MONTRÉAL, QUEBEC--(Marketwire - May 16, 2011) - The Honourable Denis Lebel, Minister of State for Canada Economic Development, today announced the awarding of $3.5 million in repayable funding to the firm Pharmascience Inc. under the Business and Regional Growth program to increase its production capacity.
According to Minister of State Lebel: "This is a strategic investment that will enable Pharmascience Inc. to remain competitive and to maintain its position as a leader in an ever-growing market."
The funding to Pharmascience Inc., a pharmaceutical company, will enable the firm to acquire the laboratory and manufacturing equipment it needs to meet the increasing demand for generic products. This expansion will necessitate an overall investment of nearly $40 million. At present, the company produces, commercializes and distributes more than 250 over-the-counter or prescription products, an increasing portion of which is exported. In addition to its head office, Pharmascience Inc. owns and operates two manufacturing plants, two distribution centres and a research and development centre in Quebec.
The current project will help maintain Montréal's standing as a major Quebec and Canadian life sciences centre. Life sciences is a promising growth sector for Montréal, as are aerospace, information and communication technologies, tourism, food processing and environmental technologies. By concentrating its development efforts in these sectors, Canada Economic Development is helping to support the economy of the Greater Montréal area.
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