"I'm delighted to have a company like this, right here in our midst," said Mayor Hazel McCallion, during the official launch of Therapure Biopharma Inc., a first-of-its-kind Canadian biopharmaceutical facility that specializes in developing, manufacturing, purifying and packaging biological protein therapeutics.
Mississauga Streetsville MPP Bob Delaney was also on hand at company premises located at 2585 Meadowpine Blvd.
Biological proteins are used when creating medicines and therapies for certain diseases. They can have a higher efficiency and fewer side effects than other pharmaceutical products, since they can be specifically targeted to address the cause of a disease, rather than just treating its symptoms.
"Biological protein therapeutics are seen as the future of medicine around the world and represent one-third of all drugs today," said Therapure Biopharma president and CEO Thomas Wellner. "Therapure Biopharma is paving the way for Canadian innovators to continue developing protein-based therapies that make a difference in the lives of those affected by conditions like rheumatoid arthritis, Crohn's Disease, Lupus, asthma and cancer."
Therapure is privately owned by Catalyst Capital Group, a Toronto-based private equity group that specializes in asset turnarounds.
The new company acquired its Canadian built and conceived facility in 2007 from Hemosol Corporation, a facility that specialized in manufacturing a blood-substitute product called hemolink.
"Hemosol couldn't afford to manufacture its unique product for the world market," said Wellner. "We've made the facility more flexible than what is was originally intended for."
The 130,000-sq.-ft. facility also works on a contract-basis with other biopharmaceutical companies to reduce their capital infrastructure costs and take advantage of Therapure's expertise in protein manufacturing to help bring new products to market.
"On average it takes seven to 10 years and over $1 billion to bring a product to market," said Wellner.
Most biotech companies have to go outside Canada to find resources to help launch them commercially, as was the case in 1921 when doctors Fredrick Banting and Charles Best had to partner with a U.S. company capable of manufacturing their discovery of insulin on a global scale.
"Therapure Biopharma is filling an enormous gap in Canada's biotech industry," said Bob Banting, great nephew of Dr. Banting. "This facility will alleviate the need for Canadian to seek resources outside of the country in order to manufacture their products. They've essentially built a 'field of dreams' for start-up biotech companies."
There are currently 532 biotech companies in Canada, representing a $4.2 billion industry.
For more information on Therapure Biopharma, visit www.therapurebio.com.
