AusBiotech welcomes new venture capital fund for biotech
Trade group AusBiotech has commended the Australian Labor government’s response to the Strategic Review of Health and Medical Research (The McKeon Review; The Pharma Letter April 5) and its pledge to establish the A$250 million($230 million) Medical Research Innovation Fund (MRIF).
The MRIF, to provide capital for early stage development of innovative biotechnology ventures, is the centrepiece of the McKeon Research Package, the Labor government’s initial response to this major independent review.
The MRIF is modelled on the successful venture capital co-investment program the Innovation Investment Fund and will seek to bridge the gap between Australia’s world-class medical research and commercialization by investing A$125 million of public funding, to be matched to A$125 million of private sector funding. The new A$250 million MRIF will assist Australian researchers and entrepreneurs to successfully commercialize new medical treatments and healthcare technologies.
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