The federal government will invest $20 million in a new centre being billed as a “global hub” for regenerative cell therapy in Toronto, Prime Minister Justin Trudeau announced Wednesday.
The money will go to the Centre of Commercialization of Regenerative Medicine (CCRM) to establish and create a new Centre for Advanced Therapeutic Cell Technologies, Trudeau said in a speech at the CCRM labs located in Toronto’s MaRS district, a non-profit corporation that brings together educators, researchers, social scientists, entrepreneurs and business experts in one setting.
Collaborative approach
The government bills the new centre as “the first cell therapy development facility in the world to use a collaborative approach – between research institutions and industry – to solve cell therapy manufacturing challenges.”
The health of Canadians is the Liberal government’s priority, Trudeau said.
“We must do more to prevent and treat disease in this country,” Trudeau said. “One very important way to do this is by supporting innovative approaches to regenerative medicine through a greater collaboration, using stem-cells, bio materials and molecules to repair, regenerate or replace damaged cells, tissues and organs affected by disease.”
The CCRM will collaborate with GE Healthcare and other industry players, to accelerate the development and adoption of cell manufacturing technologies, the Prime Minister’s Office said in a press release.
Global player
“This is wonderful news for CCRM, Canada, GE Healthcare and the global regenerative medicine community,” said Michael May, president and CEO of the CCRM. “Most importantly, the outputs of this centre will enable access to revolutionary medical treatments for patients from around the world.”
The global market for cell-based therapy is expected to surpass the $20-billion mark by 2025, Trudeau said.
The new centre will strengthen Ontario’s position as “a global hub for stem cell” therapy and make the province an even stronger competitor in the bio-tech industry, Trudeau said.
The centre will cost $43.8 million, with the balance being paid by industry partners. It’s slated for completion by the end of 2018.
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