LONDON, ONTARIO--(Marketwire - July 29, 2010) - Businesses in communities across southern Ontario will have more opportunities to conduct research, develop new products and bring new ideas to market thanks to a new investment from the Government of Canada. The announcement was made by the Hon. Gary Goodyear, Minister of State for FedDev Ontario, and Ed Holder, Member of Parliament for London West, while speaking at Sernova Corp. in London today.
"Through Canada's Economic Action Plan, our government is investing in new technology, research and development, because it helps our businesses innovate and better compete in the global economy," said Minister Goodyear. "Through this investment, FedDev Ontario is supporting innovative companies as they create high-skilled jobs and stimulate the local economy in communities throughout southern Ontario."
As part of Canada's Economic Action Plan, FedDev Ontario will provide $45 million through the National Research Council's Industrial Research Assistance Program (NRC-IRAP) to eligible small and medium sized businesses in southern Ontario to boost their research and development capacities, increase innovation, create jobs and bring their ideas from the lab to the marketplace.
"Providing financial assistance to small and medium-sized enterprises demonstrates the National Research Council of Canada's commitment to turn knowledge into innovation," said NRC President John R. McDougall. "Sernova Corporation's entrepreneurship and dedication to developing industry-leading and internationally-recognized products is exactly the kind of drive we look for when partnering with innovative Canadian firms."
Minister Goodyear and MP Holder made the announcement at Sernova Corp. at the University of Western Ontario's Research Park. Sernova Corp. is a Canadian-based, health-sciences company focused on commercializing medical technologies. Sernova Corp. is developing a platform technology for a number of serious disease indications, starting with a novel treatment for insulin-dependent diabetes, using the novel Cell Pouch System(tm) and its patented Sertolin(tm) cell technology.
"I am very proud that our government is supporting the work of innovative businesses here in London," said MP Holder. "With our support, London companies are conducting more research and bringing new ideas into the marketplace that benefits Canadian businesses, workers and communities."
The National Research Council Industrial Research Assistance Program provides a range of both technical and business-oriented advisory services along with necessary financial support to qualified innovative Canadian small- and medium-sized enterprises. NRC-IRAP received an investment in Budget 2009 — Canada's Economic Action Plan — of $200 million over two years to bolster the Industrial Research Assistance Program's support for innovative Canadian firms.
About FedDev Ontario
Funding for this project is being provided through FedDev Ontario. FedDev Ontario was created as part of Canada's Economic Action Plan to support economic and community development, innovation, and economic diversification, with contributions to communities, businesses and non-profit organizations in southern Ontario.
For additional details on FedDev Ontario, please visit the FedDev Ontario web site at www.feddevontario.gc.ca, or call 1-866-593-5505. For additional information on Canada's Economic Action Plan, visit www.actionplan.gc.ca.
This news release is available online at: www.feddevontario.gc.ca and www.actionplan.gc.ca.