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| Volume 8, Number 6 | November 10, 2000 |
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New investment fund to support biotech venturesThe Royal Bank’s venture capital arm and the Saskatchewan and Quebec governments have joined forces to create a new $42-million investment fund to support the commercial development of research developments in biotechnology. Representatives of the three groups announced at a Saskatoon news conference Oct. 19 they have created Foragen Technologies Management Inc., with offices in Quebec, Ontario and Saskatchewan. Each party will contribute $14 million, with Saskatchewan’s share coming in the form of $9 million from the Crown Investments Corporation (CIC) and $5 million from the Saskatchewan Opportunities Corporation. Foragen’s mandate is to promote venture creation by offering seed capital, technology management advice, and networking opportunities that will allow entrepreneurs to concentrate on developing their technologies. "Saskatchewan is one of the leading players in the agriculture biotechnology sector in Canada, with more than one-third of all biotech companies located in Saskatoon," CIC Minister John Nilson said. "Our investment in Foragen will help us strengthen this position. We hope that our investment in Foragen will encourage other investors to support this growing sector of our economy," Nilson said. Saskatchewan Economic & Co-operative Development Minister Janice MacKinnon said, "Foragen Technologies will help turn research into reality, translating ideas from our labs into companies that create products for the world and jobs for Saskatchewan people. "Our investment helps further the commercialization of new technologies and the diversification of our agricultural sector," MacKinnon said. Quebec representatives said Foragen will help that province gain business opportunities in the food biotechnology field.
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