Government of Canada Contributes for $200,000
QUEBEC, Aug. 27 /CNW Telbec/ - Mr. Benoit Côte, President and Chief
Executive Officer of Biotanika Inc. ("Biotanika") is proud to announce a
$1.5 M financing to support the marketing activities of the company in Canada
and its business development in the United States. This non-dilutive financing
is the next logical step after the $2.5 M equity financing by Innovatech
Québec, Lodial Capital, Fonds BioInnovation and Benoit Côte's holding company
in March 2007. This should increase the visibility of Biotanika new products,
Dolorox(TM), Artriphen(TM) and Coolsens(TM), in pharmacy chains and natural
health products stores in Canada.
As part of this financing, Mr. Luc Harvey, Member of Parliament (Louis
Hébert) announced today in a news conference that Biotanika will receive
$200,000 in repayable funding. This amount adds to working capital loans
totaling $1.3 M including $500,000 by Business Development Bank of Canada,
$500,000 by Investissement Québec and Desjardins and $300,000 in private
This financial contribution is awarded under Canada Economic
Development's Business and Regional Growth program, the aim of which is to
strengthen the conditions conductive to the sustainable growth of Quebec's
regions and small and medium-sized enterprises, helping them improve their
performance and innovate.
"With this financing, we will reach milestones that are essential to our
development and implement an orderly corporate transition before penetrating
the American market in 2009 and soliciting other investments this Fall",
explains Mr. Côte. He concludes, "We are proud of receiving support from the
Canadian government both financially and scientifically through this
contribution and the collaboration with NRC Institute for Nutrisciences and
Health, as announced in July".
Biotanika develops and markets natural health products. These products
contain ingredients whose efficacy has been demonstrated. They provide an
alternative to prescription drugs for people suffering from pathologies that
affect their quality of life.
Our experienced team has an extensive background in the pharmaceutical
industry and is specialized in preclinical, clinical and regulatory
development of drugs and natural health products, as well as in marketing and
For further information:
For further information: Benoit Côte, President and CEO, (418) 653-3423
ext.1701, email@example.com; Source: Biotanika Health Inc.