Bioniche welcomes Canadian investments in R&D

Bioniche Life Sciences (ASX:BNO) has welcomed moves by the Canadian government to make investments aimed at supporting innovation by the nation’s businesses.

The dual-listed, Canadian-headquartered company has put out a regulatory filing to praise allocations in the latest Canadian federal budget.

The company said it is encouraged to see that the government has decided to continue funding the Federal Economic Development Agency for Southern Ontario.

Bioniche has previously received a C$750,000 ($738,000) investment from the fund to create a pilot-scale fermentation facility for its animal health and food safety manufacturing efforts.

“The Canadian government’s renewed funding for this program, combined with an allocation for a new Advanced Manufacturing Fund in Ontario, is a positive sign for a manufacturing-oriented company like ours,” said Bioniche President and CEO Graeme McRae.

McRae also lauded the government’s plan to invest C$121 million in the National Research Council (NRC). He said Bioniche has, in the past, received funding from the NRC’s Industrial Research Assistance Program.

“Government support for innovative Canadian companies with a mission to take products through the development cycle and commercialise them from Canada is welcome,” McRae said.

Bioniche is based out of southern Ontario and has three divisions devoted to human health, food safety and animal health. Its Australian operations are focused on the animal health side of the business.

Bioniche shares were trading unchanged at $0.23 as of around 12.30 pm on Wednesday.