AgWest Bio will enter its third decade with a new chair and two new board members.
Susan Milburn, a financial adviser with the Canadian investment firm Raymond James, will replace John Hyshka, long-time chair of AgWest Bio’s board of directors.
New board members include Brent Zettl of Prairie Plant Systems and Saskatchewan producer Barb Stefanyshyn-Cote.
Directors, staff and members of AgWest recently met in Saskatoon to hold their annual meeting and celebrate the organization’s 20th anniversary.
The publicly funded agency was established to promote the growth of the biotechnology sector in Saskatchewan.
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The organization’s commercialization fund provides repayable seed money to start-up companies involved in the development, production and commercialization of new products and technologies related to agriculture, biotechnology, natural health products, functional foods and nutraceuticals.
Since it was formed in 1989, AgWest Bio has invested nearly $10.8 million in 60 projects involving 47 biotech companies.
According to a 2007 economic impact study, funding provided by AgWest Bio has allowed recipient firms to leverage an additional $75 million from other funding sources.
It has also helped to build the province’s reputation as a key centre of biotechnology research and investment, said Hyshka.
Ag West promotes the biotech industry by improving public awareness and assisting new companies with regulatory compliance.
The organization receives funding from a variety of sources, including an annual contribution from the Saskatchewan government.
In 2008, the province contributed about $900,000 to the AgWest Bio budget.
