In May 2005 the Government of Ontario announced its intent to launch a new cancer research institute in the province.
As part of its mandate to bring economic benefit to Ontario through cancer research, OICR has a partner organization that focuses on commercialization, FACIT.
[9] FACIT provides seed funding to Ontario-based cancer research companies and helps them attract other investors and bring products to market.
[10] Notable investments includes Fusion Pharmaceuticals, which was purchased by AstraZeneca for up to $2.4 billion in 2024, and Turnstone Biologics, which is listed on the Nasdaq stock exchange.
[11][12] It hosts an annual pitch competition called Falcons' Fortunes, in the style of the Dragons' Den television series.