ST. CATHARINES, Ont.—The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has given a $2.9 million loan to St Catharines, Ont.-based Biolyse Pharma to expand its facilities and product line of injectable chemotherapy drugs.
“Our Government’s top priority remains creating high-value jobs, growth and long-term prosperity for Canadians,” said Gary Goodyear, Minister of State for FedDev Ontario. “This investment will allow Canada’s only manufacturer of injectable chemotherapy drugs to expand its operations in St. Catharines, bring high-quality jobs to the local pharmaceutical industry, and help meet the global demand for affordable, life-saving cancer treatments.”
St. Catharines-based Biolyse Pharma produces generic chemotherapy and anti-cancer drugs for Canadian and international markets.
This project is expected to create up to 59 new full-time jobs and help the company target new markets and increase product diversification.
“The significance of this repayable contribution is an encouragement to Biolyse to move forward with its development program, which will expand its line of vital medicines made by Canadians for Canadians,” said Claude Mercure, Owner of Biolyse Pharma.
Created in 2009, FedDev Ontario was renewed in the 2013 budget and funded with $920 million over five years to support economic development in the province. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario.