Ontario invests $25 million to support new treatments and therapies for people living with chronic diseases, such as cancer, multiple sclerosis and diabetes.
Reza Moridi, Minister of Research and Innovation, announced renewed support for the Ontario Institute for Regenerative Medicine (OIRM), a network of Ontario-based stem cell and regenerative medicine programs operating in partnership with the Center for Commercialization of Regenerative Medicine (CCRM) along with Ontario's leading health and research institutions.
Regenerative medicine is a study of how to replace or regenerate cells, tissues and organs that have been damaged by chronic disease. Regenerative medicine has significant commercialization opportunity that leads to innovative diagnostics, tools and products with market potential.
"Stem cell research is laying the pathway towards better therapies and cures for devastating conditions, such as cancer, multiple sclerosis and heart disease. Our ongoing commitment to the Ontario Institute for Regenerative Medicine will help ensure our province remains a world leader in regenerative medicine, offer significant economic benefits and improve our health care system and the lives of all Ontarians," said, Moridi.
Stem cells were first discovered in Ontario. As a leader in stem cell and regenerative medicine research and commercialization, it would attract more international clinical trials and private sector investment.
The commercialization of technologies associated with tissue engineering and cell therapy project is estimated to reach $19 billion in value globally by the end of this year.
Janet Rossant, Executive Director, Ontario Institute for Regenerative Medicine, said, "Ontario is exceptionally rich in terms of research talent, commercial capacity and a strong health care system, which is why it is a powerhouse in the field of regenerative medicine. We are extremely pleased with this government's support and investment in the Ontario Institute of Regenerative Medicine, which we will turn into stem cell therapies, technologies and innovation for Ontario's future health and prosperity."