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5 August 2016Asia-Pacific

New fund to support Australian biomedical discoveries launches

A new fund dedicated to accelerate the development and commercialisation of Australian biomedical discoveries has officially launched.

Susan Ley, minister for health and aged care, and Greg Hunt, minister for industry, innovation and science, announced on Wednesday, August 3, that the A$500 million Biomedical Translation Fund (BTF) was open for applications from private life sciences fund managers who are looking to participate.

The government will invest A$250 million into the fund and the remaining half will be matched by private sector investment.

Ley said: “This investment will ensure the most promising discoveries from world-renowned, innovative Australian health and medical research will gain access to institutional growth capital to be turned into better drugs, better devices and better health outcomes for Australians.”

Hunt added: “Without increased access to venture capital and entrepreneurial investment we risk missing an opportunity to commercialise our great ideas and research outcomes to benefit all Australians and our economy.

“The BTF will leverage our world-leading health and medical research strengths and ensure our best ideas are retained in Australia.”

Applications for fund managers are open until September 14.