$5.35M invested in Quebec biotech firm to develop recombinant protein technology

Quebec, QC June 17, 2003 Foragen Technologies, Innovatech Qubec, Fondaction CSN and a private investor announced today an investment of C$5.35 million in TGN Biotech, a Qubec based biotech company active in the production of recombinant proteins for therapeutic use.

TGN Biotech began operating in November 2000 based on the scientific research of Dr Marc-Andr Sirard and Dr Franois Pothier of Laval University. It was under the direction of Dr Pothier that the company’s Semenesis technology was developed. It involves the use of pig seminal gland as a bioreactor to produce recombinant proteins that are active drug ingredients. Compared to traditional manufacturing methods, the company says its technology allows for a significant reduction in production costs thanks to its reduced investment in infrastructure and operational costs. The first products under development with this technology will be used to treat animal and human diseases.

“TGN is an excellent example of Innovatech Qubec’s role in developing high-potential technologies from Laval University," says Francine Laurent, CEO of Innovatech Qubec. "In addition, the presence of Canadian and local investors confirm the quality of this technology that is contributing to the development of Qubec City as a leading biotech cluster in Canada.”