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MONCTON - The Atlantic Cancer Research Institute will announce today it has secured more than $8.5 million from a year-long fundraising campaign, something community business leaders are calling a huge step in transforming Moncton into a "knowledge-based community."

"We are going from natural resources to human resources. Finally," said Denis Losier, president and CEO of Assumption Life, chairman of the board for the institute and the fundraising campaign that garnered the money.

More than $4 million of the money came from private investment after a year of soliciting businesses for the Discoveries Campaign. Assumption Life itself committed to $500,000 over the next five years, already contributing $500,000 to date.

The campaign was launched last March as the first major fundraising push for the institute in its 10 years.

Corporate donors are key to receiving regional, provincial and federal money, as grants will not be handed out without leverage of other financial backing.

The remainder of the $8.5 million will come from three research grants, one of which was federal, a first for the institute whose research effort aims at combating cancer.

"Every component in necessary for this to work," said Dr. Rodney Ouellette, CEO of the Atlantic Cancer Research Institute. "The worst thing that could happen for a project just starting out is that you get 90 per cent of a project funded, but because you don't have the 10 per cent, the whole thing falls by the way side."

The announcement was made Thursday night at the Capitol Theatre in Moncton.

The money will go directly into performing cancer research for the next three to five year's while also focusing on recruitment and retention of a staff that has grown to 30 strong.

Equipment has already been purchased for genomics projects that include breast cancer biotherapeutics and cancer tumour banking as well as others.

The funding will help fuel research and development.

"We are building a nucleus of highly qualified people that eventually will lead to more patents and pharmaceutical companies investing in more research," Losier said. "We're looking at economic spin-offs that are very important and the whole objective behind it is to create that critical mass of researchers."

It also helps retain home grown talent. Having the capital to fund projects brings highly skilled doctors to Moncton.

"In the process we have been able to get people that were from New Brunswick who were researching outside of the province and even the States back in New Brunswick," Losier said. "Instead of sending our best people away, we are attracting them back with an economic impact to the area."

Most recently, Dr. Stephen Lewis was added as the newest member of the scientific team at the Moncton-based institute. Originally from Nova Scotia, Lewis completed his postdoctoral fellowship at the University of Ottawa, but has returned to work for the lab.

His wife, Dr. Marie-Eve Blanchard, who is originally from the Acadian Peninsula, is now a geriatric and family physician on staff at Moncton Hospital.

Dooly's Inc. was another large donor to the campaign, pledging $1 million.

"They're local, they're in town, and the money stays in this area," said Christian Cyr, vice-president of special projects. "It brings recognition and pride that Atlantic Canadians, Maritimers, and Monctonians in particular, can contribute something to the medical community. On top of that, economically speaking, it's a significant amount of high paying jobs located in our area."

The institute admits it's still fighting for survival, and potentially always will.

"This will always need support from the community. It's a fact of life, and you also need to work on your provincial government so there is support there," said Ouellette. "We need to have several legs on the table to hold it up."