TORONTO (Pakistan Point News / Sputnik - 18th May, 2021) Canada is investing $165.17 million in a Toronto-area biotechnology company to help grow its vaccine manufacturing capability, Innovation, Science and Economic Development Canada said on Tuesday.
"Today... the Minister of Innovation, Science and Industry, announced an investment of $199.16 million [US$165.17 million] in Resilience Biotechnologies Inc," the department said in a statement. "This investment will help Resilience... increase its manufacturing and fill-finish capacity for a number of vaccines and therapeutics, including for those that use novel technology such as mRNA and that are now being deployed to fight COVID-19."
Once the manufacturing facility in Mississauga, Ontario has been retooled, the company expects to be able to manufacture between 112 and 640 million doses of messenger RNA (mRNA) vaccines per year, the statement said.
Innovation Minister Francois-Philippe Champagne said during a press briefing that deal will help reverse over four decades of decline in Canada's biotechnology sector, which caused most major global biotechnology companies to turn their backs on Ottawa's outreach efforts to secure coronavirus vaccine manufacturing in the country.
