BRISBANE, QLD, AUSTRALIA - One of Australia’s largest ever investments in a start-up
biotechnology company - AU$15million – has been made with the aim of developing a
revolutionary new needle-free vaccine delivery system.
The investment led by OneVentures, with co-investors Brandon Capital, the Medical Research
Commercialisation Fund (MRCF), and US-based HealthCare Ventures in the new company,
Vaxxas Pty Ltd, will enable Professor Mark Kendall of UQ’s Australian Institute for
Bioengineering and Nanotechnology (AIBN) to continue his pioneering research and
development of the Nanopatch™.
The Nanopatch™ has thousands of small projections designed to deliver the vaccine to
abundant immune cells in the skin, whereas the traditional syringe hits the muscle where there
are few immune cells.
Early stage testing in animals so far has shown that a Nanopatch delivered flu vaccine was
effective with only 1/150th of the dose compared to a syringe and that the adjuvants currently
required to boost the immunogenicity of vaccines may not be needed.
In addition to improving the efficiency of delivery, the Nanopatch has the potential to
dramatically improve patient convenience and reduce the complications associated with needle
phobia, needle stick injuries and cross contamination, which are key global health issues.
The Nanopatch™ is designed for thermostability and to not require refrigeration, making
transport much cheaper and easier, particularly to developing nations around the world.
Professor Kendall said in the developed world about 14% of a vaccine’s costs were attributed to
maintaining the cold chain and in the developing world, the cold chain impact on vaccines is
even greater.
“In Africa about half of vaccines aren’t working properly because of a breakdown in the cold
chain”.
“The Nanopatch™ also offers a way to stop needle-stick injuries during vaccination – which
again is a particularly important problem in Africa; with a third of vaccines affected by other
complications brought about through cross contamination needle stick injury,” he said.
OneVentures General Partner Dr Paul Kelly said the significance of this investment was not just
in its size.
“This investment syndicate includes both local and international investors which is a real vote of
confidence in the Nanopatch™ approach and an appreciation of the potential of the technology
to revolutionise vaccine delivery worldwide,” Dr Kelly said.
“This is a great example of OneVentures’ strategy of identifying game changing Australian
technology with global market reach and relevance and putting the resources together to enable
that to happen. These resources are not just financial but expertise, networks and the
experience in building high-growth companies and taking novel technologies through to
innovative products. This is akin to the traditional model of venture capital of recycling proven
entrepreneurial expertise.”
As part of this strategy and in connection with the investment, Dr. Paul Kelly of OneVentures, Dr.
Stephen Thompson of Brandon Capital Partners, and Douglas E. Onsi of HealthCare Ventures will
join the Board of Directors of Vaxxas, along with Dr Dean Moss, General Manager of Life Sciences
at UniQuest.
The investment was negotiated on behalf of the University of Queensland by UniQuest Pty Limited,
The University of Queensland’s main commercialisation company, UniQuest, has led the
commercialisation of the Nanopatch™ technology to date, and will hand over the responsibility to
Vaxxas following this investment.
Dr Stephen Thompson, Managing Director of Brandon Capital Partners, said launching Vaxxas as a
company was a critical next step for the Nanopatch technology.
“In Australia, we invest heavily in our excellent research and development capability but have a
relatively poor record of taking those technologies to world markets. The syndicate’s investment in
Vaxxas is consistent with its willingness to work with Australia’s leading research institutes,
including the AIBN, to transform this exciting research effort into a commercially useful product. We
need to convert the promise of the technology into a reality,” he said.
Douglas E. Onsi, Managing Director of Cambridge, Massachusetts-based HealthCare Ventures,
commented on the importance of and the breadth of the opportunity for the Nanopatch™-
technology.
“We believe that the Nanopatch™ has the potential to transform vaccine delivery for the
pharmaceutical industry and for patients around the world. HealthCare Ventures searches globally
for the most promising innovations in life sciences, and we are very pleased to make our first
Australian investment in Vaxxas,” he said.
For more information, please contact: Vaxxas Director and OneVentures General Partner
Dr Paul Kelly on
0450 461 824 pkelly@one-ventures.com
A market-leading pain management product and an autoimmune disease treatment are just two success stories that have got a head-start from the Australian Government's Innovation Investment Fund.
Announcing that over $160 million in venture capital will be made available through four new funds, Innovation Minister Senator Kim Carr said venture capital is a critical element of an effective innovation system because it links research to world markets.
"The venture capital we are providing these fund managers today will help early-stage high-growth Australian companies commercialise their research. This will lead to new skills, jobs and trade opportunities that will grow our economy," Senator Carr said.
"Receiving Government funding of $20 million each, the four fund managers also have received funding from private investors. This private investment must match or exceed the Government's investment.
"Carnegie Venture Capital, MRCF, Southern Cross Venture Partners and Start-up Australia Ventures are the four fund managers being announced today. They will use this investment to help new companies commercialise their research and bring a wealth of new products into the Australian economy.
"Each fund has its own focus. For example, one will look at spin-outs from our world-class medical research institutes and another will focus on internet and new media technologies.'
Senator Carr said the Innovation Investment Fund plays an important role in developing fund managers and building management skills within new companies.
Since it began in 1998, the Innovation Investment Fund has supported more than 90 companies.
Attached are details of the successful fund managers and examples of previous successful investee companies.
A market-leading pain management product and an autoimmune disease treatment are just two success stories that have got a head-start from the Australian Government's Innovation Investment Fund.
Announcing that over $160 million in venture capital will be made available through four new funds, Innovation Minister Senator Kim Carr said venture capital is a critical element of an effective innovation system because it links research to world markets.
"The venture capital we are providing these fund managers today will help early-stage high-growth Australian companies commercialise their research. This will lead to new skills, jobs and trade opportunities that will grow our economy," Senator Carr said.
"Receiving Government funding of $20 million each, the four fund managers also have received funding from private investors. This private investment must match or exceed the Government's investment.
"Carnegie Venture Capital, MRCF, Southern Cross Venture Partners and Start-up Australia Ventures are the four fund managers being announced today. They will use this investment to help new companies commercialise their research and bring a wealth of new products into the Australian economy.
"Each fund has its own focus. For example, one will look at spin-outs from our world-class medical research institutes and another will focus on internet and new media technologies.'
Senator Carr said the Innovation Investment Fund plays an important role in developing fund managers and building management skills within new companies.
Since it began in 1998, the Innovation Investment Fund has supported more than 90 companies.
Attached are details of the successful fund managers and examples of previous successful investee companies.
Innovation Australia welcomes the Australian Government's announcement that $80 million in venture capital will be provided to four new funds under the latest round of the Innovation Investment Fund.
"This investment will help ensure that great Australian ideas, research and innovation are developed for the benefit of the national economy," the chair of Innovation Australia, David Miles, AM, said today.
"It will assist in building innovative new businesses, develop skilled fund managers and further the growth of Australia's venture capital market."
The funding decision was based on Innovation Australia's recommendation following a rigorous assessment process.
The four successful fund managers announced by Innovation Minister Senator Kim Carr are Carnegie Venture Capital, MRCF, Southern Cross Venture Partners and Start-up Australia Ventures.
Each of the four funds will receive Australian Government funding of $20 million. This will be matched by funding from private investors.
Mr Miles said venture capital investment was generally in companies with high-growth potential at the ‘seed' and early stage of their development.
"By providing capital and expertise, venture capital fund managers are able to build and improve companies with the aim of increasing their value and providing returns to investors," Mr Miles said.
"Government programs such as the Innovation Investment Fund have been vital to the establishment and success of a number of funds supporting fledging new companies.
"They have enabled Australia to go from a virtually non-existent venture capital industry two decades ago to one that has several active managers with a proven track record and numerous successes."
Innovation Australia is an independent body made up of experts from across industry and business. It was established to assist with the administration of the Australian Government's innovation and venture capital programs.
It provides advice to Government on strategies to strengthen industry innovation and productivity in Australia.
Media Contact
David Miles 0418 556 964 David Wilson, Department 02 6213 6025 or 0451 633 818
A drug that targets an enzyme believed to cause Alzheimer's disease will be taken to pre-clinical development thanks to a fund established with the support of the Brumby Labor Government.
Innovation Minister Gavin Jennings said the drug had the potential to block the progress of Alzheimer's disease in the early stages.
"The Brumby Labor Government is taking action to support Victorian researchers in their efforts to improve the health of people suffering from Alzheimer's disease," Mr Jennings said.
"The $650,000 in funding through the Medical Research Commercialisation Fund (MCRF) - a collaborative venture fund established with support from the Victorian and NSW Governments - is a key to getting this drug to clinical trials.
"Victorian scientists were the first in the world to demonstrate that the enzyme beta secretase is increased in the brain cortex of Alzheimer's patients. They are now working to develop drugs that block this enzyme.
"The process of getting drugs to the clinical trial phase can be very expensive which is why it is important the Government helps through funding such as this.
"Our state is renowned for innovative medical research which not only benefits those with an illness but also creates jobs for Victorian families."
The research work will be undertaken by a new Melbourne-based company, BACE Therapeutics, made up of scientists from the internationally-renowned Walter and Eliza Hall Institute of Medical Research(WEHI), the University of Melbourne and the Mental Health Research Institute.
The announcement coincides with BIO2010 in Chicago, USA, where the Governor of Victoria Professor David de Kretser AC is leading a Victorian consortium of investors and biotechnology companies.
The BACE Therapeutics investment and research program builds on the findings of Dr Brian Smith from WEHI who discovered two compounds that bind to beta secretase (also called BACE1). Further development of these compounds was done in collaboration with Dr Genevieve Evin, Dr Kevin Barnham
and Dr Vijaya Kenche from the University of Melbourne.
"Beta secretase appears to be directly involved in the early development of Alzheimer's disease. Blocking this enzyme would hopefully also block progression of the disease," Dr Smith said.
Dr Evin, who was the first in the world to demonstrate that beta secretase is increased in the brain cortex of Alzheimer's patients, has already shown that the two compounds identified by Dr Smith are effective at inhibiting beta secretase.
The market for Alzheimer's disease therapeutics is growing at around 13 per cent each year and is expected to be worth $7.2 billion in 2010. Dr Chris Nave, principal executive of the MRCF, said the research teams from WEHI, the University of Melbourne and the Mental Health Research Institute are recognised internationally as leaders in the fight against Alzheimer's and related neurodegenerative disorders.
"This research represents another excellent example of the high-quality, early stage investment opportunities that arise from Australia's medical research institutes and is a further demonstration of the benefits of the MRCF Collaboration, which now includes 27 medical research institutes and research hospitals across Australia," Dr Nave said.
Alzheimer's disease is the most common form of dementia in the elderly and affects more than 18 million people worldwide. Around 58,000 Victorians suffer from dementia.
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