NBIF invests $500k in Fredericton biopolymer producer MycoDev

MycoDev Group Inc, a biotechnology company that produces a biopolymer called chitosan, has raised a $500,000 investment from New Brunswick Innovation Foundation (NBIF). According to Thomson Reuters' data, the investment is part of a $1.06 million first-time financing. MycoDev, which is headquartered in Fredericton, New Brunswick, is currently refining its product for use as a main ingredient in surgical hemostatic hydrogels and trauma care. The proceeds of NBIF funding will be used for the purchase of equipment and for fine-tuning the production and extraction process.

CanadaNorth AmericaBriefs