Investment syndicate boosts Australian biotech commercialisation
11 August 2011
A new consortium of local and foreign investors will enable an Australian biotech venture, Vaxxas, to commercialise its unique product.
Vaxxas, operating out of the University of Queensland, will receive A$15 million from the consortium which comprises OneVentures, Brandon Capital, the Medical Research Commercialisation Fund and US-based HealthCare Ventures.
Vaxxas itself was established through funding from the Federal Government’s Innovation Investment Fund (IIF), a venture capital program that co-invests with private sector investors in new innovation funds and fund managers with expertise to commercialise the outcomes of Australian research.
The capital will enable Vaxxas to bring its product, Nanopatch, to the market via clinical trials over a three-year period. Nanopatch is a needle-free medical device for vaccine delivery that works by administering doses to the skin rather than penetrating a muscle. It will reduce the amount of vaccine needed, which will not require refrigeration under this system.
Dr Paul Kelly, General Partner at OneVentures, said: "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”.
The Nanopatch was created by Professor Mark Kendall, who works at the University of Queensland's Australian Institute for Bioengineering and Nanotechnology.
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