Expansion to the Charlottetown facilities of BioVectra will allow the company to create up to 34 new bioscience jobs.
Island Investment Development Inc. through the PEI Century 2000 Fund Inc., will provide BioVectra with a loan of up to $14.8 million to finance an expansion of its manufacturing facility in the Charlottetown Airport Business Park.
BioVectra CEO Ron Keefe says the company will spend about $20 million on capital projects over the next two years.
He says expansion of the airport facility is expected to begin in September and be completed by the fall of 2011.
The contract, and related expansion, will expand BioVectra's technical expertise and is expected to create 19 new positions initially and has the potential for 34 new positions at full production capacity.