The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

FedDev Ontario is Feeding $45 million Through NRC-IRAP to Support SMB Innovation

During a visit to Sernova (TSXV: SVA) today, Gary Goodyear* announced that $45 million of FedDev Ontario money will be deployed through the NRC’s Industrial Research Assistance Program (IRAP).

IRAP has been a relatively effective vehicle for funding life science companies and has taken a prominent role since having been allocated $200 million in the 2009 federal budget. In 2010, NRC-IRAP has funded companies directly, including Isotechnika, Critical Outcome Technologies and Covalon (among others) and indirectly through the Health Technology Exchange (HTX).

Sernova press-released the announcement today, noting that they received $486,000 from NRC-IRAP in the 2009-2010 cycle; but it was unclear whether that funding was part of the FedDev allocation or whether FedDev-IRAP funds were forthcoming in the 2010-2011 cycle.

* Yes, Gary Goodyear is now the Minister of State for FedDev Ontario.

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