Development Minister Mike Currie handed out seven research grants to the bioscience industry Thursday.
This was the second round of bioscience grants for the province. It's a rapidly growing sector on the Island, currently employing about 700 people. With the recent establishment of a National Research Council Institute of Nutrisciences and Health, the government is hopeful the sector will develop into a large economic force.
Progressive BioActives received funding for its work promoting pig health.
(CBC)
"The province will put about $500,000 or $600,000 into this research fund, and it allows the companies to leverage about $11 million in research and development funds for their activities," said Currie.
"Last year there was about $20 million leveraged, so this is $31 million in development going into the bioscience industry in the last two years."
The University of Prince Edward Island was the major beneficiary of the funding, receiving three of the seven grants. Another went to the Institute for Nutrisciences and Health.
Three private companies received funding: Phycobiologics received money to develop aquaculture vaccines; Vexcel Canada is developing technology for scanning land cover and use; Progressive BioActives received its second round of provincial funding for its research into health-promoting food additives for pigs.
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