January 13, 2016 / 4:07 PM / 4 years ago

GE, Canada government to invest in advanced medical research center

TORONTO (Reuters) - General Electric Co’s healthcare division said on Wednesday that it and a Canadian federal government agency plan to invest C$40 million ($28 million) to help build a center for advanced therapeutic cell technologies in Toronto.

The money from GE Healthcare and FedDev Ontario, the Canadian government’s economic development organization for southern Ontario, is aimed at helping accelerate the development and adoption of cell manufacturing technologies that can help treat patients with cancer, heart disease, neurodegenerative diseases and rare autoimmune diseases.

In a statement, GE Healthcare said it sees the global market for cell-based therapies topping $20 billion by 2025.

Reporting by Euan Rocha; Editing by James Dalgleish

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