One of Nova Scotia's most innovative life sciences companies is again ramping up sales efforts to expand its global reach.
The province is supporting Origin BioMed's growth with a $2-million investment through Nova Scotia Business Inc. (NSBI) Venture Capital.
"Companies like Origin BioMed demonstrate to the world Nova Scotia's capacity for innovation," said Percy Paris, Minister of Economic and Rural Development. "Smart investments like this one are helping create good jobs and grow the economy in Nova Scotia."
Origin BioMed is a leading manufacturer and exporter of over-the-counter health products. The company's flagship product, Neuragen, helps relieve pain caused by diabetic neuropathy, a breakdown of nerves.
"NSBI continues to be an important partner for us as we grow within and outside Nova Scotia," said Robert Cervelli, president and CEO of Origin BioMed. "This investment will help drive our market expansion as we position Origin for the next level of growth."
NSBI Venture Capital has provided equity financing to help the company penetrate new markets and increase its sales team. The province's previous investments of $3.728 million have helped put Origin's product on high-profile store shelves across North America.
Follow-on investments are common in the venture capital community as a company builds its share value in stages.
"Origin BioMed is a world leader in innovation, research, and development -- one that continues to grow and reach markets beyond Nova Scotia borders," said Stephen Lund, president and CEO of NSBI. "We'll continue to work closely with the company as it reaches its next level of growth."
Origin BioMed Inc. is an innovative over-the-counter consumer health products company focused on pain management. Its products are in all major drug store outlets across North America.
Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. NSBI is the investment attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.
NSBI Venture Capital is a mid- to late-stage investor focusing on Nova Scotia businesses in five key sectors: information and communications technology, defence and aerospace, energy, advanced manufacturing, and life sciences.