Australia splits Biomedical Translation Fund in three
Posted on 13 December, 2016 by Thierry Heles, editor
The government has launched its $375m Biomedical Translation Fund, splitting the amount across three fund managers, Brandon Capital Partners, OneVentures Management and BioScience Managers.
The government of Australia today officially launched its A$500m ($375m) Biomedical Translation Fund (BTF), a research commercialisation vehicle created as part of the National Innovation and Science Agenda.
Half of the capital is being provided by the government, while the remainder will be made up of contributions from the private sector.
BTF has been split into three vehicles, with Brandon Capital Partners managing a total of A$230m, OneVentures Management being put in charge of A$170m and BioScience Managers responsible for the remaining A$100m.
BTF will aim to bring new drugs, devices and therapies to market based on research conducted at Australian institutions.
The fund was launched at state-owned research organisation Csiro by Greg Hunt, minister for industry, innovation and science, and Sussan Ley, minister for health and aged care.
Hunt said: “The Biomedical Translation Fund is ultimately about improving the lives of thousands of Australians through better healthcare, creating jobs and growing both new and established businesses.
“The BTF will stimulate both the health and medical research sector and the broader economy – creating more jobs and better health outcomes.
“The investments made by BTF funds into biomedical start-ups will help the businesses mature into internationally competitive companies solving unmet health needs and create new markets for healthcare.”
Ley said: “This is a smart money investment that leverages the talent of our home-grown innovators to deliver real health benefits to everyday Australians. The BTF will help upskill early-stage medical research here in Australia and create more jobs.
“Australia’s biomedical talent is world class and this investment capital will help to bring new drugs, devices, and therapies to market where they can improve the lives of patients.”
See more from this Government Report: Australia
25 April, 2016
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