ACOA: Covina Biomedical Inc. Solidifying Place in the Bone Cement Industry
Government of Canada supports prototype development, regulatory approvals and research commercialization August 7, 2018 – Halifax, NS – Atlantic Canada Opportunities Agency Great innovation happening here in Atlantic Canada is growing our economy, creating well-paying jobs, and improving the lives of Canadians. That is why the Government of Canada is supporting Covina Biomedical Inc. as it advances a proprietary bone cement used in the repair of knee implants, the single biggest problem in orthopedics today. Andy Fillmore, Parliamentary Secretary for the Minister of Democratic Institutions and Member of Parliament for Halifax, announced a $500,000 repayable investment in Covina Biomedical on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA). The assistance will help Covina Biomedical prove the effectiveness of its injectable bone cement for orthopedic patient care. Customer feedback and validation will prepare the company for clinical trials and develop a roadmap to obtain regulatory approval in Canada and the United States. Together, these initiatives will position Covina to scale-up, creating new economic benefits for Atlantic Canada. Intellectual property for Covina’s injectable bone cement that prevents invasive surgery is the result of an earlier ACOA project with Dalhousie University. The product is being developed and commercialized in Nova Scotia, creating up to six new full-time, highly skilled positions and maintaining two others. This contribution is being made through ACOA’s Business Development Program, which works with small and medium-sized companies to improve competitiveness in export markets. The investment builds on the commitments made by the Government of Canada and the four Atlantic Provinces to drive economic growth in Atlantic Canada through the Atlantic Growth Strategy. The Strategy supports targeted investments in initiatives that build on the region’s competitive advantages, such as its strong export potential and skilled labour to expand business activities between the region and international markets.