Pointe-Claire-based company MedXL received a repayable contribution of $2.3 million from the Canada Economic Development for Quebec Regions (CED) on June 17. Mr. Francis Scarpaleggia, Lac-Saint-Louis's Member of Parliament, announced this repayable contribution on behalf of the Honourable Pascale St-Onge, Minister of Sport and Minister responsible for CED.
PHOTO: The Government of Canada
Mr. Scarpaleggia commented on the CED's contribution: "The Government of Canada is committed to stimulating innovation to enhance business productivity and competitiveness in the long term. We are therefore proud to be able to provide this support to MedXL, whose project is helping to strengthen the Greater Montréal region's position as a hub for life sciences development—a sector that holds great promise. As it contributes to the creation of many quality jobs, it will also help the business grow and maintain its enviable position."
Med XL manufactures prefilled syringes for vascular access. With a growing market demand, the CED's support aims to enhance its productivity and increase the company's production capacity.
The Honourable Pascale St-Onge, Member of Parliament for Brome–Missisquoi, stated her support for the company: "The COVID-19 crisis has demonstrated how investing in innovation in the sciences sector is crucial. Through our government's financial assistance, MedXL will be able to acquire the equipment it needs to continue to grow. We will always be here to support Canadian businesses that have a promising future and contribute to Quebec's and Canada's economic development. This is how we will ensure a strong economic recovery across the country."
Liebel-Flarsheim Canada acquired the company in 2020, a manufacturer that specializes in contrast agents and prefilled syringes. Med XL has been able to pursue its expansion as a result. The CED contribution and project will promote growth through the acquisition and installation of digital production equipment. In addition, the establishment of a new production line will increase the company's market competitiveness, and 25 jobs will be created while 125 others will be maintained.
The President of MedXL, Paul Parisien, thanked the CED for their contribution: "I believe that supporting innovation and local manufacturing by entrepreneurs will be a key element in Canada's success and prosperity. CED has an important role to play in this effort. The repayable financial assistance provided by CED has been invested strategically in the infrastructure required to upgrade our existing facilities and purchase new and improved manufacturing equipment. I would like to thank CED for its collaboration and support."
SOURCE: Canada Economic Development for Quebec Regions