GE Healthcare joins $28m investment in new stem cell R&D facility

GE Healthcare (NYSE:GE) said today it is joining a $28 million (CAD $40 million) investment in a new advanced therapeutic cell technology center in Toronto.

The healthcare giant is pairing with the Federal Economic Development Agency for Southern Ontario and the Centre for Commercialization of Regenerative Medicine for the center, and will be joined by investor FedDev Ontario.

“It is increasingly clear that cell therapies and regenerative medicine will transform healthcare globally, but successful industrialization is now crucial to widespread adoption. This new centre will enable us to work with cell therapy companies to push beyond existing technical limits and problem-solve. Toronto’s concentrated and collaborative clinical infrastructure, combined with the strong guidance of the internationally-renowned CCRM, make it an ideal location for the centre,” Life Sciences biz CEO Kieran Murphy said in a press release.

The center is being established to “accelerate the development and adoption of cell manufacturing technologies that improve patient access to novel regenerative medicine-based therapies,” according to GE Healthcare.

“We have built a strong industry consortium of nearly 50 companies to help drive a collaborative approach to realizing the potential of regenerative medicine. GE Healthcare already plays a leading role in that consortium and the company’s deep knowledge of the bioprocessing industry, combined with its global scale and health care insights, makes it the ideal anchor partner for the new centre. We greatly appreciate FedDev Ontario’s support in making this crucial initiative happen. Both partners are essential to the centre’s success,” CCRM CEO Michael May said in prepared remarks.

GE Healthcare said the main focus for cell-based therapies will be diseases with a high impact and unmet needs, including cancer, heart disease, neurodegenerative diseases, musculoskeletal disorders and autoimmune diseases.

The new center will supply facilities and expertise to cell therapy companies to help establish manufacturing processes for commercial use.

“The health of Canadians is a priority. We believe that supporting this new, world-class facility will have significant benefits for innovative health-related technology in Canada and around the world. It will also generate new jobs and make Ontario an even stronger competitor in the bio-tech industry,” Canadian Prime Minister Justin Trudeau said in a prepared statement.

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