Bioscience company operating in P.E.I. sells to American investment firm
All the shares of a bioscience company operating in Souris, P.E.I., have been sold to an American venture capital firm.
The Center for Aquaculture Technologies, based in San Diego, Calif., has been doing aquaculture research in areas such as fish health and nutrition on P.E.I. since 2012. It's lab facility in the Souris Industrial Park opened in 2015.
The sale to Cuna del Mar not only includes the facility in Souris but also the company's research headquarters.
The bioscience industry on the Island has had a good relationship with Cuna del Mar and the business has a good reputation around the world in the aquaculture industry, said Rory Francis, executive director of P.E.I. BioAlliance.
"Great news for a very good company. We're very pleased because it's a very important component."
'Attracts other companies'
He said the contract research business is an important component to the ability to serve customers from around the world in fish health and nutrition research.
"But also it's a magnet that attracts other companies to Prince Edward Island that are developing products for the aquaculture industry," Francis said.
"We're very pleased to see this investment from Cuna del Mar that will now enable CAT to achieve its full potential."
The facility on P.E.I. employs 30 people.
"These are high paying jobs and we'd like to see the biosector in our province reach from tip to tip," Francis said.
Cuna Del Mar's website says it "will seek investment opportunities with those early stage private companies, and in acquiring assets to develop new business opportunities."
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