Emergence client, Charlottetown, PEI-based Somru BioScience, will receive over $4 million in federal and provincial funding to support its latest research and development project. You can read the original story here!
Federal Minister of Innovation, Science and Economic Development Navdeep Bains made the announcement at Somru’s Charlottetown facility.
Bains, who is also the minister responsible for the Atlantic Canada Opportunities Agency (ACOA), said the government understands entrepreneurs take a lot of risks and this funding model promotes government investment and supports local innovation.
“This is really about strengthening the local ecosystem, the local bioscience sector that’s growing and thriving right here in P.E.I.,” Bains said.
The federal government is providing Somru with $3 million in funding through a repayable loan from the ACOA Atlantic Innovation fund, along with an additional $250,000 in grant funding earmarked for research and development from the National Research Council of Canada.
The province of PEI will provide an additional $975,000 through a repayable loan earmarked for the expansion of Somru’s facilities. The provincial government will also provide $172,000 in non-repayable funding to support the company’s labour costs as it hires more employees.
Somru BioScience is working on developing new analytical tools that could lead to more affordable medicines.
See also: Somru En Route to $7M Raise