One of Canada's prominent stem cell researchers is excited by the news that the U.S. Food and Drug Administration has approved clinical trials of an embryonic stem-cell-based therapy for spinal cord injuries.

Dr. Michael Rudnicki believes the decision will have a big business payoff for Canada.

The FDA has given permission to Geron Corp. of Menlo Park, Calif., to inject embryonic stem cells into eight to 10 people recently paralyzed by spinal cord injuries. The research aims to regrow nerve tissue.

"It's outstanding news. This will really open a lot of doors," said Rudnicki, director of the Regenerative Medicine Program at the Ottawa Health Research Institute, part of the Stem Cell Network, a group of centres that conduct stem cell research.

"These therapies are really going mainstream and will revolutionize medicine."

Stem cells were originally discovered at Toronto’s Princess Margaret Hospital in the early 1960s.

U.S. President Barack Obama is expected to reverse the former president's executive order that restricted funding on research involving human embryonic stem cells.

The research is controversial in some circles since it uses destroyed embryos to obtain the cells.

Advocates of the research say it could lead to potential treatments for diseases such as Alzheimer's, Parkinson's and cancer by restoring organ and tissue function.

"There are many biotech companies in Canada exploiting this space," Rudnicki told CBC news. "I think there is a huge potential for commercialization around stem cell science, and savvy investors are already exploiting the opportunity."

Rudnicki isn't worried that a more liberal funding approach to stem cell research in the U.S. will lead to a brain drain of Canadian scientists.

"There are lots of opportunities for Canadian scientists to move to the U.S. Many choose not to. We're doing well here," he said.