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NB Start-Up Gets Funding To Grow-Up

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.