The funds, provided to the Ontario Institute for Regenerative Medicine (OIRM) 150 stem cell and regenerative medicine scientists, clinicians and engineers, will be used to examine new chronic disease treatments.
Regenerative medicine studies how to replace or regenerate cells, tissues and organs that have been damaged by chronic disease.
Supporting work at the institute will strengthen Ontario’s position as a leader in stem cell and regenerative medicine research as well as attract more international clinical trials and private sector investment.
Ontario Minister of Research and Innovation Reza Moridi said: "Stem cell research is laying the pathway towards better therapies and cures for devastating conditions, such as cancer, multiple sclerosis and heart disease.
"Our ongoing commitment to the Ontario Institute for Regenerative Medicine will help ensure our province remains a world leader in regenerative medicine, offer significant economic benefits and improve our health care system and the lives of all Ontarians."
So far, Ontario has committed $159m to more than 147 research projects that help provide better health outcomes for individuals suffering from degenerative diseases.
Currently, the province is conducting a research project that is investigating how to fix damaged hearts with heart muscle derived from stem cells and a research project that is studying how to restore degenerative vision loss.