RE:Headlines for PLI on a political POV in Quebec.
Here is a Google translation with some of my own input and interpretation. French is not my mother tongue so I apologize in advance for the poor translation.
The Quebec government is willing to subsidize the construction of a plasma fractionation plant for a South Korean company although they refused to fund Laval based ProMetic for a similar project.
President and CEO ProMetic Pierre Laurin, almost choked on his coffee while reading La Presse yesterday morning.
He learned that the Quebec government agreed to subsidize up to 8 million dollars to build a plasma fractionation plant for South Korean Green Cross. Investissement Québec undertakes to pay 17 million to the foreign investor. The investment of 187 million is expected to be in the Montreal area and will create 140 jobs . An official announcement is expected next week , said Investissement Québec.
"A prophet is never Québécois in Quebec," exclaimed Pierre Laurin. He emphasized that the biopharmaceutical company that is listed on the TSX Venture Exchange , has raised $ 530 million over the years . " If there are ten million from Quebec , it's beautiful ," he says .
Investissement Québec refused to provide Prometic financing for their own plasma fractionation innovative technology plant. Without government assistance, ProMetic finally went ahead with the project by investing the required 10 million.
The plant which has been in operation since last December , is located in the old facilities GlaxoSmithKline Laval , which now belong to the National Institute of Scientific Research . Prometic had revenues of 20.6 million in 2013 and has created 40 jobs in Laval in the last six months as a result of this investment. It plans to add 40 more in 2014.
Unlike the giants of the same industry , ProMetic specializes in the extraction of proteins that help treat rare diseases. Processing capacity approaching 150,000 liters of blood plasma. Its supply comes from the American Red Cross .
Despite his difficulties with the financing of Phase 1 of the plant, Mr. Laurin has plans to quintuple its production of plasma-derived products within three years . "The future is in Laval for us," he says.
With what he knows now , he hopes to return banging on the door of Investissement Québec. Who can blame him?
ProMetic a glance
Foundation : 1994
Annual sales: 20.6 million
Employees: 200
Facilities : England , Laval , Isle of Man