VANCOUVER, BC, Oct. 23, 2020 /CNW/ -Precision NanoSystems Inc. (PNI), a global leader in technologies and solutions in genetic medicine, announced today that it has received a commitment of up to $18.2 million in support from the Government of Canada under the Innovation, Science and Economic Development's (ISED) Strategic Innovation Fund (SIF) to develop a COVID-19 vaccine. PNI will use the investment to advance a best-in-class COVID-19 mRNA vaccine candidate to clinical trials.

PNI provides over 250 industry and academic partners with solutions for the development of vaccines, gene therapies, and cell therapies, in the areas of infectious diseases, oncology and rare diseases. With this investment from the Government of Canada, PNI's Chief Scientific Officer, Dr. Andrew Geall, and his team will use their state-of-the-art technology platforms and expertise in self-amplifying mRNA vectors, lipid-based drug delivery systems and nanomedicine manufacturing to develop a cost-effective COVID-19 vaccine.

As part of Canada's efforts to combat COVID-19, the Strategic Innovation Fund is working diligently to support projects led by the private sector for COVID-19 related vaccine and therapy clinical trials to advance Canada's medical countermeasures in the fight against COVID-19. "An effective vaccine will be critical as we work to contain the COVID-19 virus and prevent future infections.Today's contribution will support PNI to advance the development of a mRNA vaccine candidate through pre-clinical studies and clinical trials to help protect Canadians," stated the Honourable Navdeep Bains, Minister of Innovation, Science and Industry.

Bringing together its proprietary technology platforms, key partnerships and unparalleled expertise in nanomedicines, PNI is excited to be leading the development of a Made-in-Canada COVID vaccine. James Taylor, CEO and co-founder of PNI said "Since its inception PNI has executed on its mission to accelerate the creation of transformative medicines. It is an honour to be supported by the Canadian government in this global fight against COVID-19 and to further build capabilities for rapid response against COVID-19 and future pandemics"

About Precision NanoSystems Inc. (PNI)

PNI is a global leader in ushering in the next wave of genetic medicines in infectious diseases, cancer and rare diseases. We work with the world's leading drug developers to understand disease and create the therapeutics and vaccines that will define the future of medicine.PNI offers proprietary technology platforms and comprehensive expertise to enable researchers to translate disease biology insights into non-viral genetic medicines.

SOURCE Precision Nanosystems

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Precision NanoSystems Receives $18.2 Million from the Government of Canada to Develop an RNA Vaccine for COVID-19 - BioSpace