Province announces $1.4m for life science resource hub

The province is giving more than $1.4 million to a bio-innovation company to help bring products to market.

At an announcement Friday, Growth and Development Minister Colton LeBlanc told an audience of about 25 people the investment sends “a message that Nova Scotia is open for business.”

“I think we’ve seen some exponential growth in the life sciences sector in the past 10 years,” LeBlanc said in an interview, adding the investment will help the sector compete with the rest of the country.

The funding was made to Life Sciences Nova Scotia, which according to the province’s statement will “help provide access to accelerators and incubators, as well as support regional entrepreneurship and connections with Nova Scotia Health, the Nova Scotia Health Innovation Hub and the agri-food industry.”

The life sciences sector includes medical technology research, pharmaceuticals and natural health products.

At the announcement, Life Sciences Nova Scotia CEO Doris Grant called the investment “a powerful vote of confidence.”

The company provides resources such as lab space for developing patents, funding for smaller companies to get technical assistance and financial help with developing websites.

In an interview, Grant said the technical assistance program is one of the things the money might be used for. In that program the company gives up to $10,000 to members who need expert help with issues such as intellectual property.

The announcement was made at the business’s Summer Street address, an Invest Nova Scotia facility. Stakeholders gathered at a lab run by Coloursmith, a company that works with Life Sciences. Coloursmith is working on technology to bring colour filters into contact lenses.