TORONTO, Canada — The Ontario government is welcoming an investment of over $22 million by Kinectrics Inc., a leading manufacturer in the nuclear power industry, to enhance the production of enriched medical isotopes critical for cancer treatments. The project will create 15 new, good-paying jobs at their Toronto facility and further position Ontario as a global leader in nuclear medicine innovation.
“Kinectrics’ investment is a shining example that our government is fostering the conditions necessary for life sciences innovation to thrive, ensuring that the development of groundbreaking medical treatments can happen right here in Ontario,” said Vic Fedeli, minister of economic development, job creation and trade. “Through our Regional Development Program, we are proud to support a company who is advancing medical isotope production and reinforcing our province’s role as a global leader in medical innovations, while creating good-paying jobs for workers.”
Headquartered in Toronto, Kinectrics Inc. specializes in developing innovative solutions for the global electricity and medical industries, employing over 1,300 staff comprised of highly skilled engineers, scientists and technicians primarily in Ontario. The company’s investment will enhance their capacity to manufacture medical isotopes critical in the treatment of a growing number of cancers, including prostate and neuroendocrine tumours. With Russia currently serving as the dominant global exporter of these isotopes, the investment also marks an important milestone in the province’s life sciences leadership, providing Ontario an opportunity to diversify and stabilize this critical supply chain.
“We are excited to announce the successful completion of Kinectrics’ Stable Isotope Production Facility,” said David Harris, president and CEO of Kinectrics. “This milestone marks a significant step forward in our commitment to meeting the growing demand for ytterbium-176. Through 2025, we aim to expand our production capacity to support our customers’ needs. This state-of-the-art facility will play a vital role in enhancing the global radiopharmaceutical supply chain, ensuring cancer patients worldwide have access to the life-saving treatments they deserve.”
In support of Kinectrics Inc.’s investment, Ontario is providing $1.5 million in funding through the Advanced Manufacturing and Innovation Competitiveness (AMIC) stream of the Regional Development Program (RDP).
The AMIC stream of the RDP supports advanced manufacturers across the province to invest in the equipment, technologies and the skilled workers they need to grow. To date, Ontario has welcomed more than $470 million in investments from companies in the advanced manufacturing sector through the program, creating over 1,000 jobs in communities across the province.
Quick facts
- Ontario launched the Regional Development Program for eastern and southwestern Ontario in November 2019. Through this program, businesses and municipalities can get financial support and guided access to a range of complementary services and supports.
- In 2022, the Advanced Manufacturing and Competitiveness stream of the RDP was launched to support advanced manufacturers across the province. Ontario is now providing additional funds to enhance the AMIC stream by providing more firms with the financial support and tools needed to improve competitiveness, while strengthening essential supply chains.
- In October 2024, Ontario announced Phase 2 of its Life Sciences Strategy to further solidify the province as a global leader in biomanufacturing and life sciences.
- In November 2024, Ontario and Bruce Power announced the construction of a new hot cell in Bruce County that will support the repatriation of initial processing of lutetium-177 that involves removing the aluminum carriers to extract the lutetium, known as ‘decladding,’a process which currently takes place in Germany.
Related Link: Ontario expanding ability to process cancer fighting medical isotopes
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