New Biotech company to establish facility in Fredericton
April 24, 2014 – Fredericton – Atlantic Canada Opportunities Agency
MycoDev Group Inc. will establish a facility in Fredericton and develop its unique product designed for veterinary and medical uses, thanks to investments by both the federal and provincial governments.
The Honourable Keith Ashfield, Member of Parliament for Fredericton, on behalf of the Honourable Rob Moore, Minister of State (Atlantic Canada Opportunities Agency), and the Honourable Bruce Fitch, Minister of Economic Development and Minister responsible for Invest NB joined MycoDev Group officials today to announce government support to help the company establish a pilot plant for small scale production of chitosan, a biopolymer component used in medical applications to stop bleeding.
The project will include the purchase of equipment, facility and process improvements, ISO and GMP verifications, patents, and the hiring of technical staff.
The Government of Canada, through ACOA’s Business Development Program, is providing a repayable investment of $350,000 toward this project, while the Government of New Brunswick is providing $44,000.
Quick Facts:
•MycoDev Group Inc. is a biotech start-up based in Fredericton, New Brunswick that is establishing a pilot plant for small scale production of chitosan, a biopolymer component used in veterinary and medical applications. The company will market this product in North America and collaborate on research with academics from across the globe, developing their technology holdings into intellectual property.
•MycoDev Group’s current focus is on the production of biopolymer chitosan using a fungal technology that puts their product into high-end applications such as medical devices, tissue engineering, and nanotechnology.
•The Government of Canada recognizes that the role of bioscience in the economy has never been so important. Today, New Brunswick is at the forefront of leading technology innovations in cancer treatment, novel products derived from fisheries and marine source, value-added waste treatment, and much more.
Quotes:
“Our Government’s investment in MycoDev Group Inc. will support the start-up of a new bio-tech company as it develops a market focused on animal and medical care applications. Our Government recognizes the important role that biotechnology currently plays in our economy and we are committed to working with companies like MycoDev to enhance the growth of this sector and bring long-lasting benefits to the province.”
- The Honourable Keith Ashfield, Member of Parliament for Fredericton, on behalf of the Honourable Rob Moore, Minister of State (Atlantic Canada Opportunities Agency)
“Biosciences is one of our government’s six priority sectors. Our investment will help this most impressive biotechnology start-up establish its new facility in Fredericton, creating five domestic jobs within two years.”
- The Honourable Bruce Fitch, Minister of Economic Development and Minister responsible for Invest NB
"MycoDev Group Inc., is privileged to receive support from the federal and provincial governments. These strategic investments are a sign that both levels of Government are committed to diversifying the economic base in New Brunswick and strengthening growth in our sector. MycoDev Group Inc. is one more engine on the biotechnology train that is revving up in the Atlantic Provinces. We wear our New Brunswick flag proudly."
- Brennan Sisk, Chief Executive Officer, Mycodev Group Inc.
Associated Links:
• www.acoa-apeca.gc.ca
• www.actionplan.gc.ca
• www.mycodevgroup.com
Contacts:
Kelsie Corey
Director of Communications
Office of the Honourable Rob Moore
Atlantic Canada Opportunities Agency
613-941-7241
Ann Kenney
Senior Communications Officer
Atlantic Canada Opportunities Agency
506-452-3687
Bruce MacFarlane
Communications
Economic Development
506-453-8607
Brennan Sisk
Chief Executive Officer
MycoDev Group Inc.
506-476-6977
