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news.Ontario, Canada is supporting Novocol Pharmaceuticals of Canada to expand and modernize its Cambridge facility, including converting an outdated production line into an R&D centre.
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The initiative is believed to enable Novocol to diversify and develop new infection control products thereby increasing its competitiveness globally.
Novocol is investing over $54m in the project over the next five years, which includes a loan of $10m from the Ontario Government.
Minister of Economic Development and Innovation Brad Duguid said Ontario is happy to help companies like Novocol with investments for their R&D initiatives guaranteed to bring jobs to our communities and strengthen Ontario’s economy.
"With 41,500 Ontarians working in the life sciences industry, it plays an important role in the province’s economy," Duguid added.