$4.4M in Canadian Government Funding Supports Bioscience Technology
Charlottetown, Prince Edward Island-based biotechnology firm Somru BioScience has recently received a combination of grants and loans from Canadian government funding programs. This support will allow the company to accelerate research and development activities, provide comprehensive and innovative bioanalytical solutions, and create long term economic growth in Atlantic Canada.
Somru BioScience is receiving a total of $4.4M in funding for research and development from the Atlantic Innovation Fund, the Industrial Research Assistance Program, and the PEI government.
The Atlantic Innovation Fund (AIF) and Industrial Research Assistance Program (IRAP) are Canadian government funding programs dedicated to supporting the research of innovative technologies for businesses, research institutions, and academic institutions. The innovation funding for Somru BioScience will help them with current research and development initiatives including biocomparability testing software for drug developers.
Somru BioScience Receives $4.4M in Funding for Research and Development
Somru BioScience is a biotechnology company operating out of Charlottetown, Prince Edward Island. The firm is dedicated to developing revolutionizing antibody technology for research, diagnostic, and therapeutic purposes; Central to this endeavor is the company’s “unique and proprietary Somru™ technology, which produces antibodies with superior binding affinity and bioactivity in a wide variety of biological assays in a short period of time.”
The Atlantic Innovation Fund (AIF), the Industrial Research Assistance Program (IRAP), and the PEI government are awarding Somru BioScience with a combined $4.4M in innovation funding.
The breakdown of Canadian government funding is as follows:
- $3M in a repayable loan from the Atlantic Canada Opportunities Agency’s Atlantic Innovation Fund;
- $257,752 in grants from the National Research Council of Canada’s Industrial Research Assistance Program;
- $975,000 in repayable financing from the Prince Edward Island government; and
- $172,000 in non-repayable financing from the Prince Edward Island government.
The company will be using the bioscience technology funding from AIF and IRAP for the research and development of its product, Intelli.b, a software solution to help drug developers generate a fingerprint-like analysis of a novel drug candidate. This technology could help their clients reduce the significant costs of biosimilar drug development. The support from the PEI government will help Somru BioScience roll out more enhanced marketing and expansion efforts, including hiring additional employees.
Canadian Government Funding for Research and Development
Two federal government funding programs supporting Canadian innovators with their research and development activities are the Atlantic Innovation Fund and the Industrial Research Assistance Program.
Atlantic Innovation Fund (AIP)
The Atlantic Innovation Fund is a Canadian government funding program dedicated to supporting projects focused on commercially feasible technology development or adaptation for organizations in Atlantic Canada.
Business-led projects may receive up to 75% of expenses, and non-profit applicants may receive up to 80% of expenses. The maximum funding per project is capped at $3 million.
To be eligible, projects must have research and development components, high potential for commercialization, and provide economic development opportunities for Atlantic Canada.
The program is currently open and accepting applications.
Industrial Research Assistance Program (IRAP)
The Industrial Research Assistance Program supports the development and commercialization of innovative technologies, while accelerating businesses growth and competitiveness. The program offers business research grants to Canadian companies that develop or innovate leading-edge technologies.
Through IRAP’s streams, businesses may receive up to 50-80% of eligible costs to a maximum of $10 million.
The program will support project types including process or product development, product commercialization, and process or product improvements.
The next round of funding through IRAP will be released in April 2019.
Government Funding Programs Support Internal and Collaborative Research
While IRAP and AIF are viable research funding options for businesses completing research projects internally, there are also supports available for companies wishing to innovate with colleges and universities. Unfortunately, the process of finding and completing a project with qualified research partners can be confusing for many companies. This is why we’ve mapped out the process of how to take your innovative idea to a post-secondary institution for support.
Download the Collaborative Research Project Guide to explore how to tap into expertise, receive research funding, and lead projects to commercial success.
