Government of Canada invests in life sciences with support for MedXL
Pointe-Claire business receives $2.3 million in financial assistance from CED.
POINTE-CLAIRE, QC, June 17, 2022 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
Supporting business growth contributes to economic development in Quebec's regions. That is why Francis Scarpaleggia, Member of Parliament for Lac-Saint-Louis, on behalf of the Honourable Pascale St-Onge, Minister of Sport and Minister responsible for CED, today announced a repayable contribution of $2.3 million for MedXL. This CED support will enable it to enhance its productivity and increase its production capacity.
Based in Quebec, MedXL manufactures prefilled syringes in various formats to maintain vascular access. Through the acquisition in 2020 of Liebel-Flarsheim Canada, a manufacturer specializing in contrast agents and prefilled syringes, MedXL has been able to pursue its expansion.
This CED contribution will enable it to meet growing market demand. The project will support the business's growth through the acquisition and installation of digital production equipment. It will also enhance its competitiveness with the establishment of a new production line. In addition, it will create 25 jobs and maintain 125 others.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic recovery relies on organizations with strong roots in the regional economy. They are major contributors to growth, as well as key assets in rebuilding a stronger, more resilient, greener, and more just economy for all.
"The Government of Canada is committed to stimulating innovation to enhance business productivity and competitiveness in the long term. We are therefore proud to be able to provide this support to MedXL, whose project is helping to strengthen the Greater Montréal region's position as a hub for life sciences development—a sector that holds great promise. As it contributes to the creation of many quality jobs, it will also help the business grow and maintain its enviable position."
Francis Scarpaleggia, Member of Parliament for Lac-Saint-Louis
"The COVID-19 crisis has demonstrated how investing in innovation in the sciences sector is crucial. Through our government's financial assistance, MedXL will be able to acquire the equipment it needs to continue to grow. We will always be here to support Canadian businesses that have a promising future and contribute to Quebec's and Canada's economic development. This is how we will ensure a strong economic recovery across the country."
The Honourable Pascale St-Onge, Member of Parliament for Brome–Missisquoi, Minister of Sport and Minister responsible for CED
"I believe that supporting innovation and local manufacturing by entrepreneurs will be a key element in Canada's success and prosperity. CED has an important role to play in this effort. The repayable financial assistance provided by CED has been invested strategically in the infrastructure required to upgrade our existing facilities and purchase new and improved manufacturing equipment. I would like to thank CED for its collaboration and support."
Paul Parisien, President, MedXL
- The funds have been granted under CED's Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
- SMEs represent 99.7% of Quebec businesses and contribute to 50% of the province's GDP.
- CED is a key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.
SOURCE Canada Economic Development for Quebec Regions
Upcoming Life Sciences Events
- July 2022
- Piscataway: Bio-Manufacturing Innovation Summit
- BIO Asia-Taiwan
- August 2022
- Biotechgate Digital Partnering August 2022