Victorian Government invests heavily in life-saving medical technology

Jun 16 2008

A new trans-Tasman $30 million research commercialisation fund for local universities - announced today in San Diego by Premier of Victoria John Brumby and in New Zealand by New Zealand's Minister for Economic Development Pete Hodgson - will drive research into life-saving medical technology.

Mr. Brumby announced the Victorian Government was contributing $1.25 million towards the $30 million fund, along with the Governments of New Zealand and South Australia, to capture some of the best ideas from researchers and develop them into new businesses and products.

"This new $30 million fund will help drive new breakthroughs in a range of medical research areas, to save lives," Mr. Brumby said at BIO 2008 in San Diego.

"Research is expected to including antibodies for treatment of cancer and other serious diseases and regenerative medical treatments for conditions such as neurodegenerative disorders, diabetes, arthritis, musculo-skeletal and cardiovascular diseases.

"This collaboration between universities, the private sector and government is about turning world-class research into world-class breakthroughs and treatment that will save lives."

The Victoria Minister for Innovation, Gavin Jennings, said the venture involved Monash University, the University of Auckland and the University of Adelaide, Flinders University and University of South Australia.

West Australian-based superannuation fund Westscheme is committing $30 million in investment capital to help fund early stage development of the start-up companies that will commercialise the research of our universities.

"Victoria is at the forefront of worldwide technology and research because of our Government's strategic investments in key research infrastructure such as the Synchrotron, the Australian Regenerative Medical Institute and the Australian Stem Cell Centre," Mr. Jennings said.

Monash University Vice-Chancellor Professor Richard Larkins said the fund would provide capital to support the initial development of new technologies and business opportunities.

"Having access to true early-stage capital will definitely assist Monash to continue its strong history of developing spinout companies such as Monash IVF Australia and Acrux Limited," Professor Larkins said.

Deputy Vice-Chancellor (Research) Professor Edwina Cornish said Monash was extremely grateful to the Victorian Government and Westscheme for the vision they have displayed by investing in the development of spinout ventures.

"Monash jumped at the chance to collaborate in this fund. By tapping into third party risk capital and sharing commercialisation resources, we aim to make the development of spinout companies a more streamlined and financially rewarding process for all the partners involved," said Professor Cornish.