Investment will create up to 2,170 jobs and promote innovation in Canada's life sciences industry
VANCOUVER,April 25, 2018 /CNW/ - The Canadian and British Columbia governments are partnering with the country's largest biotechnology company to build a state-of-the-art manufacturing facility that
Today the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and the Honourable Bruce Ralston, British Columbia's Minister of Jobs, Trade and Technology, announced a combined investment of $45 million in biotechnology company STEMCELL Technologies. The federal government and the province will each contribute $22.5 million.
This funding will support the development of regenerative medicine products certified for use in clinical trials, the construction of a $138-million state-of-the-art manufacturing facility by 2022, and the eventual consolidation of three of STEMCELL's Vancouver locations into a single campus in Burnaby, British Columbia.
Partnership on this project is part of the federal and provincial commitment to create and maintain good middle-class jobs, economic growth and long-term prosperity by investing in our life sciences sector as well as to promote innovation and global competitiveness.
STEMCELL currently has over 1,000 employees globally and approximately 900 in B.C. at four locations in Metro Vancouver. The company produces and sells over 2,500 products and exports the majority to over 70 countries.
Canadians pioneered the field of regenerative medicine. This field of research involves using cells from healthy tissue to repair damaged tissues or organs. STEMCELL's new facility will establish British Columbia as a leader in researching, developing and manufacturing a wide range of products that will contribute to the development of cell-based therapies with the potential to improve health outcomes. Stem cell research holds the potential to reduce healthcare and medication costs both in Canada, and abroad as new therapies emerge.
Securing STEMCELL's presence in British Columbia will also benefit the province's supply chains, public research, training and skills development and will keep valuable intellectual property in Canada.
"Canadians paved the way in stem cell research; now we're investing in STEMCELL Technologies to help commercialize this success. The Government of Canada's Strategic Innovation Fund investment will create nearly 700 jobs and advance life-saving innovations that will secure STEMCELL's place in the global supply chain for years to come." – The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"This is the kind of opportunity our government looks for – one that can help make a real difference in the health and quality of life for people here at home and abroad. As we continue to work with companies and partners in life sciences research, we are helping create a global hub for B.C. that will allow us to create jobs for British Columbians and attract more talent and investment to our province.– The Honourable Bruce Ralston, British Columbia Minister of Jobs, Trade and Technology
"This funding provides our company with the ability to add hundreds of new high-paying jobs in B.C. to support global research leading to the therapies of the future. It also means that we can contribute to the next generation of landmark treatments and ensure that this coming wave of stem cell therapies is stamped with the Canadian maple leaf! We are proud to be an example of the sort of growth and innovation that can be accomplished when high-tech companies partner with forward-thinking governments." – Dr. Allen Eaves, founder and CEO, STEMCELL Technologies
Follow the department on Twitter: @ISED_CA
SOURCE Innovation, Science and Economic Development Canada
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