# Canadian Medical Discoveries Fund

> Canadian Medical Discoveries Fund is a VC fund in Halifax backing Biotechnology and Medical. See 6 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Halifax, Canada
- Total investments: 6
- Last investment: Sep 2008
- Lead investor: 0%
- Last updated: Aug 2026

Canadian Medical Discoveries Fund (CMDF or the Fund) is a labour sponsored investment fund (LSIF), established in 1994, with venture capital investments in approximately 40 companies in the life sciences sector (mostly biotechnology, along with medical devices and health services companies).

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Biotechnology | 4 | 67% |
| Medical | 2 | 33% |
| Health Care | 1 | 17% |
| Life Science | 1 | 17% |
| Pharmaceutical | 1 | 17% |

6 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series B | 2 | 33% |
| Series C | 1 | 17% |
| Funding Round | 1 | 17% |
| Post-IPO Equity | 1 | 17% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Canada | 2 | 33% |
| United States | 2 | 33% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Natrix Separations | Natrix Separations is a leading supplier of high performance, single use and multi-cycle disposable chromatography products to the life science, food, beverage and water markets. Natrix has developed a unique technology that combines the high binding capacity, selectivity and specificity normally associated with resin-based chromatography with thehigh throughput and ease of use of traditional membrane products. | $19M | Series B | Sep 03, 2008 |  |
| Inimex Pharmaceuticals | Inimex Pharmaceuticals, Inc. is a clinical stage company focused on the development and commercialization of Innate Defense Regulators (IDRs), novel first in class drugs that selectively trigger the body's innate defenses without causing inflammation. | $22M | Series B | Jun 02, 2008 |  |
| Protiva Biotherapeutics | Protiva Biotherapeutics, Inc., a development stage biotechnology company, develops nucleic acid based pharmaceutical products. The company focuses on developing products to fight various human diseases, such as cancer, influenza, Ebola, inflammatory diseases, and chronic viral infections. Its products include Pro 1, a tumor cell growth inhibitor,which kills tumor cells and inhibits tumor growth; Pro-101, an siRNA product that acts to inhibit the production of a protein involved in tumor growth; Pro-B, which acts to inhibit the expression of a protein, apolipoprotein B; Pro-EBOV and Pro-MARV that act to inhibit the replication of the Ebola and Marburg viruses; and Stable Nucleic-Acid Lipid Particle technology, an encapsulation and delivery system for nucleic acid payloads, such as short interfering RNA (siRNA), to target cells. The company also develops Hepatitis siRNA products for the treatment of hepatitis B and C. Protiva Biotherapeutics, Inc. has a research and development facility in Vancouver, Canada. The company was founded in 2000 and is based in Seattle, Washington. As of May 30, 2008, Protiva Biotherapeutics, Inc. operates as a subsidiary of Tekmira Pharmaceuticals Corp. | $3.3M |  | Jul 06, 2007 |  |
| Protiva Biotherapeutics | Protiva Biotherapeutics, Inc., a development stage biotechnology company, develops nucleic acid based pharmaceutical products. The company focuses on developing products to fight various human diseases, such as cancer, influenza, Ebola, inflammatory diseases, and chronic viral infections. Its products include Pro 1, a tumor cell growth inhibitor,which kills tumor cells and inhibits tumor growth; Pro-101, an siRNA product that acts to inhibit the production of a protein involved in tumor growth; Pro-B, which acts to inhibit the expression of a protein, apolipoprotein B; Pro-EBOV and Pro-MARV that act to inhibit the replication of the Ebola and Marburg viruses; and Stable Nucleic-Acid Lipid Particle technology, an encapsulation and delivery system for nucleic acid payloads, such as short interfering RNA (siRNA), to target cells. The company also develops Hepatitis siRNA products for the treatment of hepatitis B and C. Protiva Biotherapeutics, Inc. has a research and development facility in Vancouver, Canada. The company was founded in 2000 and is based in Seattle, Washington. As of May 30, 2008, Protiva Biotherapeutics, Inc. operates as a subsidiary of Tekmira Pharmaceuticals Corp. | $5M | Series C | Jul 13, 2006 |  |
| PharmAthene | PharmAthene, Inc., a biodefense company, develops medical countermeasures to prevent and treat morbidity and mortality associated with the use of biological and chemical weapons in the United States. Its products, which are under development, include Valortim, a prophylactic and therapeutic anti-anthrax monoclonal antibody; and Protexia, arecombinant form of human butyrylcholinesterase for clinical use in the treatment of organophosphate intoxication due to exposure to chemical nerve agents. The company was founded in 2001 and is headquartered in Annapolis, Maryland. |  | Post-IPO Equity | Jan 01, 2006 |  |
| Inimex Pharmaceuticals | Inimex Pharmaceuticals, Inc. is a clinical stage company focused on the development and commercialization of Innate Defense Regulators (IDRs), novel first in class drugs that selectively trigger the body's innate defenses without causing inflammation. | $1.6M | Series A | Dec 08, 2004 |  |

6 of 6 investments shown.

## Co-investors
- [BDC Venture Capital](https://shizune.co/investors/profile/bdc-venture-capital) — VC Fund, 5 deals together
- [GrowthWorks Capital](https://shizune.co/investors/profile/growthworks) — VC Fund, 4 deals together
- [Kinetic Capital](https://shizune.co/investors/profile/kinetic-capital) — VC Fund, 2 deals together
- [Astellas Venture Management](https://shizune.co/investors/profile/astellas-venture-management) — VC Fund, 1 deal together
- BC Advantage Funds — VC Fund, 1 deal together
- [British Columbia Discovery Fund](https://shizune.co/investors/profile/british-columbia-discovery-funding) — VC Fund, 1 deal together

## Similar investors

### Similar stage
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [General Catalyst](https://shizune.co/investors/profile/general-catalyst-partners) — VC Fund
- [FJ Labs](https://shizune.co/investors/profile/fj-labs) — VC Fund

## FAQ

### What does Canadian Medical Discoveries Fund invest in?

Canadian Medical Discoveries Fund invests primarily in Biotechnology, Medical and Health Care startups, most often at Series B and Series C stage. Most of the 6 investments tracked by Shizune back companies in Canada. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did Canadian Medical Discoveries Fund last invest?

The most recent investment recorded for Canadian Medical Discoveries Fund closed in Sep 2008. Shizune tracks 6 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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