The Government of Canada has invested $474,000 in semiosBIO Technologies Inc. The investment is being made by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), and will be used by semiosBio Technologies for product development. Based in Vancouver, semiosBIO Technologies is a developer and provider of pest control solutions. Update: FedDev Ontario’s investment helped leverage an additional $948,000 from members of the Niagara Angel Network, bringing total funding to $1.4 million.
PRESS RELEASE
VINELAND STATION, ONTARIO–(Marketwired – July 23, 2013) – A new Government of Canada investment will help semiosBIO Technologies Inc. to develop and commercialize the world’s first pheromone-based bedbug management product. This investment was announced today at the company’s Vineland Station location by Dean Allison, Member of Parliament for Niagara West-Glanbrook, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
“Our Government is investing in the ideas and the people of southern Ontario to create jobs, growth and long-term prosperity,” said MP Allison. “By supporting the innovative ideas here in southern Ontario, we are helping start-up companies and investors work together, and equipping businesses with the tools they need to succeed.”
Under FedDev Ontario’s Investing in Business Innovation initiative, semiosBIO Technologies Inc. will receive up to $474,000 to complete product development and pre-commercialization activities for a pest control management product known as SemiosGUARD. The product uses natural semio-chemicals, or pheromones, and offers an unprecedented alternative to traditional products. SemiosGUARD is expected to have a significant and positive impact on the hospitality sector and for emergency responders including fire fighters and paramedics. The company anticipates creating 21 positions during the implementation of the project activities, and an additional 35 jobs in southern Ontario by 2017 as a result of the project.
“FedDev Ontario’s contribution to our project is essential to our goal of further developing and commercializing the world’s first pheromone-based bedbug management product,” said Dr. Michael Gilbert, founder and President of semiosBIO Technologies Inc. “We have the right innovative biotech expertise to take advantage of this market opportunity. This investment, and our own commitment along with the angel investment it has helped us to obtain, will position semiosBIO to bring a great new product to the world and to create local jobs in the process.”
The success of the Investing in Business Innovation initiative relies on leveraging capital from venture capital and angel investors. FedDev Ontario funding for this project has allowed the company to attract up to $948,000 of investment from a group of an angel investors, who are members of the Niagara Angel Network, registered with the Network of Angel Organizations – Ontario.
Investing in Business Innovation, as part of the Southern Ontario Advantage initiatives, provides improved access to financing for start-up businesses, boosts private sector investment in start-up businesses, and helps accelerate the research and development of new products and ideas, and bring them to the marketplace.
To date, over $420 million in funding has been committed to over 240 projects under the Southern Ontario Advantage initiatives, resulting in partnerships with more than 5,000 organizations, and over $1.2 billion in additional leveraged investments from almost exclusively non-government sources.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region’s strengths and creating opportunities for jobs and economic growth. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario.
As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.
To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
Follow us on Twitter @FedDevOntario.
Photo courtesy of Shutterstock.
If you do not receive this within five minutes, please try and sign in again. If the problem persists, please
email: subscriptions@peimedia.com.