The Canadian government is providing $49.9 million to help boost biomanufacturing in B.C.
The funding, under the federal Strategic Innovation Fund, will go to Vancouver-based Stemcell Technologies Inc., which is investing $222 million in new biomanufacturing facilities for manufacturing the inputs for stem-cell therapies and research.
The new facilities will create 460 jobs and 900 four-month co-op positions for students, according to a government press release.
"This funding by the federal government addresses a gap in the raw materials required for large-scale manufacturing of vaccines, therapies and diagnostics, creating significant spillover effects across British Columbia and Canada,” said Stemcell founder and CEO Allen Eaves.
“Our Canadian health-care system is only strong and successful when rooted in a robust life sciences industry that generates the diagnostic and therapeutic reagents and tools needed to treat disease."
Stemcell Technologies specializes in making the media and processes for growing stem cells, which are used for both research and stem-cell therapeutics. Stemcell Technologies is among Canada’s largest life sciences companies.
"British Columbia continues to rapidly grow its presence in the life sciences industry,” said Anita Anand, minister of Innovation, Science and Industry.
“With this investment, our government is bolstering Canada's life sciences industry, increasing domestic capacity for key inputs for vaccines, therapeutics and diagnostic technologies, which are needed to keep Canadians safe and healthy and to export around the world. This partnership with Stemcell will help grow our economy and create good, high-paying jobs for Canadians."
