Pharma Focus America

Aspect Biosystems Partners with Canadian and British Columbia Governments for $200 Million Initiative to Advance Bioprinted Tissue Therapeutics

Wednesday, July 10, 2024

Aspect Biosystems, a prominent biotechnology company specializing in bioprinted tissue therapeutics, has received a substantial $72.75 million investment from the Governments of Canada and British Columbia. This funding is part of a larger $200 million initiative aimed at advancing Aspect’s clinical biomanufacturing capabilities and expanding its pipeline of innovative bioprinted tissue therapies. These treatments aim to address challenging diseases by replacing, repairing, or supplementing biological functions in the body, potentially offering groundbreaking disease-modifying solutions and functional cures.

The investment will also support Aspect's collaboration with global healthcare leader Novo Nordisk in diabetes and obesity, while accelerating the development of internal therapies for serious metabolic and endocrine conditions, including liver disease.

"This significant funding from the Governments of Canada and B.C. underscores their commitment to advancing the discovery, development, and clinical production of novel medicines for patients facing serious illnesses," stated Tamer Mohamed, CEO of Aspect Biosystems. "It represents a pivotal step forward in our mission to pioneer a new era in regenerative medicine and solidify our position as a global leader in biotechnology, driving meaningful, sustainable impact for patients worldwide."

The announcement was made at Aspect Biosystems’ headquarters in Vancouver by François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, and Brenda Bailey, B.C.’s Minister of Jobs, Economic Development and Innovation.

Minister Champagne emphasized, "Today’s investment in Aspect Biosystems strengthens Canada’s biotechnology sector, boosting innovation and healthcare leadership. It accelerates our journey from concept to globally competitive products, enhancing our response to health crises, attracting international investments, and creating high-quality jobs for Canadians."

Brenda Bailey added, "British Columbia’s rapidly growing life sciences sector is gaining global recognition for its outstanding achievements. Supporting local companies like Aspect in biomanufacturing and life sciences not only improves healthcare outcomes for British Columbians but also generates hundreds of new, well-paying jobs in our province."

This partnership marks a significant advancement for Aspect Biosystems and underscores Canada's commitment to innovation and healthcare excellence on a global scale.

 

Source: businesswire.com

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