Government Continues to Support Homegrown Bioscience Company

The government of Nova Scotia will continue supporting one of the province's most innovative bioscience companies and a leader in research, development and innovation.

A $1.5-million loan guarantee to MedMira Inc., a Halifax-based company, through the Industrial Expansion Fund, will allow the company to restructure, adjust its business model and gain access to global markets. A loan guarantee for $2 million was previously provided to the company in 2005.

"This support for MedMira Inc. demonstrates our efforts to expand the biotech industry in this province," said Angus MacIsaac, Minister of Economic Development. "We will continue to help this innovative Nova Scotian company."

With corporate offices and manufacturing facilities located in Halifax and a representative office in China, MedMira Inc. is a leading developer and manufacturer of flow-through rapid diagnostics. Hermes Chan, president and CEO of MedMira Inc., recently received the 2007 Innovation Award in bioscience.

"As one of Nova Scotia's homegrown biotechnology companies, we are pleased to accept government support towards securing our continued success in the future," said Mr. Chan. "We are building our new global business strategies based on our recently patented rapid flow-through testing platform and this will prove valuable in executing our plans."

The tests developed by MedMira Inc. provide hospital labs, clinics and individuals around the world with reliable, rapid diagnosis for diseases such as HIV and hepatitis C. The rapid HIV test is the only one in the world to achieve regulatory approvals in Canada, the United States, China and the European Union.

With export sales approaching $200 million, the province's life-sciences industry is an important part of the knowledge-based economy, a sector that uses knowledge for economic benefits. About 3,400 Nova Scotians work in the biotechnology and life-sciences companies and research institutions.

The Industrial Expansion Fund is one method by which the government supports economic development in the province. This fund has considerable flexibility in the amount and type of funding it can provide. The fund is key to helping industries involved in innovative research and technology, while contributing to a prosperous and sustainable business climate for Nova Scotia.