Providence Therapeutics Welcomes Funding from NGen to Bolster COVID-19 Vaccine Manufacturing Capacity

mRNA Vaccine Maker Announced as a First-Round Winner of NGen Strategic Supply Challenge

CALGARY, AB and TORONTO, Jan. 21, 2021 /CNW/ - Providence Therapeutics welcomes today's announcement by Next Generation Manufacturing Canada (NGen) that it has been named as one of eight companies receiving funding to advance its COVID-19 vaccine research and support its manufacturing capacity.

Providence Therapeutics, with offices in Calgary, AB and Toronto, ON, is developing a made-in-Canada COVID-19 mRNA vaccine, PTX-COVID19-B, and will be running its early phase clinical trials in Canada starting in January 2021.

It is partnering with Calgary-based Northern RNA Inc. to establish mRNA vaccine manufacturing capacity within Canada and build a raw material supply chain that will be essential to produce the tens of millions of doses required in Canada to meet current needs and those of any future outbreaks. Pending successful clinical trials and Health Canada approval, a successful COVID-19 vaccine will be in extremely high demand globally. The NGen funds will be used to expand operations in Calgary to design and manufacture COVID-19 vaccines and build a pipeline of mRNA therapeutics. 

Brad Sorenson, CEO of Providence Therapeutics, welcomed today's announcement:

"We are extremely grateful to NGen for their support. We are already seeing supply issues with COVID-19 vaccines that entered Canada in the past month.  Today's announcement confirms that it is critical that we have a vaccine that is made in Canada and ensures Canadians have reliable access moving forward. This has been our mission at Providence from day one. Today's funding will help get us closer to developing a critical life-saving vaccine for Canadians and potentially others around the world." 

NGen is the industry-led organization behind Canada's Advanced Manufacturing Supercluster. The funding, which is part of NGen's Strategic Supply Challenge, was announced today by

Ali Ehsassi, Parliamentary Secretary to the Minister of Innovation, Science and Industry. The program allocates almost $20 million to a total of eight first-round winners who are developing advanced manufacturing projects to support Canada's COVID efforts. The combined investment for the projects will total over $41.5 million.

"These projects are not simply investments in products to address the pandemic," said Jayson Myers, CEO, NGen. "They are investments in advanced manufacturing processes and technologies that will help meet the immediate needs created by Covid-19, while also developing a sustainable, globally competitive and cost-effective domestic supply that can be applied to industry needs beyond the pandemic."

About Providence Therapeutics

Providence Therapeutics is Canada's leading mRNA vaccine company. In response to a worldwide need for a COVID-19 vaccine, Providence has expanded its focus beyond oncology and devoted its, energy and resources to develop a world-class mRNA vaccine for COVID-19. Providence Therapeutics is focused on serving the needs of Canada, and other countries that may be underserved by large pharma programs. For more information, please visit www.providencetherapeutics.com. 

About NGen - Next Generation Manufacturing Canada
NGen is the industry-led not-for-profit organization that leads Canada's Advanced Manufacturing Supercluster. Its mandate is to help build world-leading advanced manufacturing capabilities in Canada for the benefit of Canadians. NGen works to strengthen collaboration among its membership of more than 3,000 manufacturers, technology companies, innovation centres, and researchers, and provides funding and business support to industry-led initiatives that aim to develop, apply, or scale-up transformative manufacturing solutions in Canada for commercialization in global markets.

SOURCE Providence Therapeutics

Andrea Chrysanthou, Global Public Affairs, [email protected], 416-797-8194