Israel’s Technion University and the University Health Network (UHN) in Toronto are close to finalizing an arrangement that would see “significant” collaboration in medical research.

When concluded, the agreement will see stem cell research initiated at the Haifa campus of Technion University and the engineering of the cells at Toronto labs, followed by clinical testing locally. The stem cells would target damaged heart muscles.

 “The Technion and the UHN have been discussing a very significant long- term collaboration in the areas of stem cell research and its application to the cardiovascular area,” said Boaz  Golany, vice-president for external relations and resource development for Technion.

 Golany was in Toronto last week as part of a larger visit to the university’s support groups around the world.

“One of the purposes of my visit here is to solidify the meetings and lead them to completion,” he said. “We are getting close to completion of the negotiations.”

The UHN represents Toronto General Hospital, Princess Margaret Cancer Centre, Toronto Western Hospital and Toronto Rehabilitation Institute, which are affiliated with the University of Toronto.

In addition, the Peter Munk Cardiac Centre has been involved in the discussions.

“Each party brings to the table unique strengths,” said Golany. “We believe [an agreement] will lead to tremendous synergy and hopefully will facilitate important breakthroughs in cardiovascular research and better ways to  treat heart diseases, heart failure and the like.”

Beyond the expectation of medical breakthroughs, Golany stressed the “potential for significant economic benefits for Canada and Israel,” resulting from the development and commercialization of medical technologies.

Though Israel’s oldest university – it was founded in 1912 – the Technion has been among the leaders in blazing  new paths as “an entrepreneurial university.” In addition to its focus on basic research, it actively seeks to commercialize its findings and it has played an important role as a source for innovation and training, helping make Israel a “start-up nation.”

The Technion offers degrees in science and engineering, and related fields including architecture, medicine, industrial management and education. Three members of its faculty have received the Nobel Prize in the last few years, “an amazing number for such a small university,” Golany said.

While the Canadian deal has yet to be finalized, an arrangement involving joint research has been adopted by the Technion and Cornell University. On Dec. 19, 2011, the two schools won a competition to establish a high-end applied science and engineering institution in New York City.

The Technion-Cornell Innovation Institute (TCII) has the potential to generate economic benefits to both parties, and could lead to the creation of very lucrative intellectual property, Golany said.

The Technion also recently “signed a major agreement with China that could lead to bigger projects than in the United States,” he said.

Guangdong Province in China is investing $250 million (all figures US) into a facility that will see the Technion collaborate with Shantou University. Chinese billionaire philanthropist Li Ka-shing, who through his foundation, donated $130 million to Technion, is participating in the Chinese venture, which will see creation of the Technion Guandong Institute of Technology, said Golanyi.

This will mark “an important new bridge between Israel and China to further enhance the commercial and economic ties between the two countries.

“China is looking for everything and anything,” including water treatment technology and renewable energy. “China is interested in everything that moves in Israel,” he quipped.

During his visit to Toronto, Golany addressed a meeting of The Economic Club of Canada, which was attended by representatives of local universities. His address included a look at Israeli “entrepreneurial universities and their economic impact.”

The Technion promotes applied research and it has incorporated mechanisms to encourage faculty, students and alumni to participate in startups. That creates value to the employees and shareholders of a company as well to the university, he said.

By participating in business ventures, the university generates income while reducing its dependence on government subsidies. Even more significant is the access to “partners’ huge databases, which can be more important than the money itself,” he added.