The Government of Canada is committed to helping innovators in Atlantic Canada grow and prosper, generating jobs and economic growth in the region.
To this end, on May 14, 2013, Prime Minister Stephen Harper announced support of $7.7 million for three projects in Prince Edward Island to help companies bring their cutting-edge products, processes, technologies and services to market, generating jobs and economic growth. These funds are part of a total $39.9 million investment for 17 projects in Atlantic Canada. The remaining 14 projects will be announced throughout New Brunswick, Nova Scotia and Newfoundland and Labrador in the coming weeks.
Funding will be provided through the Atlantic Canada Opportunities Agency’s (ACOA) Competitive Round 2012 of the Atlantic Innovation Fund (AIF) and distributed as follows:
- $7,738,000 for three projects in Prince Edward Island
- $11,461,072 for five projects in New Brunswick
- $11,339,152 for five projects in Nova Scotia
- $9,360,279 for four projects in Newfoundland and Labrador
The companies receiving support in Prince Edward Island are:
BioVectra Inc.
Location: Charlottetown
Funding: $2,958,000
This support will help BioVectra develop two generic drugs employing sustained-release delivery technology, with the long-term goal of gaining regulatory approval to market the products across North America.
Delivra Inc.
Location: Charlottetown
Funding: $2,860,000
This investment will support Delivra Inc.’s research to develop three novel natural topical creams for treatment of common inflammatory conditions, namely joint pain, circulation issues and muscle fatigue.
Island Abbey Foods Ltd.
Location: Charlottetown
Funding: $1,920,000
With this support, Island Abbey Foods Ltd. will optimize its manufacturing processes to expand its line of honey-based products. Using 100 percent pure dried honey, the company will work to produce therapeutic and preventative health products that contain bioactive compounds, including upper respiratory products, supplements and vitamins.
The Atlantic Innovation Fund
The AIF was launched in 2001 to increase Atlantic Canada’s capacity to carry out leading-edge research and development (R&D) that directly contributes to the development of new technologies, products, processes or services, a number of which have gone on to be commercialized. In its 2010 Budget, the Government of Canada made the AIF a permanent and ongoing program, helping to build and maintain an innovative, competitive economy in Atlantic Canada.
Projects are selected according to whether they match specific, pre-determined criteria, including merit, suitability and potential for commercialization. They are subjected to a thorough due diligence process and recommendations are made by an advisory committee made up of Atlantic Canadian leaders from business and academia from outside ACOA. The board provides advice on AIF policy matters and makes recommendations on specific AIF project proposals to ACOA.
Since 2006, companies and institutions throughout Atlantic Canada have received $503.8 million in support of 216 projects under the Atlantic Innovation Fund. Prince Edward Island has received $93.3 million of this total amount for 43 projects.
