A bioscience company in P.E.I. will be moving forward with research and development of food-based health supplements thanks to a funding boost from the federal government.
OmniActive Health Technologies is getting $343,000 from the Atlantic Canada Opportunities Agency (ACOA) for its work in identifying biologically active ingredients that can be launched in the nutraceutical and functional food ingredients markets.
Fisheries Minister and Egmont MP Gail Shea and Treasury Board President Tony Clement made the announcement this morning at the OmniActive facility in the P.E.I. Biocommons Park in Charlottetown.
“Our government recognizes the contribution innovative companies like OmniActive Health Technologies make to help create jobs and growth in our region,” Shea said.
“This company is working towards providing an innovative, value-added service to its customers and to strengthening our local economy.”
The main objective of the company is to discover new dietary ingredients, which provide therapies for preventative personal health and wellness solutions.
Their focus is in the areas of eye health, obesity and joint and brain health.
The facility in P.E.I. currently employs five scientists and expects to grow its workforce to 10 in the next three years.
Earlier this year, OmniActive also received a financial contribution of up to $446,551 through the National Research Council of Canada (NRC) industrial research assistance program. The additional investment from ACOA will enable OmniActive Health Technologies to build on the outcomes of the R&D efforts supported by the NRC.
“Funds provided by these federal agencies will help to accelerate discovery and commercialization of innovative products,” said Dr. Jayant Deshpande, president of OmniActive Health Technologies Canada.
The company’s research and development facility in Prince Edward Island serves as a basis for a North American innovation and discovery-based platform.
OmniActive has a significant presence in these segments of the health supplement market.