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New research fund to drive life-saving research

25 June 2008

Research

The A$30 million fund will provide capital to support the initial development of new technologies and business opportunities.

A new A$30 million trans-Tasman research commercialisation fund for Australian universities, including Monash, will drive cross-disciplinary research into the development of life-saving medical technology.

Victorian Premier John Brumby announced the Victorian Government would provide skills and capabilities for the operation of the fund, which will be based in Melbourne.

The governments of New Zealand and South Australia are also contributing to the fund, which is set to capture ideas from researchers and develop them into new businesses and products.

"This new A$30 million fund will help drive new breakthroughs in a range of medical research areas, to save lives and improve quality of life," Premier Brumby said.

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

Mr Brumby said the collaboration between universities in Australia and New Zealand would help turn world-class research into world-class breakthroughs and treatment that will save lives.

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

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

"Victoria is at the forefront of worldwide technology and research because of strategic investments in key research infrastructure such as the Australian 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 had displayed by investing in the development of spinout ventures.

"Monash jumped at the chance to collaborate in this fund," Professor Cornish said.

"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."