Export Development Canada (EDC) announced today USD 1.5 million in financing for British Columbia-based company Vanrx Pharmasystems Inc. (Vanrx).
Vanrx is a technological leader in aseptic processing – the process by which a sterile (or aseptic) product, like a syringe, vial, or cartridge, is packaged in a sterile container. The process ensures containers are safe for use with products like vaccines.
“It can be hard for a small business to get initial financing to expand its manufacturing footprint,” said Mairead Lavery, Senior Vice-President, Business Development, EDC. “EDC’s goal is to make exporting as easy as possible, because small companies have more time to spend on productive areas of their business when they are not worried about financing.”
Vanrx’s goal was to redesign the aseptic filling process commonly used in the medical industry from the ground up, making it more efficient and safe from potential contamination.
“About 90% of our customers are currently international. Right now we are seeing growth in the US, the Baltic States, and India, where injectable medicines are increasing in demand,” says Chris Procyshyn, CEO of Vanrx. “EDC was able to help us navigate the complexities of working in those markets. That is invaluable.”
“In a case like Vanrx, EDC sees the potential for their technology in many markets,” said Lavery. “Expanding in multiple markets can be intimidating for some smaller companies, and EDC’s services are designed to make their expansion less risky and easier to finance.”
SMEs make up 98 per cent of Canada’s businesses and account for 60 per cent of all Canadian jobs. Of the more than one million SMEs in Canada, only 41,000 are exporting, which means that only four per cent of Canada’s economic engine is tapping into billions of potential customers beyond Canada’s borders.
“If you are part of a small- or medium-sized business and would like to take advantage of the opportunities that exist outside of our borders, EDC is here to help,” added Lavery.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.