Biomed Propulsion Program
$10,000,000
Grant, Loan, Investment
Description:
The objective of this program is to provide financial support to Quebec companies with high growth potential in the life sciences sector in order to encourage them to commercialize the results of their research, while encouraging the participation of private investors.
Comments on Funding:
Financial assistance is granted in the form of a participatory loan.
It has a minimum and maximum threshold:
$2.5 million and $10 million for biotechnology companies;
$500,000 and $10 million for medical technology companies.
An intervention under BioMed Propulsion cannot be combined with assistance from other programs of the Ministry of Economy, Innovation and Energy (MEIE), including programs of the Economic Development Fund (FDE). Investissement Québec must ensure that the funding does not include any other source from other programs of the Ministry.
Other conditions may apply
Applications are accepted on an ongoing basis.
Eligibility:
Eligible companies are for-profit companies in the life sciences sector whose decision-making headquarters and the majority of jobs are in Quebec.
More specifically, BioMed Propulsion targets companies in the following sectors of activity.
Human or animal health biotechnology
Companies whose majority of activities and expenditures are carried out in R&D. These companies develop or manage intellectual property associated with a product, platform or process relating to human or animal health. In the case of human health companies, they must at least have a product that is the subject of financing at the in vivo preclinical stage.
Medical Technology
Companies whose primary activities are the design, development, manufacturing and marketing of medical equipment or software as medical devices (MDIs), which are defined in Canada as any article, instrument, apparatus or device or software, manufactured or sold to serve:
to the diagnosis, treatment, mitigation or prevention, in humans or animals, of a disease, disorder, physical condition or their symptoms;
to the restoration, correction or modification of an organic function or body structure of humans or animals;
to the acquisition, processing or analysis of a medical image or an in vitro diagnostic instrument signal or a signal acquisition system model or signal;
to support or provide recommendations to healthcare professionals, patients or lay care providers regarding the prevention, diagnosis, treatment or mitigation of a disease or condition.
Companies must at least have obtained approval from a regulatory agency or have a product in clinical trials aimed at obtaining approval.
The following companies are excluded:
offering products intended for a local market or specialized but substitutable products, such as medical and dental laboratories, ophthalmic lens, orthotics or prosthesis laboratories as well as clinical laboratories;
distribution or companies which only carry out activities related to the marketing of medical equipment;
health information and communication technologies aimed exclusively at consumers;
having cannabis-related activities targeting markets other than pharmaceutical grade products approved by Health Canada or their ingredients.
Other conditions may apply.
Application Steps:
No specific steps are listed.
Documentation Needed:
No specific documents are listed.
Other Things to Note:
The Ministry of Economy, Innovation and Energy (MEIE) is interrupting the BioMed Propulsion program as of November 12, 2024.
As the agent for this program, Investissement Québec must therefore suspend the reception of new applications until further notice.
About the author
Maurice
