Investments Announced in Canadian Institute's Expansion
The NEOMED Institute is a non-profit organization located in Montreal. Its mission includes developing a business ecosystem and innovation networks in the greater Montreal area to boost the development and growth of life sciences and health technology businesses.
The city of Montreal and the government of Canada announced Dec. 7 they are financially supporting the NEOMED Institute's construction of a new innovation and commercialization complex specializing in life sciences and health technology. The complex will feature customized labs, shared equipment, and commercialization coaching. The NEOMED Institute is a non-profit organization located in the city. Its mission includes developing a business ecosystem and innovation networks in the greater Montreal area to boost the development and growth of life sciences and health technology businesses.
Phase 1 of the project is the construction of a new building on the institute's land. To be completed in 2020, the building will provide 50,000 square feet of space for various facilities. The project is valued at $23.6 million and relies on the financial participation of a number of public and private partners.
The city of Montreal is providing $1.5 million in funding over four years for the rollout of Phase 1, money that will allow the institute to ensure the start of the project and partially cover implementation and operational costs. The institute also will receive a $1.5 million non-repayable contribution from Canada Economic Development for Quebec Regions, allowing it to proceed with a project that seeks to build the innovative capacity of life sciences and health technology companies, including through the purchase of lab equipment.
"Setting up an ICC in the greater Montreal region is a growth-generating and mobilizing project that is directly in line with the directions of the city of Montreal's 2018–2022 economic development plan. This municipal funding will help develop and consolidate a Montreal-based innovation hub in the LSHT sector. By leveraging knowledge and talent, boosting entrepreneurship, and supporting a high-performance network, this project will make a tangible contribution to talent retention within a context of global competition and will help raise Montreal’s international profile," said Robert Beaudry, the city Executive Committee member responsible for economic and commercial development and government relations.