PhenoSwitch Bioscience can continue to grow

The Government of Canada awards more than $700,000 in financial assistance to this Sherbrooke company

SHERBROOKE, QC, Aug. 20, 2019 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

PhenoSwitch Bioscience inc. (PhenoSwitch) is one of the few private analytical laboratories in the world to have critical mass of expertise in multiple "omic" sciences and be able to apply mass spectrometry for extracting, analyzing, translating and correlating data on biological mechanisms. To continue its momentum, the company will receive a repayable contribution of $722,600 from Canada Economic Development for Quebec Regions. With that financial assistance, PhenoSwitch will be able to carry out its expansion, productivity improvement and digitization project by purchasing equipment and software, developing automation, analysis and discovery processes, and by implementing a marketing plan in the United States.

The assistance from the Government of Canada will specifically enable PhenoSwitch to purchase mass spectrometry equipment, a robot, computers, analysis software; to go ahead with leasehold improvements; to cover the costs of marketing, business prospecting trips, attendance at conferences; as well as help with purchasing advertising on the Internet. Carrying out this project, which requires investments of nearly $2.5 million, will create three science and technology jobs.

Founded in 2002, PhenoSwitch Bioscience has been providing analytical services in mass spectrometry since 2013, helping to take R&D at companies in the pharmaceutical field, the biotechnology sector and even universities, to higher levels. Mass spectrometry makes it possible to identify molecules of interest by measuring their mass and to describe their chemical structure. This SME's expertise is sought after, on one hand, in personalized medicine for supporting the discovery of biomarkers for the diagnosis and prognosis of cancer and, on the other, in biopharmaceutics for accelerating drug development and reducing the costs.

The Government of Canada is committed to supporting innovative Canadian companies. Innovation, as a true economic driver, is the key to success because it generates the growth that companies and communities benefit from. This is why we ensure that companies have adequate resources to rely on for creating and marketing innovative products.

Quotes
"PhenoSwitch Bioscience is a local company that has managed to come up with innovative solutions to adapt to change and ensure its growth. I am pleased to announce our Government's support for this Sherbrooke SME that has been contributing to the strength and economic vitality of the Eastern Townships for more than 15 years now, reaching far beyond Quebec and Canada."

The Honourable Marie-Claude Bibeau, Member of Parliament for Compton?Stanstead and Minister of Agriculture and Agri-Food

"Digital technologies are changing how things are done around the world and providing development opportunities for Canadian companies. As Minister of Innovation, Science and Economic Development, my goal is to support companies like PhenoSwitch Bioscience, which has been able to seize opportunities and create new jobs through the commercial ties that it has established with its international partners."

The Honourable Navdeep Bains, Minister responsible for CED

"We are at a turning point in our growth. Strong market demand prompted us to invest in a development plan to better position ourselves and be able to seize the opportunities that present themselves to us. Through CED's support, we will be able to equip ourselves with state-of-the-art automated, computerized production capacity and develop our expertise in artificial intelligence, which will make our service offering even more competitive."

Hugo Gagnon, Chief Executive Officer, PhenoSwitch Bioscience

Quick facts

• Today's announcement is made on behalf of the Honourable Navdeep Bains, Minister responsible for the Innovation, Science and Economic Development portfolio, which comprises 17 federal departments and agencies, including CED and the other five regional development agencies.
• The funding was awarded under CED's Regional Economic Growth through Innovation program. This program is intended for entrepreneurs who focus on innovation for growing their company and making it more competitive, and for regional economic players that help create an entrepreneurial environment conducive to innovation and to growth for everyone, in all regions.
• To learn more about CED and its priorities, read the2019-2020 Departmental Plan or visit www.dec-ced.gc.ca.

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SOURCE Canada Economic Development for Quebec Regions