On March 4th, Prime Minister Justin Trudeau was in P.E.I. to announce $37.5 million to help BioVectra – a Charlottetown-based biotech firm – to assist with its large, five year expansion project. BioVectra manufactures pharmaceutical products used in the treatment of cancer, kidney disease, cardiovascular disease and multiple sclerosis. The project will support active pharmaceutical ingredient production in Charlottetown, and expand the biologics capabilities in Windsor.
The money is made available through the Strategic Innovation Fund. The Strategic Innovation Fund’s objective is to spur innovation for a better Canada. Specifically, it serves to simplify application processes, accelerate processing, and provide assistance that is more responsive and focused on results.
This investment will support 150 new jobs in the Maritimes, in addition to helping bolster a local, thriving company.
For more information about the Strategic Innovation Fund, click here.
For a link to the story in the Guardian, click here.