PEI bio-projects selected in second round of Atlantic Innovation Fund projects

Charlottetown, PEI October 22, 2003 Up to C$16.8 million in total funding is being awarded to five research and development projects in Prince Edward Island under the Atlantic Innovation Fund.

The following projects have been approved for funding:

ChitoXanSys is working to develop an Atlantic resource-based system for environmental remediation. It will receive up to $1.65 million over two years;

The Atlantic Veterinary College, which will be developing the Atlantic Centre for Comparative Biomedical Research, will receive up to $2 million over five years;

The University of Prince Edward Island, through its Institute of Nutrisciences and Health, which is leading a comprehensive research and skills development strategy to support long-term growth of the bioresource sector, will receive up to $6.15 million over five years;

Atlantis Bioactives, which will be undertaking an initiative into the development of paclitaxel, will receive up to $3.96 million from the Atlantic Innovation Fund over a three-year period; and

BioVectra dcl, which is undertaking an initiative to develop new pharmaceutical products, will receive up to $3 million from the Atlantic Innovation Fund over a five- year period.

"The province of Prince Edward Island has made innovation a cornerstone of our economic development strategy," said development and technology minister Mike Currie, on behalf of Premier Pat Binns. "Our capacity and expertise to foster research and development will add to and enhance our primary industries as we find new uses for familiar products and new products which can be developed right here."