February 12, 2019 – Moncton, NB – Atlantic Canada Opportunities Agency
Developing new technology and adopting healthcare innovations to offer Canadians better access to medical treatment are key to improving lives, advancing standards of care and encouraging prosperity. Moncton-based Picomole Inc. aims to bring its cutting-edge cancer diagnostic technology one step closer to commercialization with plans to establish a testing lab and start clinical testing.
Picomole is an innovative medical technology company that works to develop technologies for breath analytics for non-invasive clinical diagnostics and personalized medicine. With the help of the Government of Canada, the company will be able to research, design and purchase parts and equipment needed to finalize their next generation prototype for a diagnostic device for lung cancer.
The Government of Canada is providing a total contribution of $818,000 for the project through the Atlantic Canada Opportunities Agency (ACOA) and the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP).
The Honourable Ginette Petitpas Taylor, Minister of Health and Member of Parliament for Moncton-Riverview-Dieppe, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA, along with Picomole Inc. officials, made the announcement today.
The Government of Canada is making strategic investments to create well-paying, middle-class jobs in our country. It is helping small and medium-sized businesses to start-up, expand or modernize and supporting not-for-profit organizations to fuel business growth. Support for this project is one way the Government of Canada is working to achieve its Atlantic Growth Strategy outcome of long-term economic prosperity in the region.
“The Government of Canada is committed to a coordinated strategy on innovation that delivers results for all Canadians. A key aspect of that strategy is to implement actions that will grow companies and accelerate the biomedical and health science sectors.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA
“Picomole Inc. is developing a first-of-its kind technology that will be of tremendous benefit in cancer diagnosis. The company’s vision is an example of what is possible when innovative thinking meets expertise and determination. It’s very exciting to see this kind of entrepreneurship and innovation happening in Moncton.”
– The Honourable Ginette Petitpas Taylor, Minister of Health and Member of Parliament for Moncton-Riverview-Dieppe
“Thanks to the continued support from the Government of Canada, through programs like ACOA and the NRC’s Industrial Research Assistance Program, and organizations like the NB Health Research Foundation and the Horizon Health Network, Picomole has been able to make incredible technological and medical advances that has helped us become a world leader in breath analysis. We believe we can transform how cancer is diagnosed so it can be caught early and treated quickly which would save countless lives.”
– Dr. Stephen Graham, Chief Executive Officer, Picomole Inc.
The Government of Canada is providing a total of $818,000 for this project which includes a conditionally repayable contribution of $500,000 through ACOA’s Business Development Program (BDP), and a non-repayable contribution of up to $318,000 from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP).
The BDP primarily assists Atlantic Canadian entrepreneurs who want to start a business, increase productivity or improve operations. Investments under the BDP address any gap that may arise if an application does not fit within ACOA’s Regional Economic Growth through Innovation (REGI) program.
NRC IRAP provides innovation assistance to Canadian small and medium-sized businesses. It offers a range of technical and business advisory services, as well as financial assistance, to help companies invest in research and development, overcome technical barriers, and transform good ideas into commercial success.
NRC IRAP provided past funding of close to $890,000 to Picomole to support early research and technology development for its lung cancer detection prototype.
The Business Development Program and the Industrial Research Assistance Program continue to build on the objectives of the Government of Canada’s Innovation and Skills Plan, a multi-year strategy to create well-paying jobs for the middle class and those working hard to join it.