The New Brunswick Innovation Foundation has announced a total of more than $1.2 million in funding for 27 New Brunswick research products that aim to detect and treat COVID-19.

NBIF issued a statement Thursday saying it has partnered with the New Brunswick Health Research Foundation and the Atlantic Canada Opportunities Agency to contribute a total of $846,707 to the projects.

In addition, $361,860 is coming from other sources, including not-for-profit stakeholders and private corporations.

“The health, social and economic implications of this virus are staggering, and I firmly believe that research and innovation are the best way to reduce these negative impacts and prepare for the next pandemic,” said NBIF Director of Research Laura Richard in the statement.

“That’s why NBIF took the initiative, engaged partners and within two weeks established and launched the COVID-19 research fund program. We are astonished by both the quality and quantity of applications for funding.”

ACOA has contributed $405,852 to the initiative, NBIF $350,000 and NBHRF $99,820.

The largest institutional beneficiary of the initiative will be the University of New Brunswick, whose researchers will receive $409,854 for 13 projects. Researchers at Université de Moncton will receive $115,910 for four projects, while those at Dalhousie Medicine New Brunswick are getting $110,118, also for four projects.

Disclosure: NBIF and ACOA are clients of Entrevestor.