Canadian business funding is moving from tax credits towards more direct funding of grants and loans. A popular grant program among SME’s is the IRAP program, which is Canada’s premier innovation assistance program that provides cost-shared financial assistance for research and development projects. The program connects each company with an Industrial Technology Advisor (ITA) who assists companies through the IRAP process providing advice and referrals.
Bioniche Life Sciences Inc. located in Belleville, Ontario is the most recent company to receive funding under the IRAP program. According to the Globe and Mail on Wednesday March 27th, they received a contribution of up to $500,000 from the National Research Council of Canada (NRC). Bioniche Life Sciences Inc. is a is a research-based, technology-driven biopharmaceutical company focused on the discovery, development, manufacturing, and marketing of proprietary products for human and animal health markets worldwide. Currently the company employs over 200 people in three operating divisions: Human Health, Animal Health, and One Health. The funding will allow the company to conduct research and development of a second generation E. coli O157 cattle vaccine. IRAP’s support will offset salary costs and contractor fees associated with the project for the next three years.
