Kinectrics Invests $22 Million to Boost Cancer Treatment Innovation in Toronto
TORONTO — Kinectrics Inc., a Toronto-based leader in the nuclear power industry, has announced a significant investment of over $22 million to enhance the production of enriched medical isotopes used in life-saving cancer treatments. The project, supported by the Ontario government, will create 15 new, high-paying jobs at Kinectrics’ Toronto facility and further solidify the province’s standing as a global leader in nuclear medicine.
“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.”
Kinectrics specializes in developing innovative solutions for the global electricity and medical industries, employing over 1,300 highly skilled engineers, scientists, and technicians, primarily in Ontario. This latest investment will enhance the company’s capacity to manufacture medical isotopes critical for treating a growing number of cancers, including prostate and neuroendocrine tumors.
This morning, we joined MPP @CHogarthPC in Etobicoke to celebrate a $22M+ investment by @KINECTRICS Inc., a leading manufacturer in the nuclear power industry.
Proudly supported through our government’s AMIC program, this investment will enhance their capacity to manufacture… pic.twitter.com/sQmy1m2scz
— Victor Fedeli (@VictorFedeli) January 22, 2025
With Russia currently serving as the dominant global exporter of these isotopes, Kinectrics’ investment marks a significant step in Ontario’s life sciences leadership by diversifying and stabilizing 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’ 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 supports advanced manufacturers across the province in investing in the equipment, technologies, and skilled workers they need to grow. To date, the program has welcomed more than $470 million in investments from companies in the advanced manufacturing sector, creating over 1,000 jobs in communities across Ontario.
This investment not only highlights Ontario’s commitment to fostering medical innovation but also reinforces the province’s leadership in driving advancements in the life sciences sector on a global scale.
SOURCE Ministry of Economic Development, Job Creation and Trade
