A $92 million investment in adMare BioInnovations will help translate health research into innovative new therapies in Canada
VANCOUVER, BC, March 30, 2022 /CNW/ - Protecting the health and safety of Canadians and making sure we have the domestic capacity to respond to future health crises are top priorities of the Government of Canada. With the guidance of Canada's Biomanufacturing and Life Sciences Strategy, the government is actively supporting the growth of a strong, competitive domestic life sciences sector, with cutting-edge biomanufacturing capabilities.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced a $92 million investment in adMare BioInnovations to drive company innovation, scale-up and training activities in Canada's life sciences sector. This investment will help translate commercially promising health research into innovative new therapies and will see Canadian anchor companies provide the training required and drive the growth of Canada's life science companies.
Through adMare's innovation centres in Vancouver and Montréal, entrepreneurs, academic researchers, innovators and emerging Canadian small and medium-sized enterprises (SME) can access a full spectrum of services, including scientific expertise, research infrastructure and business development support, as well as funding for new research and development projects with strong commercial potential.
Canada is growing its diverse talent pipeline and research systems while attracting industry leaders to transform innovative ideas into the scientific discoveries of tomorrow. The government will continue to focus on improving the health outcomes of Canadians, relaunching the economy and providing well-paying jobs to Canadians.
"Today's investment in adMare BioInnovations is another step forward as we continue the work of building back our biomanufacturing sector after a 40-year decline. We know that by investing in Canadian entrepreneurs, researchers, scientists and innovators, Canada will be well prepared for future pandemics and health emergencies. It is through Canadian talent and businesses that we will solve our world's toughest problems and make Canada a hub for life sciences and biomanufacturing."
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
"adMare greatly appreciates the strong support the Government of Canada has shown, not only to our organization but also to Canada's entire life sciences enterprise. The historic investments Canada has made will significantly enhance adMare's ability to deliver on our mission of building companies, building ecosystems and building talent—as well as advance the ambitious goals set out in Canada's Biomanufacturing and Life Sciences Strategy. Today, we have an unprecedented opportunity to make Canada a global life sciences leader, and together with our partners in government, academia, industry and the investment community, we look forward to realizing that vision."
– Gordon C. McCauley, President and CEO, adMare BioInnovations
adMare BioInnovations is a not-for-profit organization that works to identify and de-risk promising discoveries in health and drug technologies and provide expertise, infrastructure and capital to advance the Canadian life sciences sector.
Currently, adMare's 27 portfolio companies have attracted more than $1.4 billion in investments with a combined value of over $3 billion, and they employ more than 900 Canadians.
Through this funding announced in Budget 2021, adMare seeks to advance new health and pharmaceutical research and development (R&D) projects; support Canadian SMEs through R&D collaborations; help create and grow new, well-seeded, high-value, high-impact life sciences companies that stay and grow in Canada; train highly qualified personnel through its Executive Institute, post-doctoral fellowship and undergraduate training programs; and train Canadian scientists through its BioInnovation Scientist Program.
On July 28, 2021, the government launched Canada's Biomanufacturing and Life Sciences Strategy, which presents a long-term vision to protect Canadians against future epidemics and pandemics.
Growing Canada's life sciences and biomanufacturing sector is a priority that goes beyond responding to the COVID-19 pandemic. The government's investments in this growing sector support thousands of good middle-class jobs while securing Canada's pandemic preparedness for years to come.
Budget 2021 provides a total of $2.2 billion over seven years toward growing a vibrant domestic life sciences sector and securing pandemic preparedness. This budget funding provides foundational investments to help build Canada's talent pipeline and research systems as well as to foster the growth of Canadian life sciences firms.
SOURCE Innovation, Science and Economic Development Canada
View original content: http://www.newswire.ca/en/releases/archive/March2022/30/c3794.html