06/19/2015 11:23 EDT | Updated 06/19/2016 05:59 EDT

Ontario invests $25 million in stem cell research over five years

TORONTO - Ontario is investing $25 million over five years in stem cell research that will help support treatments for chronic diseases like cancer, multiple sclerosis and diabetes.

The money is going to the Ontario Institute for Regenerative Medicine in Toronto.

The province says supporting work at the institute will boost's Ontario's position as a leader in stem cell and regenerative medicine research.

It also hopes to attract more international clinical trials and private sector investment.

The funding was first announced in the 2015 budget.