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Three PEI AIFs Announced $7.7M

The companies receiving a total of $7.7M in Prince Edward Island are:

BioVectra Inc.
Location: Charlottetown
Funding: $2,958,000

This support will help BioVectra develop two generic drugs employing sustained-release delivery technology, with the long-term goal of gaining regulatory approval to market the products across North America.

Delivra Inc.
Location: Charlottetown
Funding: $2,860,000

This investment will support Delivra Inc.’s research to develop three novel natural topical creams for treatment of common inflammatory conditions, namely joint pain, circulation issues and muscle fatigue.

Island Abbey Foods Ltd.
Location: Charlottetown
Funding: $1,920,000

With this support, Island Abbey Foods Ltd. will optimize its manufacturing processes to expand its line of honey-based products. Using 100 percent pure dried honey, the company will work to produce therapeutic and preventative health products that contain bioactive compounds, including upper respiratory products, supplements and vitamins.

These funds are part of a total $39.9 million investment for 17 projects in Atlantic Canada. The remaining 14 projects will be announced throughout New Brunswick, Nova Scotia and Newfoundland and Labrador in the coming weeks.

Funding will be provided through the Atlantic Canada Opportunities Agency’s (ACOA) Competitive Round 2012 of the Atlantic Innovation Fund (AIF) and distributed as follows:

$7,738,000 for three projects in Prince Edward Island
$11,461,072 for five projects in New Brunswick
$11,339,152 for five projects in Nova Scotia
$9,360,279 for four projects in Newfoundland and Labrador