Somru BioScience receives total of $4.4 million in funding from Canadian and PEI governments

Charlottetown-based Somru BioScience announced it is receiving a total of $4.4 million in funding from the federal and Prince Edward Island governments.

The Canadian government is providing a repayable loan of $3 million through the Atlantic Canada Opportunities Agency’s Atlantic Innovation Fund, along with an additional grant of up to $257,752 from the National Research Council of Canada’s Industrial Research Assistance Program. The PEI government is also contributing $975,000 in repayable financing, along with $172,000 in non-repayable financing to Somru BioSciences.

Launched in 2012, Somru BioScience focuses on developing antibody technology for research, diagnostic, and therapeutic applications. The company is working on developing analytical tools that can lead to more affordable medicines

“This accomplishment allows us to accelerate our R&D activities while continuing to provide comprehensive and innovative bioanalytical solutions to our clients.”

 
“The Government of Canada continues to make targeted investments that will create new opportunities in Atlantic Canada. I am pleased to join local success story, Somru BioScience, to announce an investment that will enable this company to continue its ground-breaking research,” said Navdeep Bains, minister of innovation, science, and economic development. “It is support for companies like this one that will help create sustainable, long-term economic growth with more secure, well-paying jobs for Atlantic Canadians.”

Somru BioScience plans to use the funding towards research and development of its product such as Intelli.b, a software solution that helps drug developers generate a fingerprint-like analysis of a novel drug candidate. The company will also use the funding to enhance its marketing efforts.

“Opening the new research laboratory facility is a major milestone for Somru,” said Clarinda Islam, co-founder and vice president of project management and regulatory affairs at Somru BioScience. “This accomplishment allows us to accelerate our R&D activities while continuing to provide comprehensive and innovative bioanalytical solutions to our clients.”

Photo via Somru BioScience.

Amira Zubairi

Amira Zubairi

Amira Zubairi is a staff writer and content creator at BetaKit with a strong interest in Canadian startup, business, and legal tech news. In her free time, Amira indulges in baking desserts, working out, and watching legal shows.