Research and development across Atlantic Canada is benefiting from an important federal investment of $62.4 million under Round VII of the Atlantic Innovation Fund (AIF). In Prince Edward Island, a total of seven R&D projects, representing both private and public sector research, will benefit from $12.3 million in AIF support in this round. The announcement was made today in Charlottetown by the Honourable Keith Ashfield, Minister of National Revenue, Minister of the Atlantic Canada Opportunities Agency (ACOA) and Minister for the Atlantic Gateway.

“Productivity and innovation are key factors in Canada’s economic success,” said Minister Ashfield. “The Atlantic Innovation Fund is an important catalyst for building research and development capacity in our region. This latest round of funding ensures that more research will continue to be undertaken, and more innovative ideas commercialized, so that Atlantic businesses continue to grow, adapt, diversify and become more competitive.”

Today’s announcement is part of a series of announcements highlighting 30 innovative R&D projects selected from across Atlantic Canada that will benefit from AIF support available under Round VII of the program. In addition, as the project proponents lever more funding for their research work from a variety of other private and public sector sources, the total value of the R&D investment generated in this round is expected to rise to nearly $112 million. The Fund has generated a measurable increase in investments in research and development in Atlantic Canada. Since 2006, every AIF dollar invested has leveraged an additional $1.26 in funding from other sources.

The projects selected for AIF funding in Prince Edward Island include an anti-cancer drug treatment, an online/browser-based decision support system to help veterinarians with daily diagnostic, prognostic and therapeutic decisions, and the examination of oil seed waste products with antioxidant and anti-inflammatory properties.

“We are investing in realistic and achievable projects,” said Minister Ashfield. “Projects that will advance our innovation and knowledge capacity, generate a range of alternative technologies, and develop leading-edge products and processes.”

Since 2006, more than $343 million has been invested through the AIF in 145 R&D projects throughout Atlantic Canada. During that time 30 highly innovative Prince Edward Island projects have benefited from that investment. Several of these projects have already resulted in new products, technologies and services that are now being marketed to the world. Among them are the development of cell-based therapies to accelerate the promotion of tissue regeneration of bone and ligament in injured horses and companion animals with the Atlantic Veterinary College (AVC) in Charlottetown (PEI), as well as the development of protective coatings for aircraft engines at
MDS-PRAD.

ACOA’s Atlantic Innovation Fund encourages the commercialization of research in Atlantic Canada and has been a key driver for many Atlantic Canadian businesses, universities and research institutions. It has enhanced Atlantic Canada’s reputation for innovation and, through the success of the projects it has funded, the AIF contributes significantly to the region’s research and development capacity and its economic performance.

The seven projects selected for AIF funding in Prince Edward Island include:

Nature’s Crops International Limited (Kensington) Project: Products derived from commercial oilseed crop co- products Nature’s Crops International Ltd., in collaboration with Agriculture and Agri-Food Canada, the National Research Centre of Canada and the University of Prince Edward Island, will explore the commercial potential of bioactive compounds that are derived from the waste products of seed oil crops. Preliminary results show that the derivative products offer a combination of antioxidant and
anti- inflammatory properties. This project, with total estimated costs of $4.1 million, will receive approximately $2.7 million from the Atlantic Innovation Fund over a four-year period.

Chemaphor Inc. (Charlottetown) Project: Natural, Non-Antibiotic Products Enhancing Food- Animal Products Chemaphor Inc. has developed OxBC, a natural carotenoid oxidation product with the demonstrated ability to enhance the immune system of animals. In this project, Chemaphor will evaluate OxBC as a natural means of improving livestock immune systems, in turn reducing the need for antibiotics, a major concern within the global agricultural industry. This project, with total estimated costs of $3.8 million, will receive approximately $2 million from the Atlantic Innovation Fund over a three-year period.

University of Prince Edward Island – Atlantic Veterinary College (Charlottetown) Project: Biomedical Infrared Technologies This project will create a series of Fourier Transform Infrared Spectroscopy (FTIR) – a software-based infrared test to detect immunoglobulin (antibodies) in animals. This new FTIR technology is highly cost-effective and able to generate extremely sensitive, specific and accurate test results in a matter of minutes, rather than hours. The technology developed through the project represents novel research discoveries and emerging advancement in animal health diagnostics. This project, with total estimated costs of $3.5 million, will receive approximately $1.9 million from the Atlantic Innovation Fund over a three-year period.

LISI Therapeutics Inc. (Charlottetown) Project: Development of an Innovative, Advanced Cancer Drug Therapy LISI Therapeutics Inc. has established LISI Atlantic Development Inc. in Charlottetown, Prince Edward Island. With this project, the company will bring Verotoxin (VT1), a protein-based anti-cancer drug that naturally targets and kills cancerous cells, to the market, as well as a drug for treating inoperable brain cancers, drug resistant cancers and metastatic tumors. This project, with total estimated costs of $3.2 million, will receive approximately $1.9 million from the Atlantic Innovation Fund over a three-year period.

Timeless Technologies (2007) Inc. (Charlottetown) Project: Decision Support & Learning Systems for Veterinary Medicine Timeless Technologies (2007) Inc. will design, develop, test and market a series of online/browser-based applications to assist veterinarians with their daily diagnostic, prognostic and therapeutic decisions. The innovative decision-making tool will provide more efficient and effective ways to condense and analyze information related to diseases, testing and treatments. This project, with total estimated costs of $2.3 million, will receive approximately $1.4 million from the Atlantic Innovation Fund over a three-year period.

University of Prince Edward Island (Charlottetown) Project: Discovery Space Through Discovery Space, the University of Prince Edward Island (UPEI) will continue to transform the way R&D information is managed and used. The project will provide both public and corporate R&D groups with a web-based means of creating and managing the storage, transformation, discovery and distribution of core data. This project, with total estimated costs of $2.4 million, will receive approximately $1.4 million from the Atlantic Innovation Fund over a two-year period.

University of Prince Edward Island – Atlantic Veterinary College (Charlottetown) Project: Veterinary Laboratory Quality Assurance Program Expansion Through this project, the AVC will develop software and systems for the web-based delivery of an impartial, objective, verification program for veterinary labs to verify and assure diagnosis. As a result, the AVC will be able to provide subscribing labs with identical quality assurance evaluations, while eliminating issues surrounding the shipment of biological materials across the border. This project, with total estimated costs of $1.9 million, will receive approximately $1 million from the Atlantic Innovation Fund over a three-year period.

FOR BROADCAST USE:

National Revenue and ACOA Minister, Keith Ashfield, today released the details of seven projects in Prince Edward Island that will receive up to $12.3 million in funding under Round VII of ACOA’s Atlantic Innovation Fund.

The Prince Edward Island projects are part of a larger contribution that will see 30 innovative R&D projects receive up to $62.4 million in AIF funding throughout Atlantic Canada. Project proponents are expected to leverage an additional $49.4 million in funding from a variety of private and public sector sources, bringing the total value of the projects to nearly $112 million. Among the projects funded is an anti-cancer drug treatment, an online/browser-based decision support system to help veterinarians with daily diagnostic, prognostic and therapeutic decisions, and the examination of oil seed waste products with antioxidant and anti-inflammatory properties.

The Atlantic Innovation Fund plays an important role in enhancing Atlantic Canada’s ability to carry out leading- edge R&D and bringing new knowledge, new jobs and new business opportunities to Atlantic Canada.

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INFORMATION:

Erin Filliter
Director of Communications
Office of the Minister of National Revenue,
Minister of the Atlantic Canada Opportunities Agency,
and Minister for the Atlantic Gateway
613-941-7241

Krista Kelly
Director of Communications, Client Services
Atlantic Canada Opportunities Agency
Moncton, New Brunswick
506-851-6403

Cindy Roy
Director of Communications
Atlantic Canada Opportunities Agency
Charlottetown, Prince Edward Island
902-566-7569


CONTACT INFORMATION FOR PROJECTS SELECTED FOR AIF FUNDING 
IN PRINCE EDWARD ISLAND:

Nature’s Crops International Ltd.
Andrew Hebard
President and CEO
Hunter River, Prince Edward Island
902-836-3332
ahebard@techcrops.com

Chemaphor Inc.
David Hankinson
Director, Nutrisciences
Paradise, Nova Scotia
902-584-3570
902-825-9270

University of Prince Edward Island – Atlantic Veterinary 
College
Dr. Katherine Schultz
Vice President, Research & Development
University of Prince Edward Island
Charlottetown, Prince Edward Island
902-566-0637
 
LISI Therapeutics Inc.
Craig Sibley
President and Chief Operating Officer
Toronto, Ontario
416-894-4317
prescience1@me.com

Timeless Technologies (2007) Inc.
John Rowe
President
Charlottetown, Prince Edward Island
902-892-2035 (ext. 7007)
1-800-630-3730

University of Prince Edward Island – Discovery Space
Dr. Katherine Schultz
Vice President, Research & Development
University of Prince Edward Island
Charlottetown, Prince Edward Island
902-566-063

MEDIA BACKGROUNDER

Bringing Big Ideas to the Marketplace: Atlantic Canada – a 
centre for innovation and commercialization 

Atlantic Canada is home to leading-edge research and 
development (R&D) – innovative and successful ideas and 
technology that are essential to the competitiveness and 
productivity of a thriving regional economy. Since 2001, 
the Atlantic Canada Opportunities Agency’s Atlantic 
Innovation Fund (AIF) has been a primary catalyst in 
promoting innovation throughout Atlantic Canada. 

Through the AIF, researchers and entrepreneurs are pursuing 
their goal of bringing ideas to life. These leading-edge 
projects are helping to create jobs, retain and attract top 
talent, and develop and commercialize new, innovative 
technologies that are contributing to Atlantic Canada’s 
economic performance. 
In this round, Prince Edward Island’s successful AIF 
proponents will focus their R&D efforts on projects such as 
an anti-cancer drug treatment, an online/browser-based 
decision support system to help veterinarians with daily 
diagnostic, prognostic and therapeutic decisions and the 
examination of oil seed waste products with antioxidant and 
anti-inflammatory properties. Atlantic Canada’s innovation 
capacity is growing with critical private-public sector 
partnerships helping drive the development of industry 
sectors and the region’s growth. 

Helping to bridge the gap 

Researchers and entrepreneurs know there’s no single 
roadmap to commercial success, but the AIF is helping 
bridge the gap from the lab to the marketplace. The AIF is 
enabling the creation and improvement of products, the 
streamlining of processes, the development of a skilled 
workforce, and the commercialization of research. 

Many steps and factors must be weighed when commercializing 
knowledge, including the development of ideas and 
partnerships, product development and testing, and market 
launch and production. With support from the AIF, coupled 
with the right mix of talent, timing, hard work and 
determination, Atlantic Canadian ideas are successfully 
navigating the journey from innovation to 
commercialization. 

Innovation at work in Atlantic Canada 

One Nova Scotia company that has been pursuing the “big 
idea” with support from the AIF is ImmunoVaccine 
Technologies Inc. (IVT) of Halifax. Incorporated in 2000, 
IVT is dedicated to the commercialization of vaccine 
research carried out at Dalhousie University. The company 
has since patented an innovative vaccine called VacciMax™ 
that has enormous potential for the treatment of various 
forms of cancer. In contrast to chemotherapy, IVT’s vaccine 
works efficiently on the patient’s immune system to destroy 
cancer cells. 

Partnerships are key to building the expertise and 
knowledge needed to move R&D projects forward. One such 
partnership has evolved into a business that has caught the 
eyes of the billion dollar petroleum exploration industry. 
The University of New Brunswick, with help from the AIF, 
has created the Institute for Materials Visualization and 
Analysis. After developing a Magnetic Resonance Imaging 
(MRI) technology, researchers at the Institute struck a 
partnership with UNB graduates, Jill and Derrick Green, to 
market the technology under Green Imaging Technologies, 
Inc. (GIT). Already GIT is generating profits, with major 
sales of software products and services throughout the 
world. Building on the success of this partnership, the 
Institute has more recently formed a new partnership with 
GIT and Saudi Arabia’s national oil company Saudi Aramco to 
develop a whole new generation of MRI-based technology for 
petroleum exploration. 

Verafin Inc., of St. John’s, Newfoundland and Labrador, is 
one of the fastest growing companies in Atlantic Canada. 
Verafin takes artificial intelligence technologies and 
combines them with pattern recognition techniques to 
protect their clients in the financial services industry 
against bank fraud and money laundering. Verafin’s software 
helps nearly 500 financial institutions across North 
America. Verafin currently employs 86 full-time, highly 
skilled employees including software engineers with 
specialties in artificial intelligence, anti-money 
laundering and fraud detection. Thanks to support from the 
AIF, Verafin has created opportunities for home-grown 
talent to stay and work here in Atlantic Canada. 

A Charlottetown-based company is helping to grow 
Prince Edward Island’s bioscience sector. Thanks 
to the production 
of novel yeast strains, Phyterra Yeast Inc. is helping wine 
producers prevent the kind of spoilage that often occurs 
during the fermentation process. One Phyterra strain is the 
world’s first and only yeast that reduces the formation of 
ethyl carbamate, a probable human carcinogen (a substance 
that can cause cancer in humans, animals and plants) 
produced by yeast in the fermentation process. With support 
from the AIF, Phyterra completed the critical R&D phase of 
this product, and response from the wine industry has 
prompted Phyterra to go into full-scale production. The 
company recently opened a new manufacturing facility in 
Summerville, Prince Edward Island, and will add 15 new 
employees. Phyterra Yeast Inc. is making fine wine out of 
yeast – we can all toast to that.

Contact information: 

Phyterra Yeast Inc. 
Garth Greenham 
President 
647-204-4095