Montreal healthtech hub Neomed announces $25 million expansion

neomed institute

The Neomed Innovation Centre, a Montreal-based hub, is expanding its presence with the construction of a new innovation and commercialization complex specializing in life sciences and healthtech.

“This new innovation and commercialization complex is poised to become a thriving focal point for the development of a business ecosystem.”

The project is valued at $25 million and will see participation from public and private backers. The new hub is currently being supported by a $1.5 million federal investment from Canada Economic Development for Quebec Regions, a loan from the province’s Investissement Québec amounting to $8.7 million, and an additional $1.5 million from the City of Montreal. The funding will allow the organization to both purchase lab equipment and develop infrastructure.

“This new innovation and commercialization complex is poised to become a thriving focal point for the development of a business ecosystem and innovation networks that will amplify companies’ productivity, and ensure they become more effective and more competitive on the global market,” said Pierre-Yves Desbiens, venture partner at the Neomed Innovation Centre. “This project would never have seen the light without the commitment of visionary partners who, like us, seek to make major contributions to scientific innovation in the Canadian life sciences and health technology sector.”

The complex, which will be located in Technoparc Montréal, is being executed by adMare BioInnovations, a pan-Canadian enterprise that was formed by Neomed and the Vancouver-based Centre for Drug Research and Development last month. The expansion is also part of the new Montreal Geared Up for Tomorrow 2018–2022 Economic Development Strategy.

The new hub will feature 50,000 square feet of space to house the new facilities, offering customized labs, shared equipment, and support services in commercialization. Some of the services include expertise, experimentation centres, modular and corporate spaces, incubators, accelerators, training centres, specialized services, including access to sources of funding.

“adMare BioInnovations is proud to be leading the way in opening a new world of opportunities in the life sciences sector in Quebec and the rest of Canada by increasing investments in research and innovation, fostering creation of innovative companies, attracting new private investments, and commercializing Canadian technology globally,” said Gordon C. McCauley, president and CEO of adMare BioInnovations. “Fostering this kind of alignment and collaboration, and providing companies with the infrastructure they need to succeed on a global scale is exactly what Neomed and its expansion are all about. What we are really building here is a community.”

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A statement from adMare said the Quebec government’s participation will be focused on the project’s infrastructure component, by providing loan guarantees on the building in addition to land for financial institutions, including Desjardins, Caisse d’économie solidaire and other social economy enterprises. The city’s funding will help Neomed purchase laboratory equipment for the new commercialization complex.

“Montreal is a vital hub for life science companies focused on innovation and collaboration. With the continued growth of the LSHT sector in Montreal, the City is proud to invest in this priority sector in order to remain globally competitive,” said Valérie Plante, Mayor of Montreal. “Our investment in this new innovation and commercialization complex will expand Montreal’s LSHT ecosystem by offering additional services for entrepreneurs and researchers in terms of adapted laboratories, shared equipment and support in commercialization. We hope that many other companies will also choose Technoparc Montréal.”

The first phase of the project is expected to begin in 2020.

Image courtesy Neomed Innovation Centre

Isabelle Kirkwood

Isabelle Kirkwood

Writer, globetrotter, drone pilot & David Attenborough enthusiast