A recent investment from the Pacific Economic Development Agency of Canada will help broaden the application of Aspect Biosystems’ 3D bioprinting technology for therapeutic development, expand its global network of partners, and scale-up its manufacturing systems, according to a statement issued by the Vancouver firm.
Aspect, among other Vancouver tech companies receiving funding from PacifiCan’s Business Scale-Up and Productivity program this month, garnered $3.6 million to develop the next generation of medical treatments.
The federal funding announcement was made at the office of Aspect Biosystems in Vancouver.
The Honourable Harjit Sajjan, Minister of International Development, kicked things off at the event.
“Creating opportunities for B.C. based businesses to thrive is a key priority for PacifiCan,” stated Sajjan, the Minister responsible for the Pacific Economic Development Agency of Canada.
“This funding will enhance the competitiveness of Canada’s life sciences sector, supporting strong economic growth and enabling critical advances in healthcare,” the federal minister added.
Aspect’s technology platform generates 3D bioprinted human tissues that restore or replace the function of damaged organs.
“Canada has a rich history in regenerative medicine, and we are proud to be pioneering the next frontier of advanced living therapies from here in British Columbia,” stated Tamer Mohamed, Chief Executive Officer of Aspect Biosystems, this week.
His company is creating next generation cell therapies by applying its full-stack tissue therapeutic platform, which combines proprietary bioprinting technology, therapeutic cells, biomaterials, and computational design.
“This support from the Government of Canada will help further our mission of developing bioprinted tissue therapeutics to transform how we treat disease,” added Mohamed.
Previously, the BC firm has worked with the National Research Council of Canada on therapeutic models that could lead to better outcomes for patients suffering from brain disease.
In 2020, the company raised US$20 million in Series A financing round led by Radical Ventures with participation from investors Pangaea Ventures, Pallasite Ventures, and Rhino Ventures.
Later that year, Aspect was innovating treatment for Type 1 Diabetes.
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