Precision NanoSystems Receives Contribution from the Government of Canada to Build RNA Medicine Biomanufacturing Centre
VANCOUVER, BC, Feb. 2, 2021 /PRNewswire/ - Precision NanoSystems, Inc. (PNI), a global leader in technologies and solutions for development of genetic medicines, announced today that it has received a contribution of CAD $25.1 million through the Strategic Innovation Fund (SIF). This contribution will support a CAD $50.2-million project to establish a biomanufacturing centre in Vancouver dedicated to the production of ribonucleic acid (RNA) lipid nanoparticle vaccines and genetic medicines. The centre will support the Government of Canada's national biomanufacturing strategy to expand production capacity of critical medicines for the prevention and treatment of diseases such as COVID-19.
"Our government is bringing back the vaccine manufacturing capacity that Canadians expect and need. These investments will help to ensure that Canada has modern, flexible vaccine manufacturing capabilities now and in the future. With the investments announced today, our government is helping Canadian companies advance made-in-Canada vaccines and therapies, while securing domestic manufacturing options for international vaccine candidates. This is all part of our government's commitment to protect the health and safety of all Canadians today, and in the future", said the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.
PNI supports the development of genetic medicines by providing products and services to its clients worldwide who are creating new treatments for infectious diseases, rare diseases, cancer and other areas of unmet need. This project will help PNI establish a Biomanufacturing Centre that will expand Canada's epidemic and pandemic preparedness capacity and will enable PNI to expand its development and manufacturing services to support the clinical development and supply of new medicines.
"PNI's centre of manufacturing excellence of nanomedicine will be a state-of-the-art facility for the development and manufacture of genetic therapeutics and vaccines," James Taylor, CEO, Precision NanoSystems stated. "The centre will continue Canada's leadership in the creation of innovative solutions for the development and production of new medicines for the benefit of patients in Canada and beyond. This support from the Government of Canada helps PNI to further achieve our mission of accelerating the creation of transformative medicines that significantly impact human well-being."
About Precision NanoSystems Inc. (PNI)
PNI is a global leader in ushering in the next wave of genetic medicines in infectious diseases, cancer and rare diseases. We work with the world's leading drug developers to understand disease and create the therapeutics and vaccines that will define the future of medicine. PNI offers proprietary technology platforms and comprehensive expertise to enable researchers to translate disease biology insights into non-viral genetic medicines.
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SOURCE Precision Nanosystems