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Laval business receives $200,000 in financial assistance from CED.

LAVAL, QC, Feb. 19, 2024 /CNW/ - Supporting growth through innovation contributes to economic development in Quebec's regions. That is why Annie Koutrakis, Member of Parliament for Vimy and Parliamentary Secretary to the Minister of Tourism and Minister responsible for CED, today announced a repayable contribution of $200,000 for RNA Technologies & Therapeutics Inc. (RNA T&T). This CED support has enabled the business to acquire automated equipment to improve its productivity and increase its production capacity.

Founded in July 2022, RNA T&T is an innovative business specializing in the design, production, and purification of intermediate carrier molecules called messenger RNAs (mRNAs). The business, incubated in the Quebec Biotechnology Innovation Centre (CQIB), produces and sells intermediate mRNA molecules in small and large quantities, in addition to implementing a research program for its clients to develop new therapies, obtain regulatory approvals for them, and ensure intellectual property protection. The group consists of experts in the RNA field with combined experience totalling over three decades in in vitro transcription (IVT) therapeutic RNA synthesis.

The Government of Canada recognizes and supports innovative businesses and organizations that are a source of pride in their communities. Quebec's economic vitality relies on organizations with strong roots in the regional economy. They are major contributors to growth, as well as key assets in rebuilding a stronger, more resilient, greener, and more just economy for all.

"Our government is committed to investing to ensure our SMEs remain competitive and innovative. Thanks to CED's support, RNA T&T has been able to acquire and install automated production equipment to implement its project. We are here to assist workers and Quebec and Canadian SMEs, by helping them equip themselves well so that, together, we can build a stronger, more resilient, more sustainable economy."

Annie Koutrakis, Member of Parliament for Vimy and Parliamentary Secretary to the Minister of Tourism and Minister responsible for CED

"Helping a business grow and innovate so it can enable Canadians to benefit from an important technology is a priority for our government. That is why we are supporting this promising project by RNA T&T, which is a wonderful example of success after two years of incubation at the CQIB. Its success and spin-offs will be felt right across the Greater Montréal region, and throughout the Quebec and Canadian economy. I am delighted with our government's support for this project and the impact it will have on the health sector."

The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED

"Thanks to the CQIB's incubation structure, RNA T&T has made significant advances over its first 18 months of existence. We want to highlight the importance of government assistance programs such as this one from CED, which play a crucial role in supporting and funding the rapid growth of technological SMEs such as RNA T&T. We express our deep gratitude for their ongoing support."

Claude LeDuc, President and CEO, RNA Technologies & Therapeutics

"This investment in one of the businesses accompanied by our incubator confirms the role the CQIB plays as a seedbed for life sciences businesses in Quebec. We are particularly pleased with RNA T&T's progress as it completes its incubation process."

Perry Niro, Executive Director, CQIB

• The funds have been granted under CED's Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
• In Quebec, SMEs account for 99.7% of the province's businesses and 50% of its GDP.
• CED is the key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.

• RNA Technologies & Therapeutics
• CQIB
• CED funding initiatives and programs

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SOURCE Canada Economic Development for Quebec Regions