One of the most innovative biotech companies in Canada has received funding to help achieve their science fiction-esque goals.
Vancouver’s Aspect Biosystems has received $1 million in new funding from Genome BC to continue researching and perfecting their cutting-edge 3D bioprinting technology. Aspect has created a Lab-on-a-Printer that can print and create functional living tissues, a futuristic-sounding device that can one day potentially regrow body parts and organs for transplant or reattachment. The funding comes through Genome BC’s Industry Innovation fund, which is repayable and awarded only to companies in the early stages of commercial development.
“Genome BC’s investment in Aspect Biosystems will provide funds to further their commercialization initiatives including partnership activities as well as development of their platform technology,” said Tony Brooks, CFO and VP of entrepreneurship and commercialization at Genome BC. “Aspect has shown significant commercial traction in a very short period of time and we are pleased to support their continued growth.”
Aspect focuses on creating predictive drug testing platforms as well as transplantable tissue therapeutics. Along with this new funding, Aspect is establishing key partnerships with pharma and biotech companies to see just how far their technology can be pushed. Through these partnerships, Aspect will accelerate the development of their Lab-on-a-Printer and see what kinds of impact it can have in multiple industries.
“Genome BC is playing an instrumental role in accelerating British Columbia’s most promising life science innovations and we are thrilled to have their support,” said Tamer Mohamed, CEO of Aspect Biosystems. With this additional financing, we are further increasing our capacity to meet key commercial demands and continuing our rapid growth as we work towards enabling the creation of human tissues on demand.”
Aspect Biosystems has been recognized for their innovative biotech work a lot over the past 12 months. They took home the BCIC Ignite Award in the Life Sciences category last year; were included as part of the 20 most innovative companies in Canada on CIX’s Top 20; and were named as a Breakthrough Technology finalist at the Canadian Innovation Awards.
Genome BC’s Industry Innovation program is an initiative that helps support the commercialization of companies that develop cutting-edge life science technologies addressing different economic sectors in B.C.: Agriculture, Energy and Mining, Environment, Fisheries and Aquaculture, Forestry, and Human Health. The fund also looks to help move precision medicine into a clinical setting.