STEMCELL Technologies, Canada’s largest biotechnology company, today announced a $45 million joint funding agreement between the Governments of Canada and British Columbia to help the company build a state-of-the-art advanced manufacturing facility. The funding agreement will accelerate the Vancouver company’s rapidly scaling business of providing cutting-edge reagents and tools to support life science researchers around the world working in the cell therapy and regenerative medicine fields.
The five-year, $138 million project will build a new advanced manufacturing facility for biologics in Burnaby, British Columbia. This new facility will make it possible for STEMCELL to manufacture its products at the higher regulatory compliance standard required to support clinical trials in the rapidly evolving sciences of cell therapy, tissue engineering, immunotherapy, gene therapy and regenerative medicine, with the ultimate aim of curing cancer and other serious diseases.
The products developed and manufactured at this new facility by hundreds of new STEMCELL employees will ensure that the future of global regenerative medicine is grounded in Canadian innovation and patented know-how. It will also ensure that products invented in Canada will continue to be commercialized and manufactured on Canadian soil before being sold to researchers around the world.
“This funding provides our company with the ability to add hundreds of new, high-paying jobs in BC 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 ensures 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,” said Dr. Allen Eaves, Founder, President and CEO of STEMCELL Technologies.