New Zealand to join Australian medical research fund
New Zealand will pay A$500,000 a year to be part of the fund.
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New Zealand life science and medical research companies will be able to bid for millions of Australian dollars in funding to support new drugs and medical developments after the government signed up to Australia's Medical Research Commercialisation Fund.
New Zealand will pay A$500,000 a year to be part of the fund, the same amount paid by Australian states, Science and Innovation Minister Steven Joyce said in a statement. The fund was set up in 2007 and other investors include Australian Superannuation funds. It is operated by Brandon Capital Partners.
Companies compete for investment and support for the pre-clinical development and commercialisation of discoveries. Early funding can receive up to A$3 million, with the potential for a further A$17 million in investment.
Joyce said the deal was vital in attracting high quality business investment to New Zealand: "Since 2007, the MRCF has supported the development of 24 start-up companies, with some notable successes, such as Spinifex Pharmaceuticals, which sold this year for over US$700 million, and Fibrotech Therapeutics, which netted US$557 million in 2014."
Ideas and developments are chosen on whether they represent significant breakthroughs, the size and scale of potential markets and the strength of the intellectual property.
(BusinessDesk)
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Edwin Mitson
Tue, 23 Feb 2016
Tue, 23 Feb 2016
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New Zealand to join Australian medical research fund
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