ACOA's Atlantic Innovation Fund continues to build biosciences sector in New Brunswick and Atlantic Canada; $19.6 million in all for New Brunswick projects

February 1, 2010
Fredericton, NB - Last week's announcements of projects supported under the Atlantic Canada Opportunities Agency (ACOA)'s Atlantic Innovation Fund (AIF) continues to add strength to New Brunswick and Atlantic Canada's biosciences sector.

The announcements highlighted 30 innovative R&D projects selected from across Atlantic Canada under the seventh round of the much lauded program. Potential investments represent approximately $62.4 million by the AIF, towards total project values of nearly $112 million.

At the New Brunswick event, project approvals were announced by the Honourable Keith Ashfield, Minister of National Revenue, Minister of the Atlantic Canada Opportunities Agency (ACOA) and Minister for the Atlantic Gateway. "Productivity and innovation are key factors in Canada's economic success," said Minister Ashfield. "The Atlantic Innovation Fund is an important catalyst for building research and development capacity in our region. This latest round of funding ensures that more research will continue to be undertaken, and more innovative ideas commercialized, so that Atlantic businesses continue to grow, adapt, diversify and become more competitive."

In the biosciences, the New Brunswick investments are primarily in support of the following projects which are enabling technologies to allow for early detection of important cancers. Early detection of cancers dramatically increase a patient's chances of survival.

BioProspecting NB Inc. is a drug development company focused on novel therapeutics for cancer and chronic pain treatments. The supported project will focus on the development and commercialization of a diagnostic tool for early detection and treatment of ovarian cancer. With total estimated costs of $5.1 million, the group will receive approximately $2.9 million from the Atlantic Innovation Fund over a two-year period.
Work at the Atlantic Cancer Research Institute will focus on the development of a new technology to identify markers from shed cancer cells, in bodily fluids, that serve as early warning signals for cancer, that will help determine whether a patient should be included or excluded from follow-up treatments such as chemotherapy or surgery. The project includes the advancement of recent discoveries funded through two past AIF projects. With total estimated costs of $5.7 million, the project will receive approximately $2.8 million from the Atlantic Innovation Fund over a four-year period.

Additional projects related to biomedical devices and bio-resource technologies include a portable tool-kit that can be used to perform routine, clinically accepted, assessments of muscle impairment and function outside the clinic (UNB's Institute of Biomedical Engineering) and technology aimed at creating more value-added opportunities for increasing pulp yield and strength as well as developing new technology for the production of conductive packaging materials (The Limerick Pulp and Paper Centre (LPPC) at UNB, in collaboration with AV Nackawic Inc., NB and KnowCharge Inc., NB). Other New Brunswick investments will be directed at new ways to enhance and increase the speed and capacity of computer systems; the development of smart instrumentation for the energy sector, and new ways of generating solar power at a lower cost.

The Atlantic Innovation Fund is supporting several bio-sciences projects in the other Atlantic provinces, including:

In Newfoundland, Memorial University's Faculty of Medicine, Population Therapeutics Research Group will be supported to develop the Newfoundland Genealogical Toolkit - a state-of-the-art information technology platform able to generate large sample groups (family trees) to conduct studies on the identification of genes implicated in common diseases and research on undesirable drug reactions.
In Nova Scotia, several projects in biosciences and biomedical diagnostics are being supported, including: work on the plant Camelina as a source of green fuels, a feed supplement for aquaculture, and cosmeceuticals and nutraceuticals; the Development of Novel Treatments for Neuropathic Pain; the Smart Christmas Trees and Technologies Initiative; algae as biofuels; as well as projects in support of biodiagnostics and computer-based rehabilitation techniques.
In Prince Edward Island support for bioscience projects include an anti-cancer drug treatment; natural, non-antibiotic products enhancing food-animal products; an online/browser-based decision support system to help veterinarians with daily diagnostic, prognostic and therapeutic decisions; and the examination of oil seed waste products with antioxidant and anti-inflammatory properties.

Since 2006, more than $343 million has been invested through the AIF in 145 R&D projects throughout Atlantic Canada. The AIF encourages the commercialization of research in Atlantic Canada and has been a key driver for many Atlantic Canadian businesses, universities and research institutions. It has enhanced Atlantic Canada's reputation for innovation and, through the success of the projects it has funded, the AIF contributes significantly to the region's research and development capacity and its economic performance.

For more information on these investments, please visit:

http://mediaroom.acoa-apeca.gc.ca/e/media/press/press.shtml?4662
http://mediaroom.acoa-apeca.gc.ca/e/media/press/press.shtml?4655
http://mediaroom.acoa-apeca.gc.ca/e/media/press/press.shtml?4653
http://mediaroom.acoa-apeca.gc.ca/e/media/press/press.shtml?4651
http://timestranscript.canadaeast.com/news/article/935605
http://nbbusinessjournal.canadaeast.com/journal/article/935380

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