Closed
Biomed Propulsion Program
Last Update: March 3, 2026
Quebec, Canada
Supports life sciences companies for commercialization and job creation
Loans and Capital investments
Overview
The Biomed Propulsion Program aims to financially support high-growth potential life sciences companies in Quebec to commercialize research outputs with a focus on attracting private investors, offering maximum funding of up to $10 million. Eligible activities include the development, manufacture, and commercialization of biotechnology and medical technology products, with specific conditions applied.
At a glance
Funding available
Financing goals
- Develop a new product
- Reduce the ecological footprint
- Selling in a new market
Eligible Funding
- Maximum amount : 10 $
- Minimum amount : 2,500,000 $
- Up to 50% of project cost
Timeline
- Receipt of requests is now closed
Eligible candidates
Eligible Industries
- Health care and social assistance
Location
- Quebec
Legal structures
- For-profit business
Annual revenue
- All revenue ranges
Organisation size
- All organization sizes
Audience
- Startups
Activities funded
- Enhancement of access to funding for life sciences companies.
- Support for the maintenance and development of high-growth potential companies.
- Encouragement of product development in life sciences.
- Contribution to the maintenance and creation of sustainable, quality jobs.
- Promotion of research and development investments for biotechnology companies and medical technology companies.
- Encouragement of commercialization investments for medical technology companies.
Examples of admissible projects:
$ 3,000,000
Developing a new gene therapy for rare diseases
Eligibility
- The applicant must be a for-profit company in the life sciences sector with its headquarters and the majority of its jobs located in Quebec.
- Eligible companies include those in human or animal health biotechnology with a majority of activities and expenses dedicated to R&D, and for human health, a product financed at the in vivo preclinical stage.
- Medical technology companies primarily engaged in the design, development, manufacturing, and commercialization of medical equipment or software as medical instruments are eligible, provided they have at least regulatory approval or a product in clinical trials for approval.
- Excluded entities include those offering local market products or substitutable specialized products, distribution companies, companies solely engaged in marketing medical equipment, information and communication technology companies targeting consumers, and cannabis-related businesses not focused on pharmaceutical-grade products approved by Health Canada.
Who is eligible?
- For-profit companies in the life sciences sector with a headquarters in Quebec and the majority of their employees located there.
- Companies in human or animal health biotechnology with significant R&D activities and expenditures, focusing on intellectual property related to health products, platforms, or processes.
- Medical technology companies primarily involved in designing, developing, manufacturing, and commercializing medical devices or software defined as medical instruments, serving purposes such as diagnosis, treatment, prevention, or health function restoration.
Who is not eligible
- Companies offering products intended for local markets or specialized but substitutable products such as medical and dental laboratories, optical lens laboratories, orthotics or prosthetics laboratories, and clinical laboratories.
- Distribution companies or those solely engaged in the commercialization of medical equipment.
- Information and communication technology companies in health addressing exclusively consumers.
- Companies with cannabis-related activities targeting markets other than pharmaceutical-grade products approved by Health Canada or their ingredients.
Eligible geographic areas
- Companies with decision-making headquarters and the majority of their workforce based in Quebec.
How to apply
1
Check the eligibility criteria
- Ensure that your business is in the eligible sectors: biotechnology in human or animal health, or medical technology.
- Confirm that your business is located in Quebec and meets the specific operational criteria.
2
Prepare the funding round
- Obtain the necessary private investment to meet the funding conditions of the program.
- Prepare a shareholders' agreement or a subscription agreement for the investment round.
3
Complete the application documents
- Gather all required documentation, including detailed project proposals, financial statements, and investment agreements.
- Ensure that the application does not include funding from other MEIE programs.
4
Submit the application to Investissement Québec
- Wait for further instructions from Investissement Québec, as new applications are currently suspended.
- Watch for communications from Investissement Québec for updates on the application process.
Additional information
- The Ministry of Economy, Innovation and Energy, and Investissement Québec can suspend the submission and analysis of applications without prior notice to ensure the availability of funds within the budget envelope.
- The program will be interrupted as of November 12, 2024, and no new applications will be accepted until further notice.
- Financial assistance is provided in the form of a participatory loan, with a duration not exceeding ten years.
- There is a requirement for investors' disbursement to precede any loan disbursement.
- Companies may be required to pay a management fee for the financed project.
- A risk-related interest rate on the loan is expected, along with the possibility of a premium in the form of stock options to offset risks.
- An additional risk-related performance premium may be levied if the exercise value of stock options is under a preferential threshold of $1 million, with a percentage between 3% and 6% added during liquidity events.
- The financing must include no other source from other programs of the Ministry of Economy, Innovation and Energy (MEIE).
- Collateral security over the company's assets may be required for the loan.
