(15th October, 2014; Business Wire India); A Richmond-based life sciences company that has made important discoveries in cancer, inflammation and central nervous system disorders has opened a new research facility in India to convert these early discoveries into drugs for global use.
“SignalChem Lifesciences’ expansion into the Indian market is great news for both the company and those working in B.C.’s technology and life sciences sector,” said Premier Christy Clark. “Because of this research facility expansion, the company will need more employees at its facility in B.C. This is a great example of how international economic opportunities are spurring job creation at home.”
At its research facility in India, SignalChem will identify the cause of disease in each patient and determine a drug candidate that can potentially cure that disease. Not only will the research facility in Bangalore allow the company to address various diseases in different parts of the world, but it also increases the value of the company’s therapies and helps increase its intellectual property.
“Our province’s biopharmaceutical sector is one of the fastest-growing in Canada, and the opening of this new research facility demonstrates that,” said Advanced Education Minister Virk, who attended the facility’s opening ceremony as part of Premier Clark’s India Trade
Mission. “I am proud to see B.C. companies like this one making a global impact by making the necessary connections to expand their businesses into new markets.”
SignalChem was founded in 2004 and the company credits a large part of its success to having a smart business model of financial independence. In 2012, SignalChem grew to approximately 30 employees, and now employees 50 Canadians nationally and 95 people world-wide.
“SignalChem has developed a technology platform to discover new drugs by exploiting protein kinases that are known to cause diseases such as cancer, inflammation or central nervous system disorders,” said Dr. Akash Mathur, SignalChem’s chief business officer and resident director of SignalChem India. “These diseases impact populations world-wide and opening a research and development facility in India is a key part of our plan to address these diseases. Upon success, our plan will be a breakthrough contribution by a Canadian biotech company.”
Trade missions are a critical part of British Columbia’s strategy to diversify its international trading partners and secure new investment, propelling economic activity and job creation throughout the province.
Quick Facts:
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Over 84,000 people work in B.C.’s technology sector.
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14,000 British Columbians specialize in life sciences, generating $800 million in annual revenue.
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B.C.’s biopharmaceutical cluster is the 7th largest in North America, and employs over 2,000 British Columbians.
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Over 100 life sciences companies have stemmed from the University of British Columbia alone, raising more than $2 billion in private investments.
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Since 2001, the B.C. government has invested over $900 million in health and life science research.
