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On Wednesday, May 19, the Canadian government announced a C$ 200-million funding to Ontario-based Resilience Biotechnologies Inc for the upgradation of its mRNA vaccine plant that can help develop millions of shots.
Innovation Minister François-Philippe Champagne stated that the fund allocation is to develop an existing facility to offer "native solutions such as mRNA vaccines and treatments for pandemics."
Mr Champagne further stated the investment will increase Resilience's production capacity to churn out vaccines and therapeutics, such as mRNA jabs, which are being used to combat COVID-19 infections. He has also accepted that the country faced difficulties bringing big vaccine makers to Canada amid the COVID-19 pandemic due to limited production and packaging capacity to execute a mass production of shots.
In the light of this announcement, investors seem to be looking for the stocks of Resilience Biotechnologies.
However, with Resilience being a private firm, its shares are not listed on stock exchanges.
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The Canadian government has said that the expansion will also provide some 500 permanent jobs and 50 co-op positions for students once the plant gets ready in 2024.
Resilience plans to expand the site by nearly 55,000 square feet, which will allow it to produce between 112 million and 640 million shots of mRNA yearly. The Trudeau-led government is aiming to reduce Canada’s dependence on foreign vaccine manufacturers for future pandemics and this development will help in that plan.
A Glance At Resilience Biotechnologies
Resilience engages in drug manufacturing through a technology dedicated to expanding access to complex drugs and overseeing biopharma supply chains. Founded in 2020, the biotech firm builds high-tech sustainable network and end-to-end medicine production solutions.
Biopharmaceutical manufacturers are currently working at an accelerated pace on technological advancement that can help discoveries reach patients at a higher speed and scale.
For that, the government has awarded Resilience with this exclusive investment for its research and development (R&D) expansion. The company also invests in next-generation R&D to manufacture cell and gene therapies, vaccines, viral vectors, and proteins.
