ACOA handed out more than $14 million Monday under its Atlantic Innovation Fund for research projects on P.E.I.

'More jobs are being created for skilled workers.'— MP Rob Moore

Private companies and public institutions alike were beneficiaries of the funding. UPEI received $2 million to develop cancer treatment technologies, and the Atlantic Veterinary College landed $2.4 million for lobster research. Biovectra, a division of the well-known chemical company Diagnostic Chemicals, received the largest grant, $5.5 million to research ingredients for new prescription drugs.

Conservative MP Rob Moore made the trip to the Island from his New Brunswick riding of Fundy Royal for the announcement in Charlottetown.

"More jobs are being created for skilled workers, helping us attract new talent to the region," said Moore.

A lesser-known Charlottetown company, Cogsdale Corporation, also received some help from the Atlantic Innovation Fund, $1.7 million to develop land-use and community development software.

Cogsdale was founded in Duncan Shaw's bedroom in 1997, and has since grown to employ 53 people. It specializes in customer service software, and was recently listed at number 147 on the Deloitte and Touche Fast 500, a North American listing of companies recognizing innovation.

Duncan Shaw said the money would help him keep control of his company.
(CBC)

"We have a very direct strategy," said Shaw.

"We had a very simple business plan of working with customers directly, selling directly and spending an awful lot of time on the road and working very hard."

Shaw said receiving money from the Atlantic Innovation Fund means he can keep better control of his company, and plan for the long-term.

"The software industry, North American-wide, gets in this mode of you raise a bunch of venture capital and you sell the company off. It's not a long-term business. It's almost like a business is a project," he said.

"The Atlantic Innovation Fund really gives us an opportunity to access some financing for an exciting piece of expansion for us, while not mortgaging ourselves to the future. We can keep a long-term perspective and we can keep moving forward."

The Charlottetown announcement was one of a number around the region that saw 29 research and development projects in Atlantic Canada funded to a value of more than $126 million.

On P.E.I., a total of seven projects worth up to $14.2 million were announced. ACOA expects the funding to leverage a further $10 million in funding from other sources.