“BioVectra is an Island-grown success story and one of our leading bioscience companies. Government is pleased to help them expand their facilities and bring new opportunities to the Island community,” said Minister Campbell.

Executive Council has authorized Island Investment Development Inc. through the PEI Century 2000 Fund Inc., to provide BioVectra with a loan of up to $14.8 million to finance an expansion of its manufacturing facility at 11 Aviation Avenue in the Charlottetown Airport Business Park.

This expansion will position BioVectra for continued growth and enable it to fulfill a recently-secured multi-year contract for the manufacture of an active pharmaceutical for the export market.

“Over the next 2 years, we will spend about $20 million on capital projects. Expansion of our airport facility is expected to commence in September of this year and be complete by the fall of 2011,” said Ron Keefe, CEO of BioVectra.

The Prince Edward Island bioscience community is expanding and the opportunities are numerous, says Mr. Keefe.

This contract, and related expansion, will expand BioVectra’s technical expertise and is expected to create 19 new positions initially and has the potential for 34 new positions at full production capacity.

“In our Island Prosperity Strategy, bioscience has been identified as a key area of economic opportunity for Prince Edward Island. BioVectra’s record of export success and local job creation makes it a leader in turning that opportunity into economic growth that benefits all Islanders,” said Minister Campbell.