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
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.
Today, on behalf of the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, the Honourable 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.
