The Atlantic Canada Opportunities Agency on Friday announced it is providing more than $200,000 in financing to Somru BioScience of Charlottetown. The following is the press release issued by the agency:
Emerging Biotechnology Company Looks to Accelerate Research Worldwide
New product development and testing will lead Somru BioScience Inc. into emerging markets
January 10, 2014 - Charlottetown, PE
Minister Moore and Charlottetown-Sherwood MLA Robert Mitchell today announced government support for Somru BioScience Inc. The emerging biotechnology company is working to expand its portfolio of products and services.
Incorporated in 2012, Somru BioScience Inc. was created to develop breakthrough antibody technology for research, diagnostic and therapeutic applications.
Quick Facts
• The Government of Canada, through ACOA’s Business Development Program, is investing $171,825 in the company to assist with the purchase of state-of-the-art equipment for the development of highly specialized, ready-to-use test kits for drug development companies interested in testing biosimilar products.
• ACOA is also contributing $48,750 to support Somru BioScience as they hire an individual for quality control and assurance to ensure the company meets standard operating procedures and good laboratory practices.
• The Government of Prince Edward Island, through Innovation PEI, is providing a $10,000 grant for the purchase of equipment.
• Somru BioScience is expanding its drug development products portfolio to support biosimilar research to meet strong market demand. This newly acquired equipment is the key to the company’s strategic expansion. The company is the first to offer this service in Canada.
• Biosimilars are new horizons in affordable healthcare. The technology pioneered by Somru Bioscience will help biotechnology companies develop biosimilars in a cost-effective manner and dramatically increase worldwide patient access to essential, high-quality medicine.
Quotes
“Our Government is pleased to support innovative companies like Somru BioScience that are making important advances in science and biotechnology. We recognize that the technological advances being made by our Canadian companies help create high-paying jobs, strengthen our economy and improve the quality of life of Canadians.”
- The Honourable Rob Moore, Minister of State (ACOA)
“The Government of Prince Edward Island supports development of bioscience companies like Somru because this is a growing industry with natural ties to the province’s traditional fishing and farming sectors. The Government of Prince Edward Island is proud to support Somru as it seeks new markets and provides employment for educated, ambitious workers in our province.”
- Robert Mitchell, Member of the Legislative Assembly, (Charlottetown-Sherwood)
“The demand for our products to support biosimilar development has grown significantly over last 12 months,” said Mr. Moin. “This funding will allow us to continue to invest in the technology and the quality systems that our customers require. It will also allow us to expand our commercial services, increase export globally and create quality jobs in PEI.”
- Mohammad Moin, Vice President of Business Development, Somru BioScience Inc.
Associated Links
• http://www.somrubioscience.com
Contacts
Kelsie Corey
Director of Communications
Office of the Minister of State
Atlantic Canada Opportunities Agency
613-941-7241
Jana Parker
Atlantic Canada Opportunities Agency
902-368-0264
Ron Ryder
Innovation PEI
902-368-6859
Mohammed Moin
Vice President of Business Development
Somru BioScience Inc.
902-367-4322
