invested in establishing two streams of activity. Any Australian small medium business or life science research at an Australian university or research center can apply for funding. The initial $20 million will be used to uncover potential preclinical biomedical innovations, as well as provide money and hands-on experience to help these assets progress to the stage where they are suitable for seed investment. The next $20 million will be used to fund the clinical development of new treatments to fight the diseases. Opportunities that receive financing through this stream will be eligible for matching funds from the MRCF. Both streams together will invest at least $60 million additional investment in the biotech industry.
Ferris expressed hopes about the project. He said, “The funding will see an increase in the translation of our greatest discoveries from the laboratory bench to the bedside. It will ensure Australians have access to the latest health treatments and will ultimately lead to more jobs, income, exports, infrastructure and manufacturing for the sector.”
During the three-year financing term, the incubator program seeks to offer financial support to 20–25 Australian SMEs creating preclinical biological assets, with up to $1 million fund support to individual projects. It will also grant up to $1.5 million, along with $1.5 million from the MRCF, to help 10–12 Australian SMEs progress with their clinical stage products. Companies who complete the incubation program may be eligible for follow-on funding from the MRCF’s $700 million life sciences fund, which is believed to be the largest in Australia and New Zealand.
Dr Nave spoke about the scope of the new project in the future. He said, “We have world-class researchers in Australia who have the capabilities and infrastructure to advance and create therapies with the potential to have an enormous impact on some of the world’s largest health concerns. Overall, the incubator will create jobs, manufacturing opportunities and will nurture and develop world-class talent and research teams in the Australian biomedical industry.”
