P.E.I. company to become global leader in biotech research
News release
Federal investment to expand facility will support high-skilled job growth and strengthen the bioscience sector in P.E.I.
February 16, 2023 · Charlottetown, Prince Edward Island · Atlantic Canada Opportunities Agency (ACOA)
For over a decade, a family-owned biotechnology company in Prince Edward Island has been making a name for itself around the globe, developing innovative and affordable pharmaceutical solutions. With Government of Canada support, Somru BioScience Inc. is expanding operations to provide enhanced research and laboratory support for clients developing biotherapeutic treatments.
Innovative Research Services
Today, the Honourable Ginette Petitpas Taylor, Minister of Official Languages and Minister responsible for ACOA, announced a total federal investment of $1,950,000, through the Regional Economic Growth through Innovation (REGI) program for two projects with Somru BioScience Inc.
The contribution will help the company launch a contract research services division in Charlottetown, P.E.I. in response to increased market demand in the biologics and biosimilar drug market. With the help of this federal investment, the company will proceed with a 15,000 square foot expansion that will further position the company as a global leader. Along with new, advanced equipment, this will give Somru the capacity to offer large molecule bioanalytical services to pharmaceutical development companies in North America and Europe.
Today’s announcement demonstrates the Government of Canada’s commitment to advance Atlantic Canada’s bioscience sector in a globally competitive market, and attract more highly-skilled workers to the region.
Quotes
“Atlantic Canada’s bioscience cluster is recognized across the country for its industry leading practices and for the innovative SMEs that have chosen to establish themselves here. By supporting these globally competitive, high-growth companies, we are helping bring bright minds and exciting technologies to the sector, and economic opportunity to the region.”
- The Honourable Ginette Petitpas Taylor, Minister of Official Languages and Minister responsible for ACOA.
“Somru has built a very impressive operation in our city with a skilled and innovative team. The company has become a key component of P.E.I.’s vibrant bioscience cluster over the last 10 years and this next stage of development will bring even greater economic impact and opportunity to the sector.”
- Sean Casey, Member of Parliament for Charlottetown.
“This contribution will serve as a catalyst for our continued growth and allow creation of more jobs in Charlottetown, P.E.I.”
- Mohammed Moin, CEO, Somru Bioscience Inc.
Quick facts
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ACOA is providing a $1,250,000 repayable contribution to Somru BioScience Inc. to purchase high level equipment that will work in tandem with proprietary Somru-developed technologies to offer large molecule bioanalytical services.
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ACOA is also providing a $700,000 repayable contribution to Somru BioScience Inc. to support a 15,000 square foot expansion of the company's existing facilities.
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Founded in 2012 in Charlottetown, P.E.I., Somru is a family-owned biotechnology company with a customer base spanning more than over 70 companies in 23 countries worldwide.
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The company develops innovative antibody technologies for research, diagnostic, and therapeutic applications in the bioscience industry.
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Biologics are drugs or vaccines made from living organisms or that contain components of living organisms. Biosimilars are generic versions of biologics and are less expensive to produce.
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The Government of Canada continues to strengthen the Bioscience sector in Atlantic Canada, including a recently announced investment of $25 million to increase capacity through a new BioAccelerator in Prince Edward Island.
Associated links
Contacts
Marianne Blondin
Press Secretary
Office of the Minister of Official Languages and of the
Atlantic Canada Opportunities Agency
Marianne.Blondin@acoa-apeca.gc.ca
Jacqueline Beauregard
Director, Policy and Communications
Atlantic Canada Opportunities Agency
Jacqueline.Beauregard@acoa-apeca.gc.ca
Mohammed Moin
CEO
Somru BioScience Inc.
moin@somrubioscience.com
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