The federal government is investing $2.35 million in the bioscience sector on Prince Edward Island.
The P.E.I. BioAlliance plans to use the non-repayable contribution to continue its virtual incubator program which connects early-stage bioscience companies with one-on-one mentorship and strategy services.
"The development of the bioscience sector in P.E.I. and in the Atlantic region over the last 10 years, it really is remarkable. It is key to keeping our young people in P.E.I. with knowledge-based, year-round jobs." said Charlottetown MP Sean Casey at an announcement in the city on Thursday.
The announcement was made on behalf of Ginette Petitpas Taylor, minister responsible for the Atlantic Canada Opportunities Agency.
Yimy Mena is the CEO of Pegasus Biotech. The business focuses on the development of biological products for the animal and human health industry.
The program has helped his company in the past and will aid in future growth, he said.
"They are bringing another set of skills that we need," Mena said.
"It's about how to develop our business strategy, the business plan, how to reach out to more clients across the globe, especially because we are not only focusing in Canada or North America. We have clients in different cultures. We have clients in South America for example."
The federal investment supports the third phase of the Emergence program which aims to support and grow Atlantic Canadian start-ups and early-stage bioscience companies.
"I think this investment is important for a couple of key reasons. One is that, you know, the continued support of companies already in the bioscience sector who benefit from the Emergence program," said Jason Cleaversmith, executive director of incubation and infrastructure with P.E.I. BioAlliance.
"Also to support the next generation of bioscience companies who are coming through to enable their growth and to support their work and allow them to grow and prosper."
The province is also contributing $825,000 toward the project through Innovation P.E.I.