Strategic Innovation Fund Invests $37.5M into BioVectra Inc.
BioVectra Inc., based in Charlottetown, Prince Edward Island, serves the medical and biotech sectors and manufactures pharmaceutical products. These products have been used in the treatment of illnesses such as kidney disease, cancer, multiple sclerosis, and cardiovascular disease. The firm has recently received Canadian government funding to support strategic growth projects that include creating and retaining jobs, expanding facilities, and improving collaboration with post-secondary institutions for research and development initiatives.
BioVectra is the recipient of $37,500,000 in funding from the Strategic Innovation Fund.
The Strategic Innovation Fund (SIF) offers industrial and technology-based businesses financial support to fuel company expansion and R&D of processes, products, and services, and facilitates the growth of innovative firms. The investment in BioVectra will help Canada position itself as a leader in life sciences and biomanufacturing.
SIF Research and Development Funding: $37.5M for BioVectra
BioVectra is the oldest and largest biotechnology organization in Atlantic Canada. They own four internationally accredited facilities: three in Prince Edward Island and one in Nova Scotia. The company has established themselves as leaders worldwide in producing treatments for serious illnesses that affect millions of people around the world.
BioVectra has received almost $38M from the Strategic Innovation Fund (SIF) to help expand facilities and enhance research, supporting the path to future medical breakthroughs.
Canadian government funding from SIF is contributing to a $144.6M expansion project for BioVectra at their facilities in Charlottetown, PEI and Windsor, Nova Scotia. The project will increase their capacity for medicine production and support research and development of pharmaceutical products not currently manufactured in Canada.
Over 150 new jobs will be created and over 300 will be maintained during this project. BioVectra will also improve collaboration with universities, research institutions, and colleges in Canada, and will establish annual scholarships that can be accessed by Indigenous students and women. The company is also committed to advancing the use of environmentally friendly pharmaceutical manufacturing processes, enhancing innovation in the biologics industry.
About the Strategic Innovation Fund (SIF)
The Strategic Innovation Fund (SIF) is a Canadian government funding program that supports tech development and productivity-advancing projects. The program supports projects related to research and development, facility modifications, equipment, materials, labour, new market access, training, travel, office hardware and software, and legal and accounting fees.
The Strategic Innovation Fund provides up to 50% of eligible project costs with a minimum funding request of $10 million in support.
There are four streams of SIF funding. These include:
Stream 1: Research, development, and commercialization;
Stream 2: Business growth and expansion;
Stream 3: Investment attraction and retention; and
Stream 4: Collaborative technology development and demonstration.
Canadian businesses interested in learning about additional funding programs that support research and development projects, please register for Mentor Works’ Weekly Funding Newsletter.
