AbCellera receives $175.6 mn from Canada for coronavirus research

By Akshay Kedari  | Date: 2020-05-04

AbCellera receives $175.6 mn from Canada for coronavirus research

Healthcare companies are racing against time to develop a vaccine for COVID-19 which has killed thousands of people across the world. Given the dire situation, healthcare companies are seeking financial support from governments and philanthropists for developing novel COVID-19 treatments and vaccines.

A similar incident comes into light when AbCellera Biologics Inc., the Canada-based biotechnology firm, has received a financial commitment of up to USD 175.6 from the Canadian Government for accelerating efforts to develop novel therapies to treat COVID-19. The company is also expected to use this funding to develop cutting-edge technologies and manufacturing facilities for antibody treatment against future pandemic threats.

Sources cite that the company is using its antibody discovery platform to study blood samples of patients who have recovered from coronavirus disease. In collaboration with VRC (Vaccine Research Centre) at the National Institute of Allergy and Infection Diseases, the company has identified more than 500 unique human anti-SARS-CoV-2 antibodies. These antibodies may also be used to develop novel diagnostic tests to aid the medical community in monitoring COVID-19 spread.

Speaking on which, Navdeep Bains, Minister of Innovation, Science and Industry said that the Government of Canada is mobilizing its resources to confront COVID-19 and aiding the businesses and researchers that are working diligently to create novel therapies to tackle this pandemic. The funding would support AbCellera Biologicsto rapidly discover new solutions for COVID-19 while ensuring the nation’s long-term preparedness for future healthcare threats, Bains added.

Carl Hansen, Ph.D., CEO at AbCellera stated that the company is proud to have the support from the Canadian Government to rapidly find solutions to the ongoing pandemic.

As per sources, the company has received a financial commitment for funding under ISED’s (Innovation, Science and Economic Development) Strategic Innovation fund. With this initiative, the Government of Canada is aiming to support companies that are working on developing COVID-19 vaccines and critical medical supplies.

Source Credit - https://www.abcellera.com/news/2020-05-03

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More >>

More News By Akshay Kedari

Google Fi confirms data breach, leaking millions of customer’s data

Google Fi confirms data breach, leaking millions of customer’s data

By Akshay Kedari

Google Fi, Google's cell network operator, has reportedly revealed a data breach, which is most likely related to the T-recent Mobile's security disaster, which allowed hackers to leak millions of customers' personal information. The p...

European semiconductor giant ASML forecasts a sales surge for 2023

European semiconductor giant ASML forecasts a sales surge for 2023

By Akshay Kedari

Dutch semiconductor company ASML has reportedly forecast a revenue jump for the year 2023 as the global semiconductor industry anticipates a reacceleration of growth during the second half of this year. According to the firm, its net sales  f...

Interfor Corporation acquires 100% equity interest in Chaleur Forest Products

Interfor Corporation acquires 100% equity interest in Chaleur Forest Products

By Akshay Kedari

Following this funding, Interfor's long-term debt will hold a weighted average interest of 5.30% Interfor registered a Net Debt to the Invested Capital ratio of nearly 10% as of October 31, 2022 Interfor Corporation, one of the world...

ESR's ARA and Export-Import Bank of China partner in a deal worth US$1B

ESR's ARA and Export-Import Bank of China partner in a deal worth US$1B

By Akshay Kedari

Leading real estate services and investment company, ESR Group Limited, has recently announced that its exclusively-owned subsidiary, ARA and the Export-Import Bank of China have inked a breakthrough collaboration in a deal worth USD 1 billion infras...

Circularise nabs $11M to bring circular economy to industrial supply chains

Circularise nabs $11M to bring circular economy to industrial supply chains

By Akshay Kedari

Leading software platform, Circularise recently announced that it has raised $11.3 million (€11 million) in funding as part of its Series A round in a bid to advance its mission to bring a circular economy to industrial supply chains. The fun...