ST. CATHARINES, ONTARIO--(Marketwired - Sept. 26, 2013) - The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), alongside Rick Dykstra, Member of Parliament for St. Catharines, today announced a Government of Canada investment that will allow Biolyse Pharma to expand its facilities and product line of injectable chemotherapy drugs.
"Our Government's top priority remains creating high-value jobs, growth and long-term prosperity for Canadians," said Minister Goodyear. "This investment will allow Canada's only manufacturer of injectable chemotherapy drugs to expand its operations in St. Catharines, bring high-quality jobs to the local pharmaceutical industry, and help meet the global demand for affordable, life-saving cancer treatments."
"Today, our Government's commitment to investing in the development of a supportive environment for the region's pharmaceutical manufacturing cluster is being showcased," said MP Dykstra. "Getting our small- and medium-sized businesses the tools they need to stay productive and competitive is imperative."
St. Catharines-based Biolyse Pharma produces generic chemotherapy and anti-cancer drugs for Canadian and international markets.
Through FedDev Ontario's Prosperity Initiative, Biolyse Pharma will receive an investment of up to $2.9 million to complete an expansion of its facilities and production capacity. This project is expected to create up to 59 new highly skilled full-time jobs, allowing the company to reach new markets and increase product diversification.
"The significance of this repayable contribution is an encouragement to Biolyse to move forward with its development program, which will expand its line of vital medicines made by Canadians for Canadians," said Claude Mercure, Owner of Biolyse Pharma.
For more information on this project and the Prosperity Initiative, please see the backgrounder.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario.
As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care about most: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.
To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
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This news release is available online at: www.FedDevOntario.gc.ca.
Contribution to Biolyse Pharma
Biolyse Pharma Corporation, based in St. Catharines, Ontario, has been a leader in the innovative production of anti-cancer drugs since 1989. The company sells anti-cancer and chemotherapy drugs in Canadian and international markets and is currently Canada's only manufacturer of injectable chemotherapy drugs.
FedDev Ontario is providing Biolyse Pharma with a repayable contribution of up to $2.9 million to complete an expansion project of its research and production facilities and its line of generic chemotherapy drugs. FedDev Ontario's investment allows Biolyse to upgrade the facilities and technologies required to further diversify its line of generic chemotherapy pharmaceuticals and increase its share in this niche market.
The project is expected to create up to 59 high-value full-time equivalent jobs and introduce up to 15 additional generic chemotherapy drugs. This investment will allow Biolyse Pharma to expand its reach to customers in both domestic and international markets and will support the company's plan to continue to invest in further research and development.
FedDev Ontario's investment in Biolyse Pharma will also help to diversify the St. Catharines economy, allowing the region to leverage its life sciences research capabilities to grow a sustainable pharmaceutical research and manufacturing base.
FedDev Ontario's Prosperity Initiative, as part of the Southern Ontario Advantage initiatives, is encouraging businesses, not-for-profit organizations and post-secondary institutions in southern Ontario to undertake projects resulting in a more productive, diversified and competitive economy in the region.
To date, over $420 million in funding has been committed to over 240 projects under the Southern Ontario Advantage initiatives, resulting in partnerships with more than 5,000 organizations, and over $1.2 billion in additional leveraged investments from almost exclusively non-government sources. All funding for the Advantage initiatives has been committed.
For more information please visit the website at www.FedDevOntario.gc.ca.