Released on March 1, 2006
The Government of Saskatchewan today announced further investment in the province's bio-economy with $2.5 million in new funding for Ag-West Bio Inc.The mission of Ag-West Bio Inc. is to lead and support the development of an economically viable life sciences cluster in Saskatchewan in a way that will translate into significant economic benefits and spin-offs to the Saskatchewan and Canadian economies. It expedites the commercialization of value-added products by linking knowledge and investment with science and enterprise in the development of products that satisfy market needs.
This new investment consists of two parts: $1.8 million, representing a two-year extension of the existing $900,000 per year government funding agreement; and $700,000 for the Ag-West Bio Commercialization Fund.
"The Government of Saskatchewan is very pleased to provide this funding," Agriculture and Food Minister Mark Wartman said. "It will ensure that Ag-West Bio Inc. can continue to support the development of a vibrant bio-economy in Saskatchewan through the development and adoption of new science and technology. Our investment today will facilitate the creation of new bio-products from our high-quality bio-resources, and will strengthen the bio-cluster in Saskatchewan."
Saskatchewan Agriculture and Food's $1.8 million investment will fund Ag-West Bio's activities in the areas of economic growth and investment, research and development facilitation, regulatory and policy development, communication, education, human resource development and business competitiveness. The remaining $700,000 will be used by Ag-West Bio for corporate investment, leading to the commercialization of emerging bio-economy opportunities in Saskatchewan.
"Ag-West Bio is very pleased with the two-year extension to our funding agreement, which will allow us to continue leading the development of the bio-economy in Saskatchewan," Ag-West Bio's Board of Directors Chair Armand Lavoie said. "The financing for the Commercialization Fund will enable us to continue to invest in early-stage life science companies to further expand the agricultural value-added sector in the province."
Ag-West Bio Inc. was formed in April 2004 through the amalgamation of Ag-West Biotech Inc., Bio-Products Saskatchewan and the Saskatchewan Nutraceutical Network.
Thanks to the efforts of Ag-West Bio Inc. and its precursors, Saskatchewan is home to approximately 30 per cent of Canada's agricultural biotechnology activity. According to a study conducted in 2002, its investments have allowed public and private firms to leverage an additional $52.5 million from other investors, and have indirectly created approximately 800 jobs. Nearly 500 Saskatchewan-made biotechnology products are currently on the market.
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For More Information, Contact:
| Scott Brown Agriculture and Food Regina Phone: (306) 787-4031 | Armand Lavoie Ag-West Bio Inc. Saskatoon Phone: (306) 651-1066 |