Government of Canada invests in innovation by supporting the expansion of Ananda Devices
The Laval-based business obtains $350,000 in funding from CED.
LAVAL, QC, Aug. 16, 2024 /CNW/ - Canada Economic Development for Quebec Regions (CED)
Supporting innovation and growth contributes to the economic development of the regions of Quebec. That is why Annie Koutrakis, Member of Parliament for Vimy and Parliamentary Secretary to the Minister of Tourism and Minister responsible for CED, today announced a $350,000 repayable contribution for Ananda Devices Inc. This CED funding will allow the company to pursue its growth by increasing its export sales.
Ananda Devices has developed a revolutionary technology for growing human neurons on a chip to produce mini-brains, mini-spinal cords and innervated patient tissue at scale. This innovative technology, 100% developed and manufactured in Quebec, means that pharmaceutical companies can test drug toxicity and efficacy directly on patient tissue on a chip, thus eliminating the need for animal testing.
The business's clients include leading pharmaceutical and cosmetics companies such as UCB Pharma, L'Oréal, Natura-Avon, the universities of Harvard, Toronto and McGill, the Brazilian Ministry of Health, the Singapore Agency of Sciences, Health Canada and the Food and Drug Administration (FDA). Ananda's technology has won 26 science and innovation awards, and was officially chosen by the FDA as the future standard for replacing animals in neurotoxicity testing.
CED's funding will allow the business to implement U.S. and European marketing strategies with participation in prospecting missions and trade shows, and carry out certification and intellectual property activities.
The Government of Canada recognizes and supports innovative businesses and organizations that are a source of pride in their communities. Quebec's economic vitality relies on organizations with deep roots in the regional economy. Innovation is a major contributor to growth and a key asset in building a stronger, more resilient, greener and more just economy for all.
Quotes
"Our government's mission is to assist Canada's businesses and regions as they transition to the economy of the future, and to help them seize emerging business opportunities. That is why we support the development of the assets of the various regions of Quebec, including those here in Laval. Leveraging these assets is essential to ensuring an inclusive recovery and creating good value-added jobs in all our communities."
Annie Koutrakis, Member of Parliament for Vimy and Parliamentary Secretary to the Minister of Tourism and Minister responsible for CED
"Helping businesses grow and innovate is one of our key priorities. That is why we are supporting Ananda Devices, whose success reflects, not only on the city of Laval, but on Canada's economy as a whole. We're there to support workers and SMEs so that, together, we can build a stronger and more resilient and sustainable economy."
The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED
"Ananda's mission is to accelerate the development of improved and less toxic drugs for patients with neurological diseases by testing these drugs directly on patient tissue rather than on animals. We are extremely grateful to CED for this significant support, which will allow us to expand our sales and enhance our positive impact on public health, while reducing animal testing and the environmental impact of breeding animals for research purposes. Our technology saves human and animal lives."
Dr. Margaret Magdesian, CEO and founder of Ananda Devices
Quick facts
- The funds have been granted under CED's Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
- In Quebec, SMEs account for 99.7% of the province's businesses and 50% of its GDP.
- CED is the key federal partner in Quebec's regional economic development. Through its 12 regional business offices, CED helps businesses, the organizations that support them, and all regions of Quebec, transition to the economy of tomorrow.
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SOURCE Canada Economic Development for Quebec Regions
Information: Media Relations, Canada Economic Development for Quebec Regions, [email protected]; Alexander Cohen, Director of Communications, Office of the Minister of Tourism and Minister responsible for Canada Economic Development for Quebec Regions, Cell.: 613-404-9121, [email protected]
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