As part of the Canadian government’s strategy to bolster domestic vaccine capacity, a Vancouver company is using its millions to build a manufacturing facility in the Lower Mainland.
Precision NanoSystems said Tuesday (Feb. 2) it received $25.1-million from the federal Strategic Innovation Fund.
As the company acknowledged the contribution, it announced the funds will be used to construct a $50.2-million bio-manufacturing centre.
A “state-of-the-art facility for the development and manufacture of genetic therapeutics and vaccines” is in the works, confirmed CEO James Taylor.
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The company plans to harness the same kind of genetic technology used by companies Pfizer-BioNTech and Moderna – that treat diseases at the molecular level – to produce up to 240 million vaccine doses each year.
Vaccines developed will aid in Canada’s fight against future pandemics.
“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,” added Taylor.
The project, a 40,000-square-foot bio-manufacturing facility, is expected to be completed in early 2023. Its exact location is still to be determined.
READ MORE: B.C. completes COVID-19 vaccination in senior care homes
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