TRIUMF Innovations and the Centre for Probe Development and Commercialization to Receive up to $35 Million in Funding for their Canadian Medical Isotope Ecosystem

Vancouver, British Columbia, and Hamilton, Ontario--(Newsfile Corp. - June 27, 2023) - TRIUMF Innovations and the Centre for Probe Development and Commercialization (CPDC) today announced they will receive up to $35 million in funding for the creation of the new Canadian Medical Isotope Ecosystem (CMIE). CMIE has been created to support advancements in Canada’s medical isotope industry through funding of projects at TRIUMF, CPDC, Bruce Power, McMaster Nuclear Reactor, Canadian Nuclear Laboratories and BWXT Medical, as well as to support the commercial development of new medical isotope technologies from researchers and SMEs across Canada.

Over the term of the funding, CMIE is expected to launch three high-demand medical isotopes and related drug products into the marketplace. It will also advance two medical isotopes from early stage to pre-clinical evaluation. CMIE is also expected to attract more than $75 million in investment, create or maintain over 600 highly skilled jobs for Canadians, and create 30 internship opportunities.

The $35 million in funding will be delivered through Innovation, Science and Economic Development’s Strategic Innovation Fund, which provides major investments in innovative projects that help grow Canada’s economy for the well-being of all Canadians.

QUOTES
“Our government is proud to partner with CPDC and TRIUMF Innovations as part of our Biomanufacturing and Life Sciences Strategy to create the Canadian Medical Isotope Ecosystem. Our commitment to providing Canadians with the best therapies they need to care for their health is coming to fruition, as the pandemic has shown us how important it is to have strong domestic production of pharmaceuticals. With this investment, we are making our country a major player in the global biomanufacturing and life sciences industry while creating good jobs for Canadians and stimulating the local economy.”
- The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

“For more than 60 years, Canada has been a global leader in the research, development and production of medical isotopes and radiopharmaceuticals. In fact, Canada’s isotope program pioneered a new era in cancer therapy and diagnostic medicine worldwide. CPDC alone has brought more than a dozen radiopharmaceuticals into clinical development and created 4 new radiopharmaceutical companies. We are grateful to Minister Champagne for his leadership in ensuring our medical isotope industry can continue to thrive globally.”
- Owen Roberts, CEO, CPDC

“Each year, medical isotopes are used in more than 40 million procedures globally and demand is increasing worldwide. CMIE will encourage the domestic production of medical isotopes, an important component used in the healthcare sector for medical diagnoses and therapies, including cancer and heart diseases. With TRIUMF Innovations’ focus on commercialization, we are pleased with this new level of support for medical isotope commercialization from Minister Champagne and the Canadian government.”
- Kathryn Hayashi, President & CEO, TRIUMF Innovations

About CPDC
CPDC is a “not-for-profit” corporation founded in 2008 to advance probe (chemical agents that will carry medical isotopes to targets in the body) discovery, development and clinical research, and provide a reliable supply of radiopharmaceuticals. In the past 15 years, CPDC has created four Canadian commercial entities that have advanced the availability of radiopharmaceuticals to the Canadian medical community. CPDC’s mission is to be a global leader in the radiopharmaceutical industry dedicated to transforming patient’s lives by advancing high quality drugs for the diagnosis and treatment of diseases. CPDC’s self-funding business model will continue to identify and advance critical radiopharmaceuticals to meet the needs of Canadian patients and physicians.

Learn more at www.cpdc.ca.

About TRIUMF Innovations
TRIUMF Innovations Inc. is TRIUMF’s business interface and commercialization arm, connecting Canada’s particle accelerator centre to the private sector via industry partnerships, licensing, and company creation. TRIUMF Innovations provides pathways for businesses to access the expertise and infrastructure at TRIUMF and across the TRIUMF network. TRIUMF has been pushing frontiers in research for over half a century, while training the next generation of leaders in science, medicine, and industry. Learn more about TRIUMF’s work to produce actinium-225 here.

Learn more at www.triumfinnovations.ca and connect on Twitter at @TRIUMFInno.

Media Contact
Megan Helmer
604.240.5223
mhelmer@triumfinnovations.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/171512