Canada's biotechnology industry lauds the government's action improving Canada's investment climate

    OTTAWA, Sept. 21 /CNW Telbec/ - "Today's signing ceremony with federal
Finance Minister Flaherty amending the Canada-US Tax Treaty to recognize
limited liability corporations is a tremendous accomplishment for the
investment climate in Canada and our international colleagues will take
notice" said Peter Brenders, President & CEO, BIOTECanada.
    Biotech companies require a significant amount of capital to take their
ideas through the regulatory and development process to turn them into
commercial products. Results of the recently released Life Sciences Industry
Forecast by PricewaterhouseCoopers and BIOTECanada highlighted the dynamic
facing the Canadian biotech industry. Of the biotech companies surveyed, the
majority is looking to raise more than $10 million in their next round of
financing and more than 40% are seeking more than $20 million. Access to
capital was ranked as the number one barrier to successful commercialization
of intellectual property by 78% of those surveyed.
    Canada has established global leadership in biotechnology discovery and
development over the past 20 years. With more than 500 companies spending
$1.8 billion annually, our industry contributes more than 12% of the total
business research and development spending in Canada.
    As shown in yesterday's National Biotechnology Week poll results,
expectations of Canadians for this industry are high. Moreover, 87% of
Canadians were looking to the federal government to find ways to help support
Canadian biotechnology companies. "The tax treaty amendments answer this call
and help with Canada's advantage," continued Brenders.

    About BIOTECanada -

    BIOTECanada is dedicated to the sustainable commercial development of
biotechnology innovation in Canada. It is the national industry-funded
association with over 200 member companies representing the broad spectrum of
biotech constituents including emerging and established companies in the
health, agricultural, and industrial sectors, as well as academic and research
institutions and other related organizations.

For further information:

For further information: Cate McCready, BIOTECanada, (613) 230-5585 x

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