Innovation is not a buzzword. It is a way of life and a driving force in today’s economy. It is about making things better, whether that’s new technologies, ideas, or products and services. It’s about creating well-paying jobs across Canada and having the potential to improve the lives of men and women around the world.
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), along with Sean Casey, MP for Charlottetown and Parliamentary Secretary to the Minister of Canadian Heritage, and the Honourable Chris Palmer, Prince Edward Island Minister of Economic Development and Tourism, today announced an investment of over $4.4 million to support Somru BioScience as they develop new analytical tools that can lead to more affordable medicines.
The Government of Canada is providing a provisionally repayable contribution of $3 million through ACOA’s Atlantic Innovation Fund, in addition to contributions totaling up to $257,752 from the National Research Council of Canada Industrial Research Assistance Program.
The Government of PEI will also contribute $975,000 in repayable financing along with $172,000 in non-repayable support to enhance the company’s marketing efforts.
Canada’s Innovation and Skills Plan aims to position the country as a global centre for innovation—one that creates jobs, drives growth across all industries and improves the lives of all Canadians.
These investments also build on commitments made by the Government of Canada and the four Atlantic Provinces to drive economic growth in the region through the Atlantic Growth Strategy. This Strategy focuses on building a strong culture of innovation by supporting creative and entrepreneurial people, creating jobs, and investing in state-of-the-art technologies.
“The Government of Canada continues to make targeted investments that will create new opportunities in Atlantic Canada. I am pleased to join local success story, Somru BioScience, to announce an investment that will enable this company to continue its ground-breaking research. It is support for companies like this one that will help create sustainable, long-term economic growth with more secure, well-paying jobs for Atlantic Canadians.”
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency
“Prince Edward Island has a progressive and fast-growing bioscience sector and Somru BioScience is a leading force in that community. Somru’s products have attracted interest and attention from around the work and their success – in research and development, economic growth and job creation, and exports – is PEI’s success. I am so proud this company chose to call PEI its home.”
- Sean Casey, Member of Parliament for Charlottetown
“Prince Edward Island’s bioscience sector has grown exponentially over the last ten years and companies like Somru BioScience are leading the way. Somru’s expansion and move into a new facility will allow this company to hire more employees, research and produce innovative new products, and seek out new markets all while making an improved contribution to the overall provincial economy.”
- The Honourable Chris Palmer, Minister of Economic Development and Tourism
“The intelligent 3d fingerprint technology (Intelli.b™) currently under development by Somru will help our clients reduce significant cost in biosimilar drug development. We look forward to advancing Intelli.b thanks to support from ACOA, IPEI and IRAP.”
- Mohammed Moin, Co-founder & Vice President Strategic Partnership & Business Development, Somru BioScience Inc.
“Opening the new research laboratory facility is a major milestone for Somru. This accomplishment allows us to accelerate our R&D activities while continuing to provide comprehensive and innovative bioanalytical solutions to our clients.”
- Clarinda Islam, Co-founder & Vice President Project Management and Regulatory Affairs, Somru BioScience Inc.
- Somru BioScience is a family-owned biotechnology company founded in 2012 by Mohammed Moin, his wife Dihan Ahsan, and Rafiq Islam and his wife Clarinda Islam.
- The company is focused on developing breakthrough antibody technology for research, diagnostic and therapeutic applications.
- Somru BioScience has continually grown its product and service portfolio. In October 2017, it expanded its operations to a new 5,000 square foot laboratory facility in the BioCommons Research Park in Charlottetown, Prince Edward Island.
- The company currently has a client base of over 70 companies in 23 countries.