The project will be a stepping stone in therapies for the treatment of acute respiratory distress syndrome, a life-threatening form of respiratory failure and leading cause of death in COVID-19 patients
Markham – The Government of Canada is working tirelessly to rebuild Canada’s domestic biomanufacturing sector to develop safe and efficient treatments for Canadians. Since March 2020, over $2.1 billion has been invested to rebuild Canada’s vaccines, therapeutics and biomanufacturing capacity.
On behalf of François-Philippe Champagne, Minister of Innovation, Science and Industry, Mary Ng, Minister of Export Promotion, International Trade and Economic Development, announced a contribution of $23 million to support Edesa Biotech’s $61 million project through the Strategic Innovation Fund (SIF). Edesa is a biopharmaceutical company based in Markham, Ontario, that is seeking to advance Phase III clinical trials for its monoclonal antibody therapy (EB05), for the treatment of acute respiratory distress syndrome (ARDS) in COVID-19 patients. ARDS is a severe form of respiratory failure characterized by widespread inflammatory injury to the lungs and is the leading cause of death among COVID-19 patients. For moderate to severe cases of ARDS, there are currently few meaningful treatments, other than supplemental oxygen and mechanical ventilation, and patients suffer high mortality rates.
The proposed project is built on the positive results generated from the company’s Phase II trials, which were previously funded by the SIF in 2021 and also endorsed by the COVID-19 Therapeutics Task Force.
This groundbreaking project aligns with Canada’s Biomanufacturing and Life Sciences Strategy and will support increased innovation, as well as world-class expertise and infrastructure for clinical trials. With this contribution, Edesa will create 34 new positions and maintain its existing workforce for a total of 50 jobs, in addition to hiring students for a total of 26 co-op positions.
“Building a strong, competitive domestic life sciences sector with cutting-edge biomanufacturing capabilities is our priority. With this investment, Edesa will advance the development of a treatment for those negatively impacted by COVID-19 and will greatly improve the quality of life of those Canadians who need it most. This project is yet another example of our government’s determination to better address current and future health care issues, while creating good jobs and securing long-term economic growth.” – François-Philippe Champagne, Minister of Innovation, Science and Industry
“Today’s investment in Edesa Biotech reflects Canada’s commitment to medical innovation and economic growth, securing Canadian lives and jobs while fostering clinical trial expertise in Canada. This is also an investment in Markham. It will create 50 jobs and 26 student co-op positions nationwide, bolstering our clinical trial capabilities and skills.” – Mary Ng, Minister of Export Promotion, International Trade and Economic Development