single most important ingredient for success in this business. Toronto is already known as one of the strongest science cities in the world, and it continues to grow. Leading MaRS Innovation is a wonderful opportunity to do something remarkable."

From 1997 to 1999 Dr. Hofstein was President of Mindsense Biosystems Ltd., an Israeli company that develops neuropsychiatric immune assays. Previously, he was Vice President Business Development for Ecogen Inc., a subsidiary of Monsanto, in Langhorne, Pa. Dr. Hofstein is a co-founder and Board member of ILSI, the Israeli Life Science Industry Organization, and a co-founder and executive in Israel's Tech Transfer Network (ITTN). Other Directorships held on TASE publicly traded companies include: Bioline RX (drug development); Exalenz (medical devices); and Evogene (agri-bio). He has also served as Chairman of BIOMED, Israel's annual biomedical conference, from 2005 to 2007.

"On behalf of the Board of Directors, I would like to thank Dr. Ilse Treurnicht, CEO MaRS Discovery District, for her important contribution to the launch of MaRS Innovation, and for serving as Interim Managing Director for the past year," said Ms. Haddad. "The foundations are built and the organization is well-positioned for this next phase. We are pleased that Ilse will remain an active board member, providing a wealth of knowledge and experience as MaRS Innovation matures."