Chitogenics to Begin Clinical Trials in Nova Scotia

Chitogenics will start clinical trials in Nova Scotia following a $3.5 million partnership agreement announced today. The partnership involves the Province of Nova Scotia, InNOVAcorp, Working Ventures, and the Business Development Bank of Canada, Venture Capital Division.

Chitogenics, based in Dartmouth, manufactures implantable gels which are used to minimize the formation of post-surgical adhesions.

The announcement was made as part of the opening ceremonies for Innovation Showcase 98, the annual trade show for clients of InNOVAcorp's business incubator, the Technology Innovation Centre.

"Biotechnology is a growing success story in Nova Scotia. The province is actively supporting its development with investments like this," said Fisheries and Aquaculture Minister Keith Colwell, on behalf of Economic Development and Tourism Minister Manning MacDonald. "Chitogenics should soon be adding to Nova Scotia's exports - the world market potential for this product is enormous."

"Entrepreneurs with ideas are the backbone of the economy," said Ross McCurdy, CEO of InNOVAcorp. "That's where InNOVAcorp comes in - to help those entrepreneurs turn great ideas into commercially viable businesses."

"Chitogenics was the ideal opportunity for Working Ventures," said Ron Begg, President of Working Ventures Inc. "A proven idea, that needs capital to get on the road to success."

"We invested in this company because we saw potential on a truly international scale," said Greg Phipps, investment manager for the Business Development Bank of Canada, Venture Capital Division. "And a strong, capable and experienced management team."

"Entrepreneurship is nothing new for Nova Scotia," said Arthur Carty, president of the National Research Council. "The Industrial Research Assistance Program is for technology-based businesses that require a helping hand. In this case, several helping hands worked together to make things happen."

Innovation Showcase 98 takes place today (Oct. 1), from 1:30 p.m. to 7 p.m. The annual event is held at InNOVAcorp's Technology Innovation Centre at One Research Drive in Dartmouth. For further information, please call 1-888-354-5855.