Canada invests in Septodont’s pharma division to combat COVID-19
CAMBRIDGE, Ontario, Canada: Septodont, a global pharmaceutical and medical device company specializing in dental pain management, has announced that its Canada-based pharma division, Novocol Pharma, will receive funding of over C$32 million from the Canadian government. The investment is part of a countrywide initiative to advance vaccines and therapeutics for COVID-19 on a national level.
As stated in a press release, the government of Canada had made investments of approximately C$1 billion in industrial research, vaccine and pharmaceutical development, and biomanufacturing capacity by mid-March. In order to further strengthen the private sector in the fight against the global COVID-19 pandemic, it has now made new monies available via its Strategic Innovation Fund.
As announced by Septodont, the investment in Novocol will help support a C$72.6 million project to expand the company’s facilities in Ontario, and this will increase biomanufacturing capacity for fill-finish sterile injectables, including vaccines.
“By creating such capacity and capabilities, Novocol will contribute to strengthening Canada’s preparedness for future pandemics, as well as create skilled jobs and economic development in the country’s biopharmaceutical ecosystem. As a contract development and manufacturing organization, our investment will provide valuable services to support Canadian and foreign biopharmaceutical innovators, starting from clinical trial materials through to commercial scale manufacturing,” Septodont CEO Olivier Schiller commented.
According to Johns Hopkins University, Canada had reported almost one million cases of COVID-19 and about 23,000 related deaths by the beginning of April.