Biotech firm supports research into biosimilar products

Charlottetown, PEI – Biotechnology company Somru BioScience is receiving $230,575 in funding to help it develop new products for emerging markets.

The Atlantic Canada Opportunities Agency (ACOA) is providing $171,825 to assist with purchasing state-of-art equipment for the development of highly specialized, ready-to-use test kits for drug development companies interested in testing biosimilar products. ACOA is also providing $48,750 to support the hiring of a quality control and assurance specialist who will ensure the company meets standard operating procedures and good laboratory practices. Finally, Prince Edward Island’s provincial government, through Innovation PEI, is providing a $10,000 grant for the purchase of equipment.

The company says it is the first to offer this type of service in Canada.

“The demand for our products to support biosimilar development has grown significantly over last 12 months,” said Mohammad Moin, vice president of business development, Somru BioScience. “This funding will allow us to continue to invest in the technology and the quality systems that our customers require. It will also allow us to expand our commercial services, increase export globally and create quality jobs in PEI.”