AIF unveils 6th round competition results

Guest Contributor
February 9, 2009

The sixth round of the Atlantic Innovation Fund has announced funding of $51.8 million for 24 projects throughout the Atlantic region, leveraging a nearly equal amount of $51.5 million from various partners. As in the previous competition announced January 2008 (R$, February 8/08), Prince Edward Island outperformed all three other Atlantic provinces on a per capita basis, with five projects capturing $10.2 in AIF funding and achieving a leverage of 1.7 to 1, far higher than any other provinces. The largest project — valued at $12.5 million — is based at the Univ of Prince Edward Island and entitled Biomed Atlantic: Innovative Solutions for New Drug Development. New Brunswick attracted the most in dollar terms, with seven projects receiving $17.5 million in AIF funding and leveraging an additional $16.6 million for a total of $34.1 million. The largest project at the Univ of Moncton (Shippagan) received $3 million in AIF funds to develop and commercialize marine co-products. Six projects in Nova Scotia received $12.4 million in AIF support and leveraged an additional $9.5 million for a total of $21.9 million. The largest project is led by Genome Atlantic to develop new processes to reduce early maturation in farmed cod. AIF is contributing $3 million. Newfoundland secured $11.7 million for five projects that leveraged an additional $8.1 million in funding. The largest project is led by Memorial Univ to develop sustainable technologies for polar ships and structures. The $6-million project received $3 million from AIF….

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