BioVectra Inc. announces a $144.6 million expansion project, including a $37.5 million contribution through the Government of Canada’s Strategic Innovation Fund
— Prime Minister Justin Trudeau visits BioVectra to announce Government of Canada investment in Atlantic Canadian CDMO and high-skilled jobs creation in the region —
Charlottetown, Prince Edward Island, Canada (March 4, 2019) – Today, BioVectra Inc., an Atlantic Canadian Contract Development and Manufacturing Organization (CDMO), announced a five-year, $144.6 million (CAD) expansion project to enhance its Biopharmaceutical capabilities in both Charlottetown, Prince Edward Island and Windsor, Nova Scotia.
Prime Minister, Justin Trudeau, visited BioVectra in Charlottetown to announce a $37.5 million contribution from the Government of Canada through the Strategic Innovation Fund (SIF). The $37.5 million contribution represents the single largest SIF Project ever awarded in Atlantic Canada.
“Thanks to innovations in life sciences, Canadians are living longer, healthier lives than ever before. Canadian companies like BioVectra are creating new jobs and establishing themselves as global leaders in producing lifesaving treatments for serious illnesses that affect millions of people around the world. Today, we are not only investing in an innovative Canadian business, but also in Canadians and the future prosperity of our country.” – The Rt. Hon. Justin Trudeau, Prime Minister of Canada
More specifically, the project is intended to support BioVectra’s on-going Active Pharmaceutical Ingredients (APIs) production capacity expansion in Charlottetown, as well as an expansion of its Biologics capabilities in Windsor, including a mammalian cell culture facility.
Over the project’s five-year lifespan, 150 high-skilled, full-time jobs are expected to be created on Prince Edward Island and in Nova Scotia. “We are pleased to announce plans to create 150 additional jobs, 110 to be located at our Windsor site and 40 in Charlottetown,” said BioVectra President, Oliver Technow. “This is an extremely proud day for BioVectra, and we are deeply appreciative of the government’s support. Since 2015, we have invested approximately $25 million per year in expansions and technologies that have vastly enhanced our capabilities. Today’s announcement is a continuation of our commitment to growth right here in Atlantic Canada!”
As a trusted and innovative partner, BioVectra’s global client base includes most of the top 20 biopharmaceutical companies in the world. “Our clients develop important, life-saving medicines for people all around the globe,” said BioVectra’s Windsor General Manager, Heather Delage. “This exciting expansion project is designed to help propel us toward being a top-tier player in the biologics field, where many therapies are advancing rapidly, and changing the way healthcare is delivered.”
Beyond these expansion plans, BioVectra intends to complement its existing academic partnerships by forming additional collaborations with Canadian academic institutions. This investment includes reinforcing its future talent base by providing over 25 students with on-the-job training and internship opportunities on an annual basis.
BioVectra is a CDMO that serves global pharmaceutical and biotech companies with full-service cGMP outsourcing solutions for intermediates and active pharmaceutical ingredients. An innovative and reliable service partner with a strong regulatory history, BioVectra has over 45 years of experience specializing in:
For more information about BioVectra, please visit www.biovectra.com.
Communications and Marketing Manager
Phone: 902-566-9116 ext. 6376
Statements in this document that are not strictly historical, including statements regarding future business prospects, use of capital or the impact of any such events or developments, and any other statements regarding events or developments the company believes or anticipates will or may occur in the future, may be “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. The forward-looking statements made herein speak only as of the date hereof and the company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.]]>
- cGMP Microbial Fermentation
- Complex Chemistry – High Potency APIs
- Formulation Development
Read original announcement here
Nova Scotia startup companies and small and medium-sized businesses will benefit from more investment, thanks to a new Innovation Equity Tax Credit launched today by Finance and Treasury Board Minister Karen Casey.
The new tax credit applies to investments up to $250,000 in eligible businesses, which is $200,000 more than the current Equity Tax Credit. Nova Scotian investors will receive a tax incentive of 35 per cent, or 45 per cent in priority sectors of oceans technology and life sciences.
“This new tax credit encourages Nova Scotians to invest in our home-grown entrepreneurs and local companies so they can drive growth, be more competitive and succeed,” said Ms. Casey. “It will add to our ongoing efforts to improve the business climate in Nova Scotia for innovation-driven entrepreneurship by doing things differently to support economic growth.”
The revised regulations outline that Nova Scotia businesses less than 10 years old may qualify for funding. Investors often bring expertise, advice, mentoring and networks to the businesses they have invested in.
The province is also exploring options to expand the tax credit through legislation this spring. Those options include making corporations and qualified venture capital funds eligible for the credit.
The new tax credit focuses on innovation-driven entrepreneurship and narrows business eligibility to priority areas. The current equity tax credit, established in 1994, will be phased out as part of the 2019-20 Budget, to enable time for businesses to adjust.
The new tax credit is effective immediately. To view the regulations visit, https://novascotia.ca/just/regulations/rxaa-l.htm#inctax .
FOR BROADCAST USE:
Nova Scotia startups will benefit from a new Innovation Equity Tax Credit that encourages more local investment.
The new tax credit focuses on innovation-driven entrepreneurship and narrows business eligibility to priority areas, including ocean technology and life sciences.
Finance and Treasury Board Minister Karen Casey says new investments in local companies will help to create a stronger Nova Scotia.
This will help build on the flourishing startup community we have in the province.
The new tax credit is effective immediately.
BioNova advocates on behalf of the sector for initiatives that are important to attract investment to the province. learn more about the recommendations we’re presenting to Government on modernizing Equity Tax Credits for Atlantic Canada by clicking on the image below.
To add your signature of support for these recommendations CONTACT US
Update: Province Announces Innovation Equity Tax Credit
highlights: The new tax credit applies to investments up to $250,000 in eligible businesses, which is $200,000 more than the current Equity Tax Credit. Nova Scotian investors will receive a tax incentive of 35 per cent, or 45 per cent in priority sectors of oceans technology and life sciences.
See original story here
As it continues to fund young companies, the First Angel Network has developed an investment niche for the biomedical space and is showing an eagerness for repeat investments.
FAN, as it is known, has been investing in Atlantic Canadian startups for 12 years, making it the dean of active investment groups. Its portfolio has included a couple of exits and a few failures. The group has sometimes been controversial, and a group of FAN investors is now suing the developer of King’s Wharf in Dartmouth.
Through it all, the co-founding team of Ross Finlay and Brian Lowe has been arranging quarterly investments for their network of angels, as they have been for the past 48 quarters. The landscape has changed since FAN started, and the group concentrates more these days on life sciences companies or IT companies that have medical applications. Recent investments like Chinova Bioworks, Covina Biomedical and Spring Loaded bear this out.
“It seems like our members gravitate toward those types of deals,” said Lowe in an interview last week.
“Our members like to invest in biotechnology and medical devices. They seem to understand the sector well.”
A look at the companies FAN has invested in shows the concentration in life sciences:
Spring Loaded Technology, Dartmouth
— Spring Loaded has recently launched the Levitation knee brace, which not only stabilizes the joint but also adds power to it.
Chinova Bioworks, Fredericton
— Chinova is using the multi-purpose compound chitosan in an anti-microbial agent, which it uses in a natural preservative in such foods as juices.
Iron Apple International, Halifax
— Iron Apple International provides food safety solutions to transportation companies throughout North America.
Covina Biomedical, Halifax
— Covina is commercializing a non-toxic bone cement that can be injected into the vertebrae of osteoporosis patients who have suffered a fracture. The company has said it raised $350,000 from FAN as part of a round with a target of $1 million.
— WellTrack is a product that helps organizations — especially universities — improve the mental health of their members, especially those suffering from stress, anxiety and depression.
NB Biomatrix, Saint John
— NB Biomatrix has developed Naqua-Pure, a liquid that uses nanotechnology to remove heavy metals and other pollutants from waste water.
What’s interesting about the Spring Loaded funding is that it is the second time the knee-brace-maker has tapped FAN for funding. The company received funding from FAN and Innovacorp two years ago, then from Build Ventures last year and returned to FAN earlier this year.
“FAN has been a long-term supporter of Spring Loaded,” said CEO Chris Cowper Smith in an email. “They are well organized and offer an efficient process for raising capital through their network. We had excellent uptake from FAN on our current offering and we look forward to working with them going forward.”
Lowe and Finlay said the organization is interested in providing follow-on funding from its more successful portfolio companies. It has done return investment for Spring Loaded and Halifax-based Metamaterial Technologies Inc., which recently announced an $8.3-million funding round that included contributions from FAN. Some of these companies are also raising money through the Wilmington Investor Network, a North Carolina group with whom FAN sometimes co-invests.
Finlay noted that research by the Angel Research Institute of the United States shows that follow-on funding accounts for more than half the angel investment in the U.S.
“We’ve been wondering if we should try to focus more on not chasing the shiny new object but on supporting the companies that are already in our portfolio,” he said. “We think that’s a good use of our capital.”