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Genzyme Corporation Makes Important Investment in Prince Edward Island

Charlottetown, PEI (November 14, 2007) --- The recent announcement of the sale of Diagnostic Chemical Limiteds diagnostic division to Genzyme Corporation is an important and positive step in the growth of the Prince Edward Islands bioscience sector, according to the PEI BioAlliance, the coordinating body for the PEI bioscience sector. This is truly a win-win situation for the companies involved, their employees, and for Prince Edward Island, said Rory Francis, Executive Director of the BioAlliance, and I want to congratulate DCL founder Dr. Regis Duffy and CEO Ron Keefe. Genzyme is a highly respected leader in the biotechnology industry worldwide, with the resources and expertise to further grow the PEI operation, and we look forward to working with them as a member of our bioscience business and research community. At the same time, this deal will allow for DCL to clearly focus on DCLs bio-pharma business unit, which is pursuing some very exciting new opportunities, he said. Francis said the investment by Genzyme in this PEI-grown company is a testament to the quality of business that DCL has become. He said that federal and provincial economic development agencies that have worked with DCL over the years, including ACOA, PEI Business Development, and NRCs Industrial Research Assistance Program, should also take pride in this achievement. It will mean new job opportunities here in PEI. Small companies with the right leadership and management can become bigger companies, and develop their businesses to the point that global companies take note. And its that new investment by international companies like Novartis a few years ago, and Genzyme now, that is establishing PEIs credibility as an emerging centre for bioscience research and business development in Canada and North America, he stated. Diagnostic Chemicals Limited is a member of the Prince Edward Island BioAlliance, the cluster of individuals and organizations dedicated to building the bioscience-based economic sector in PEI. The Prince Edward Island Bioscience Cluster is a leading centre for research, development, and commercialization of bioactives-based human, animal, and fish health and nutrition products. Genzyme DCL news release (PDF File) For more information about the Prince Edward Island BioAlliance, please contact Rose FitzPatrick at (902) 367-4403 or by email at rose@peibioalliance.com
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