One of Nova Scotia's innovative life sciences companies is gearing up for future growth with support from the province and other investors.The province, through Nova Scotia Business Inc.(NSBI) Venture Capital, is providing Origin BioMed with an $850,000 follow-on investment. Avrio Ventures and GrowthWorks Atlantic are also providing financing of $650,000 and $500,000 respectively.
NSBI Venture Capital has provided equity financing to help the company strengthen its financial base as it implements a new growth plan. A follow-on investment is additional financing as a company continues to grow.
"The investment reflects the province's commitment to fostering innovation and helping businesses become more globally competitive," said John MacDonell, acting Minister of Economic and Rural Development and Tourism. "It aligns with Nova Scotia's jobsHere plan to create good jobs and grow a sustainable economy."
Origin BioMed is a leading innovator of over-the-counter topical drug products, which are items applied to the body surface. The Halifax company's lead product is Neuragen, which helps relieve pain caused by diabetic neuropathy, a breakdown of nerves.
The original Neuragen Oil has been successful in Canada and the United States. The U.S. launch of Neuragen Cream this fall is expected to build on that success.
"NSBI is working with Origin BioMed to help the company as it prepares to implement its new, strategic business plan and seek future growth," said Stephen Lund, president and CEO of NSBI.
The company's products are sold in more than 40,000 stores across Canada and the United States with plans to expand.
"We are proud of our current success with the Neuragen product and feel Nova Scotia has the right infrastructure and skilled workers from which to grow and meet our emerging global market opportunities," said Robert Dingee, CEO, Origin BioMed.
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 chains across North America.
Nova Scotia Business Inc. is the province's private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, NSBI helps local companies and attracts international businesses to Nova Scotia.
NSBI Venture Capital is a mid- to late-stage investment fund focusing on Nova Scotia businesses in information and communications technology, defence and aerospace, energy, advanced manufacturing, and life sciences.