Good afternoon. Thank you for inviting me to speak today. I'm Cate Murray. I'm the executive director and COO for the Stem Cell Network. The Stem Cell Network, or SCN, is the national research network of regenerative medicine researchers, and the primary funder of stem cell research in Canada. As you may know, regenerative medicine uses stem cell-based therapies and technologies to regrow, repair or replace damaged or diseased cells, organs or tissues. It holds significant potential for treating chronic disease and illness. I'd like to begin by sharing with you two stories.
A 21-year-old aspiring police officer, Jennifer Molson, was identified and diagnosed with aggressive multiple sclerosis about 15 years ago. Within five years she was unable to manage simple tasks, including cutting food and showering. The prognosis was progressive decline and early death. Her neurologist enrolled Jennifer in a clinical trial that took stem cells from her. They were purified and fortified. After extreme chemotherapy to knock out her immune system, the stem cells were returned to rebuild a new, disease-free immune system. Today, with all traces of the disease eradicated, she works, enjoys her family, downhill skis, and is a full and productive member of our society.
More recently, Tyler Rabey, a young man from Montreal, was close to death with aggressive blood cancer. All conventional chemotherapy treatments had failed for him, but Tyler had a young doctor who was fighting for him, a real champion, and this led to Tyler's being enrolled in an SCN-funded clinical trial. The trial provided him with a transplant, using stem cells that had been expanded from cord blood by using a novel technology developed by Canadian researchers. Tyler's now back at home. He's pursuing his master's degree and contemplating writing a book about his experience. For the Stem Cell Network, research is about changing lives. It's about saving lives.
Stem cell research was pioneered by two Canadians in the early 1960s. It truly is a Canadian science, and today the estimated global market value for regenerative medicine stands at $66 billion. It is a market that is continuing to expand and is fuelled by high-quality research, but the burden of treating chronic disease in this country is also growing, and it stands at $190 billion per year, not to mention income and productivity losses. This situation is simply not sustainable. We need innovative therapies and technologies that can address the health imperatives and the economic potential.
Regenerative medicine is an emerging Canadian industry, and with strategic investment we are well positioned to compete globally. Countries around the world are making targeted investments in this field because they understand that real benefits will result, and I hope this committee will also see its significant value.
SCN has developed a national network that has transformed stem cell research and pushed the boundaries of what was a basic research area towards translational outcomes for the clinic and marketplace. We've supported 170 world-class research groups across Canada—that's 5,000 FTEs who've engaged in SCN-funded research. We've provided 2,500 young investigators with specialized training, and I know that Stem Cell Technologies, Canada's largest biotech company, is looking to us to provide the commercialization and technical support needed for their company's competitive global advantage.
As of 2018, SCN had provided $100 million in innovative research, resulting in partner contributions of $116 million. I'm thrilled to share that our partners have committed an additional $60 million for research to be conducted over the next five years. However, this investment will be realized only if SCN is able to keep its doors open after March 31, 2019, with an investment of $70 million over the next five years.
Without stable and predictable federal support, the network will come to an end. Silos will emerge and scientific progress will be set back. As a national network, we bring researchers out of their labs and institutions to work together to push forward discoveries that will make a difference in the lives of Canadians. We follow the research and we're nimble, so we're able to support new areas of activity that catalyze important advances.
It is with our leadership that Canada's investigators are continuing to punch above their weight. A clear example of this is exemplified by an investment made by Verizon Ventures and Bayer, who together contributed $225 million U.S. to establish BlueRock Therapeutics, a global biotech company that's founded on the science of two outstanding Canadian stem cell researchers. At the time of the announcement, it was called a monster deal. With continued support and leadership by SCN, we are positioned to attract greater investment into this high potential sector.
Dr. Michael Rudnicki, our scientific director, has said that Canada is at a tipping point. Now is the time to double down and invest in regenerative medicine.
I would be pleased to take your questions.
Thank you.