15 October 2010
Fredericton, New Brunswick
The Honourable Keith Ashfield, Minister of National Revenue, Minister of the Atlantic Canada Opportunities Agency (ACOA) and Minister for the Atlantic Gateway, today announced that the Government of Canada, through ACOA, is investing in BioAtlantech as it implements a program to help accelerate the commercialization of bio sciences in New Brunswick.
“The Government of Canada is supporting an environment where businesses can thrive and grow,” said Minister Ashfield. “Our Government, through ACOA’s Atlantic Innovation Fund (AIF), is investing over $358,000 to help BioAtlantech develop a viable bioscience cluster by providing training, networking, partnership and marketing opportunities. This will advance the commercialization of biosciences in New Brunswick and strengthen the ability of local companies and institutions to compete in this sector worldwide.”
“This investment represents a phenomenal appreciation for the role of commercialization in knowledge economies”, says BioAtlantech’s Executive Director, John Argall. “Novel technologies tend to need more nurturing than traditional products, but the upside is that the markets are generally large and global.The sector is in good shape. There are at least 40 companies currently involved in bio-sciences in New Brunswick. That includes true biotechs, but equally importantly, traditional companies using bio-sciences to either green up their businesses, or create new types of products from biological resources. The sector currently employs more than 2,000 highly qualified professionals, and is worth in close to $237 million, exclusive of downstream impacts on productivity.”
Through this project, BioAtlantech will recruit a cluster development officer who will help bioscience companies access the resources required to fund and finance commercialization. BioAtlantech will also organize training and networking sessions to promote partnerships and provide educational opportunities to industry and researchers. In addition, BioAtlantech will organize incoming experts/consultants/partners missions to encourage technology and export sales partnerships with New Brunswick bio-science businesses and research organizations.
“ACOA focuses on innovation because it gets more of the region’s cutting edge R&D into the marketplace, boosts business productivity and bottom lines, increases exports, and creates good-paying jobs and overall economic growth,” said Minister Ashfield. “It’s about good science, smart business and a great investment in the future of Atlantic Canada.”
BioAtlantech is the lead agency for New Brunswick's biosciences sector. Its mission is to promote innovative bio-economy opportunities. Established in 1996, the agency works with new and existing businesses in New Brunswick's bio-sciences sectors, supporting technology transfer from public institutions to the private sector, offering services in competitive technical intelligence and working to enhance networking opportunities for the sector.
The Government of Canada is investing $ 358,450 in this project through ACOA’s Atlantic Innovation Fund (AIF). The AIF plays an important role in enhancing Atlantic Canada’s ability to carry out leading- edge R&D and in bringing new knowledge, jobs and business opportunities to the region. The fund has been an important catalyst for many Atlantic Canadian businesses, universities and research institutions, creating more than 680 partnerships to help commercialize innovative ideas, products and services. The commercialization of this home grown research helps grow the region’s economy, builds institutional and private sector capacity, supports the development of emerging industry clusters and increases trade and investment.
FOR BROADCAST USE:
Fredericton-based BioAtlantech will undertake strategic activities to accelerate the commercialization of bio sciences in New Brunswick, thanks to an investment of over $358,000 from the Atlantic Canada Opportunities Agency.
The funding announcement was made today by the Honourable Keith Ashfield, Minister of National Revenue, Minister of ACOA and Minister for the Atlantic Gateway.
ACOA’s investment will allow BioAtlantech to recruit a cluster development officer, organize training and networking sessions, provide educational opportunities to industry and researchers, and develop and deliver incoming experts/consultants/partners missions to encourage technology and export sales partnerships.
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INFORMATION:
Ted Parisé
Senior Communications Officer
ACOA New Brunswick
506-452-3917
Ted.Parise@acoa-apeca.gc.ca
John Argall, MSc.
Executive Director
BioAtlantech
506-444-2444
jargall@bioatlantech.nb.ca
