The Solicitor General of Canada and Member of Parliament for Malpeque, Wayne Easter; Mr. Joe McGuire, Member of Parliament for Egmont; and Mr. Shawn Murphy, Member of Parliament for Hillsborough, today announced that up to $16.8 million in total funding will be awarded to five innovative research and development projects in Prince Edward Island under the Atlantic Innovation Fund (AIF). This announcement on behalf of the Minister of Industry, Allan Rock, and Gerry Byrne, Minister of State for the Atlantic Canada Opportunities Agency (ACOA), brings the Government of Canada's investment in innovation on Prince Edward Island to over $100 million over the last two years.
"The Government of Canada recognizes that innovative projects like these are necessary to ensure our future economic growth," said Minister Easter. "To fully accomplish this, it is essential for strong partnerships to be forged among our business and our research community. The AIF is proving to be a key catalyst in forming these partnerships and helping to transform capabilities into commercialized products and services.
Industry Minister Allan Rock praised the initiative of the Island's researchers and entrepreneurs, noting that, "These projects build on the AIF program support announced in July 2002 for innovative projects in this province and again demonstrate the outstanding range of ideas, talent and determination in Prince Edward Island's research institutions and the private sector."
Minister Byrne stated: "Islanders have shown that they have the talent and ingenuity to compete with the best in the world. These five projects will make an impact, both in Prince Edward Island and around the world. Once again, ACOA's Atlantic Innovation Fund is proving to be a strong catalyst for moving more of the good ideas of Atlantic Canadians out of the labs and into the marketplace."
The following PEI-based projects have been approved for AIF funding:
- ChitoXanSys Ltd., which is working to develop an Atlantic resource-based system for environmental remediation, will receive up to $1.65 million from the Atlantic Innovation Fund over a two-year period;
- The Atlantic Veterinary College, which will be developing the Atlantic Centre for Comparative Biomedical Research, will receive up to $2 million from the Atlantic Innovation Fund over a five-year period;
- The University of Prince Edward Island, through its Institute of Nutrisciences and Health, which is leading a comprehensive research and skills development strategy to support long-term growth of the bioresource sector, will receive up to $6.15 million from the Atlantic Innovation Fund over a five-year period;
- Atlantis Bioactives, which will be undertaking an initiative into the development of paclitaxel, will receive up to $3.96 million from the Atlantic Innovation Fund over a three-year period; and
- BioVectra dcl, which is undertaking an initiative to develop new pharmaceutical products, will receive up to $3 million from the Atlantic Innovation Fund over a five-year period.
"The province of Prince Edward Island has made innovation a cornerstone of our economic development strategy," said Development and Technology Minister Mike Currie, on behalf of Premier Pat Binns. "Our capacity and expertise to foster research and development will add to and enhance our primary industries as we find new uses for familiar products and new products which can be developed right here."
"I would like to congratulate ChitoXanSys Ltd. of Georgetown on its successful project application in Round II of the Atlantic Innovation Fund," said MP Lawrence MacAulay. "This project is an extremely exciting example of innovation Island-style, in that it will find new and commercially promising uses, through research and development, for our natural resources."
"The Atlantic Innovation Fund is creating pioneers in the areas of research and development through institutions such as the University of Prince Edward Island," said MP Joe McGuire. "UPEI and the Atlantic Veterinary College are embarking upon ground-breaking projects to improve the way we do research in Atlantic Canada - and developing new products for the marketplace."
"The Government of Canada's continued investment in PEI's bioresource sector is creating a culture of innovation for our businesses and research institutions," said MP Shawn Murphy. "The projects announced today for Atlantis Bioactives and BioVectra dcl are on the leading edge of cancer treatment and drug delivery, which will have far-reaching health benefits and tremendous economic spin-offs for Islanders."
Prior to today's announcement, Minister Byrne announced the overall results of the AIF's Round II Request for Project Proposals at a news conference in Moncton in September, 2003, confirming that up to $136 million in AIF funding will be awarded to 54 projects throughout Atlantic Canada. These projects are valued at $291 million.
The $300-million Atlantic Innovation Fund is a Government of Canada initiative that is administered by ACOA. It is designed to build the economy of Atlantic Canada by increasing the region's capacity to carry out leading-edge R&D that directly contributes to the development of new technology-based economic activity in the region. Specifically, the Fund is aimed at increasing the R&D being carried out in Atlantic research facilities leading to the launch of new ideas, products, processes and services.
Proposals to the Fund were solicited through a formal Request for Project Proposals (RFPP) process.
Backgrounders on the P.E.I. projects are available on ACOA's web site: www.acoa-apeca.gc.ca.
Information on Canada's Innovation Strategy is available at: www.innovationstrategy.gc.ca