MTPConnect welcomes the launch of the Australian Government's $500 million Biomedical Translation Fund (BTF) and announcement of three established and qualified venture capital fund managers set to roll out the investment.
The co-investment venture capital programme aims to support the commercialisation and development of promising biomedical discoveries in Australia, and help to translate them into high growth potential companies improving long term health benefits and national economic outcomes.
The industry-matched fund - established under the National Innovation and Science Agenda and delivered by AusIndustry and the Department of Health - has been designed to guide and support biotech companies through the 'valleys of death'. The pre-clinical and clinical stages of development have become known globally as the 'twin valleys of death', as the cost of further translational research or early-stage clinical trials is substantial, but the risks are still too high to draw in sufficient funding from private investors alone â€“ this is where programs like the BTF come in.
MTPConnect CEO Sue MacLeman said "The Biomedical Translation Fund is an extremely important initiative to support Australia's vibrant R&D ecosystem and ensure that biotech innovations being developed in Australia can make it through these valleys and have impact for those in need."
"As a sector-led driver of the industry, one of our priorities is to create a highly productive commercialisation environment from research to early clinical trials and proof-of-concept. The Biomedical Translation Fund is a great example of industry support and buy-in, recognising the importance of all players in the sector working together to boost our impact."
Minister for Industry, Innovation and Science, the Hon Greg Hunt, said "The BTF will help to upskill the early stage medical research ecosystem here in Australia."
The appointed fund managers source private capital to at least match the Australian Government contribution and establish licensed funds to invest in and support the development and commercialisation of Australian biomedical discoveries.
Under the BTF:
- Brandon Capital Partners has been licensed to manage $115 million in Commonwealth capital and $115 million in private capital
- OneVentures is a licensed fund manager with combined Commonwealth and private capital commitments totalling $170 million
- BioScience Managers is a licensed fund manager with combined Commonwealth and private capital of at least $100 million
Further information on the BTF is available at www.business.gov.au/BTF