Biotech firm set to open Charlottetown office
Last Updated: Monday, August 28, 2006 | 10:19 AM AT
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An Ottawa-based biotech firm will open an office in Charlottetown after securing a $2.1 million loan from the federal government.
Chemaphor Inc. develops animal health products, skin care cosmetics, pharmaceuticals and specialty chemicals.
The company's CEO says the firm chose to expand into Charlottetown because of the city's bioscience facilities.
Chemaphor will be able to collaborate directly with the National Research Council's Institute for Nutrisciences and Health and the Atlantic Veterinary College, said Dr. Graham Burton in a news release.
Under the deal it signed with the company, the Atlantic Canada Opportunities Agency will provide up to 75 per cent of Chemaphor's research and development funding over the next four years in the form of no-interest loans.
The funding is part of the Atlantic Innovation Fund.
The company expects to employ five people at the Charlottetown office, which will be set up in the National Research Council's building.
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