Lifetrack Newsletter

Canada's biotechnology industry lauds the government’s action improving Canada’s investment climate

Ottawa— “September’s signing ceremony with federal Finance Minister Flaherty amending the Canada-US Tax Treaty to recognize limited liability corporations is a tremendous accomplishment for the investment climate in Canada and our international colleagues will take notice,” said Peter Brenders, President & CEO, BIOTECanada.

Biotech companies require a significant amount of capital to take their ideas through the regulatory and development process to turn them into commercial products. Results of the recently released Life Sciences Industry Forecast by PricewaterhouseCoopers and BIOTECanada highlighted the dynamic facing the Canadian biotech industry. Of the biotech companies surveyed, the majority is looking to raise more than $10 million in their next round of financing and more than 40% are seeking more than $20 million. Access to capital was ranked as the number one barrier to successful commercialization of intellectual property by 78% of those surveyed.

Canada has established global leadership in biotechnology discovery and development over the past 20 years. With more than 500 companies spending $1.8 billion annually, our industry contributes more than 12% of the total business research and development spending in Canada.

As shown in yesterday’s National Biotechnology Week poll results, expectations of Canadians for this industry are high. Moreover, 87% of Canadians were looking to the federal government to find ways to help support Canadian biotechnology companies.

About BIOTECanada
www.biotech.ca
BIOTECanada is dedicated to the sustainable commercial development of biotechnology innovation in Canada. It is the national industry‐funded association with over 200 member companies representing the broad spectrum of biotech constituents including emerging and established companies in the health, agricultural, and industrial sectors, as well as academic and research institutions and other related organizations.

Contact
Cate McCready, BIOTECanada
613-230-5585 x 230
cate.mccready@biotech.ca