Health Minister Deb Matthews on Wednesday confirmed the Ontario government will help prop up the struggling Thunder Bay bone and tissue bank, though said it’s too early to say just how much money the province will contribute.
The City of Thunder Bay has already given the company $1.5 million, most recently an interest-free $150,000 loan this past October.
“They’ve put a proposal into the ministry. What we want to do is make sure that we support them to become sustainable as quickly as possible. So we’ll work closely with them to get them where they need to be,” Matthews said in making the surprise announcement. ‘
Asked if the province will match what the city has given, a call repeatedly made by municipal officials, Matthews said the details are still being worked out.
“Their ask was not that much, so you can be assured they won’t get more than they’ve asked for,” she said.
Kerri Smart, program manager at ReGen Med, said she couldn’t say too many details, but did say Matthews toured their facility while in Thunder Bay.
“The province was very supportive of what we’re doing and the province does see us fitting in with their long-term tissue plan,” Smart said.
“It’s good to be recognized that we are contributing and an integral part of Ontario’s tissue plan.
Smart added the company has a three-year operating plan in place, at which time they believe they’ll be fully self-sustainable.
Matthews, who called ReGen Med’s product high quality and much-in-demand, said she’s not throwing good money after bad.
“We have confidence that there is a market, that they have the know-how, and we just have to get them over the hump,” Matthews said.
“They needed to get the designation so they could be a supplier of tissue. That didn’t happen too long ago in this cycle that needs to happen to get them viable. They’ve got a lot more customers now. Their sales are increasing significantly. They’re on a roll and we know that they will be successful.”
The health minister also announced the province will contribute $300,000 toward the expansion of Thunder Bay Regional Health Science Centre’s bariatric program, part of Ontario’s diabetes strategy. The money will allow the hospital to treat up to 100 patients with severe obesity to be treated in a medical behavioural treatment program in Thunder Bay. Eventually bariatric surgery will be conducted locally, rather than sending local patients to hospitals in southern Ontario.
