Presentation of a Canadian Innovation Leader Certificate and Announcement of NRC-IRAP Financial Contribution to Soricimed Biopharma Incorporated

Speaking Points

The Honourable Gary Goodyear, PC, MP
Minister of State (Science and Technology)

Sackville, New Brunswick
June 23, 2010

Check Against Delivery

Thank you for the warm introduction.

And my thanks to Mr. Gunn, Chief Executive Officer, and Dr. Stewart, Chief Scientific Officer, of Soricimed Biopharma, for hosting this event. It brings us together for a very important presentation and announcement.

It is a pleasure to be back in the beautiful province of New Brunswick to bring good news about the Government of Canada's support for innovation in this community.

As you know, three years ago, Prime Minister Stephen Harper launched Canada's Science and Technology Strategy. Our goal was to improve the quality of life of Canadians, create jobs and strengthen the economy for future generations. We also made a commitment to help businesses and universities develop, attract and retain the world's best researchers here in Canada.

To back up our strategy, our government has made significant new investments in science and research in the last five federal budgets. Year two of Canada's Economic Action Plan invests close to $1.4 billion in initiatives to promote science, technology and innovation. This builds on an unprecedented federal investment of nearly $5 billion in year one of Canada's Economic Action Plan.

I am also pleased to say that Canada leads the G7 in research and development performed in the higher-education sector as a percentage of gross domestic product.

I want to say to the researchers here today that your work is changing the lives of Canadians and people around the world for the better. Our government is proud of your efforts and the difference you make.

And this brings me to today's event.

I am always pleased to see first hand the innovation taking place at Canadian firms, especially when they have life-saving potential. The work being done at Soricimed Biopharma is just that. Research that could one day save the lives of cancer patients.

I know the strengths of this region and I have seen first hand its innovative spirit and entrepreneurial drive. Both are alive and well, and flourishing in the Sackville area and across our great country, despite these difficult economic times. An excellent example is the company we will honour today, Soricimed Biopharma Incorporated.

This innovative private drug and diagnostic development company was created in 2005 to commercialize technology based on a proprietary peptide – called soricidin – that was initially discovered and developed by Dr. Stewart and his colleagues while they were still at Mount Allison University.

Their research revealed that some of the properties of the peptide suggested potential application for pain treatment with the value-added benefit of not being addictive. They also discovered that it had pronounced effects on cancer cells and potential application in oncology. And so soricidin became the basis for the company's targeted cancer management program, focusing on a cancer therapeutic and a companion early diagnostic.

Soricimed's drugs have so far been proven in side-by-side tests to be more effective at killing cancer cells than currently used cancer therapies. Soricimed's diagnostic program and the suite of tools that have been developed, from a blood test all the way to an MRI, may allow for detection of very early stage ovarian cancer.

This firm's proven success and its commitment to creating jobs for Canadians is just one of the many reasons our government supports Soricimed Biopharma.

In fact, the Government of Canada has been working with Soricimed Biopharma beginning in 2005 through the National Research Council's Industrial Research Assistance Program. We have provided advisory services, as well as more than $135,650 in financial contributions via NRC-IRAP for projects since that time.

Our government knows that investing in science and technology is crucial to the development of a highly-skilled workforce and to the long-term competitiveness of Canadian firms such as Soricimed Biopharma. And we strongly support innovation through science and technology because it creates jobs. It improves the quality of life of Canadians. And it strengthens our economy for future generations.

So it is with great pleasure today that I am announcing further support to this remarkable firm. Our government is making a financial contribution to Soricimed Biopharma Incorporated of up to $568,688.

This latest contribution from will support the company in exploring further the promise of the most efficiently synthesized and clinically effective form of soricidin as both a highly potent cancer detection compound and cancer treatment, or drug, compound. Their tests and experiments will focus on ovarian, prostate and breast cancers.

Congratulations!

As part of Canada's Economic Action Plan, for example, our government is investing $200 million over two years in the National Research Council's Industrial Research Assistance Program. It is through this program that we are able to support the innovative initiatives of Canadian firms like Soricimed BioPharma

This year, we also announced a new investment of $135 million over two years to support the National Research Council's regional innovation clusters program.

I am also here today to highlight the Government of Canada's long-standing relationship with this fine firm and to present Soricimed BioPharma with a Canadian Innovation Leader certificate. This certificate recognizes small- and medium-sized enterprises that have successfully developed and applied innovative technologies linking scientific research to commercialization, jobs and economic growth. It emphasizes Soricimed BioPharma's position as a role model for the whole country and for entrepreneurs in communities in all regions.

We need to keep building a competitive advantage for Canada. We need to invest in science and technology to ensure that we gain — and maintain — a competitive edge. We need to encourage the growth of highly-skilled jobs.

Our government is doing just that through measures announced in our Economic Action Plan. And you are doing it right here in Sackville through research and development that could benefit the biopharmaceutical sector and the health of Canadians for years to come.

My sincere congratulations to Mr. Gunn, Dr. Stewart and the entire Soricimed Biopharma team. I look forward to more good news from Soricimed in the not-too-distant future.

I would now like to ask Mr. Gunn to come and receive his Canadian Innovation Leader certificate.

Thank you.