TORONTO — The Ontario government is welcoming an investment of over $22 million by Kinectrics Inc., a leading manufacturer in the nuclear power industry, to enhance the production of enriched medical isotopes critical for cancer treatments. The project will create 15 new, good-paying jobs at their Toronto facility and further position Ontario as a global leader in nuclear medicine innovation.
“Kinectrics’ investment is a shining example that our government is fostering the conditions necessary for life sciences innovation to thrive, ensuring that the development of groundbreaking medical treatments can happen right here in Ontario,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Through our Regional Development Program, we are proud to support a company who is advancing medical isotope production and reinforcing our province’s role as a global leader in medical innovations, while creating good-paying jobs for workers.”
Headquartered in Toronto, Kinectrics Inc. specializes in developing innovative solutions for the global electricity and medical industries, employing over 1,300 staff comprised of highly skilled engineers, scientists and technicians primarily in Ontario. The company’s investment will enhance their capacity to manufacture medical isotopes critical in the treatment of a growing number of cancers, including prostate and neuroendocrine tumours. With Russia currently serving as the dominant global exporter of these isotopes, the investment also marks an important milestone in the province’s life sciences leadership, providing Ontario an opportunity to diversify and stabilize this critical supply chain.
“We are excited to announce the successful completion of Kinectrics’ Stable Isotope Production Facility,” said David Harris, President and CEO of Kinectrics. “This milestone marks a significant step forward in our commitment to meeting the growing demand for ytterbium-176. Through 2025, we aim to expand our production capacity to support our customers’ needs. This state-of-the-art facility will play a vital role in enhancing the global radiopharmaceutical supply chain, ensuring cancer patients worldwide have access to the life-saving treatments they deserve.”
In support of Kinectrics Inc.’s investment, Ontario is providing $1.5 million in funding through the Advanced Manufacturing and Innovation Competitiveness (AMIC) stream of the Regional Development Program (RDP).
The AMIC stream of the RDP supports advanced manufacturers across the province to invest in the equipment, technologies and the skilled workers they need to grow. To date, Ontario has welcomed more than $470 million in investments from companies in the advanced manufacturing sector through the program, creating over 1,000 jobs in communities across the province.