Government of Canada Lends Financial Support to Biovelia

LÉVIS, QUEBEC--(Marketwire - Feb. 15, 2013) - Acting on behalf of the Honourable Denis Lebel, Minister of Transport, Infrastructure and Communities and Minister of the Economic Development Agency of Canada for the Regions of Quebec, the Honourable Steven Blaney, Minister of Veterans Affairs, today announced the granting of financial assistance to the firm Biovélia for the commercialization of an innovative product.

"This financial support we are announcing to Biovélia today illustrates the Government of Canada's determination to take effective measures to stimulate growth and employment and to strengthen the competitiveness of the Canadian economy," said Minister Blaney.

Biovélia is a startup company spun off from the Ag-Bio Centre, Lévis-Lauzon CEGEP's technology complex business incubator. Incorporated in May 2010, Biovélia acquired the exclusive global rights from Université Laval to state-of-the-art technology for the controlled release of active ingredients in pills. Trials conclude the resulting product is ready for commercialization.

The company will use this funding from Canada Economic Development to bring this new, all-natural milk protein-based product to market. The technology used ensures the active ingredients in the tablets are protected from acidity and gastric enzymes.

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This financial assistance, granted in the form of a $70,000 repayable contribution, has been awarded through Canada Economic Development's Quebec Economic Development Program.

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