The Centre québécois d'innovation en biotechnologie can continue its mission to develop innovative businesses

Government of Canada awards more than $1.4 million in financial assistance to the Laval organization

LAVAL, QC, Aug. 10, 2018 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

By investing in organizations that help business start-ups, the Government of Canada is directing resources to initiatives that will have the greatest positive impact on the lives of Canadians.

Acting on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, Eva Nassif, Member of Parliament for Vimy, announced that the Centre québécois d'innovation en biotechnologie (CQIB) [website in French only] has been granted $1,425,000 in financial assistance, in the form of a non-repayable contribution, to support the creation and start-up of innovative businesses in the life sciences sector.

Founded in 1995 by the Institut national de recherche scientifique (INRS) and the City of Laval, this incubator is located in the heart of Laval's high-tech science park. It is the only business incubator that specializes in biotechnology in Quebec and the first life sciences incubator in Canada. Apart from its pre-incubation and incubation programs, the CQIB provides consulting services in business development, financing and technical support.

It also gives companies access to a large inventory of specialized equipment and leased premises. The funding was granted through CED's Quebec Economic Development Program (QEDP) and will help the CQIB cover its operating costs over a three-year period.

Quotes

"By supporting the CQIB, the Government of Canada is reiterating its commitment to support the creation of innovative businesses that generate value and strengthen promising sectors, including life sciences, in the greater Montréal area. I am proud to see that this organization can continue to take root, develop and contribute to Canada's economic well-being."

Eva Nassif, Member of Parliament for Vimy

"The Government of Canada is committed to investing in job creation to grow the economy and create wealth for Canadians. That is why we are supporting the CQIB, whose priority is to foster the creation of new innovative businesses."

The Honourable Navdeep Bains, Minister responsible for CED

"For the City of Laval, the CQIB is the spearhead of the Cité de la Biotech. Thanks to this incubator, 54 companies have been launched, with more to come. I am proud that the City of Laval is world-renowned in the life sciences and health technology sector." 

Marc Demers, Mayor of Laval

Quick facts

• CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
• This year marks the 50th anniversary of federal regional economic development in Quebec: half a century of concrete action dedicated to the development of the regions and local businesses.
• For more information on CED and its priorities, consult the 2018–19 Departmental Plan or visit www.dec-ced.gc.ca.

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SOURCE Canada Economic Development for Quebec Regions

Media Relations, Canada Economic Development for Quebec Regions, 514-283-7443, [email protected]