Victoria’s strength as Australia’s medtech and research hub has been reinforced this week, with two Victorian startups set to receive $9million from venture capital firm Brandon Capital Partners' third Medical Research Commercialisation Fund.
The Fund supports early-stage biotechnology companies and is backed by four of the nation's largest industry superannuation funds. It is also Australia’s largest ever life science-focused venture fund.
Minister for Small Business, Innovation and Trade Philip Dalidakis met Brandon Capital Partners’ Managing Director Dr Chris Nave today, and visited the two research projects being undertaken at The Alfred Hospital thanks to the investment.
Aravax has been provided $4.15million to continue its research into peanut allergies, and $4.85million has been invested in Cardiora, a drug trial being conducted by the Baker IDI Heart and Diabetes Institute at The Alfred to treat patients with heart failure.
This new drug will allow patients to take their medication in tablet form at home, potentially reducing the need for them to be admitted to hospital.
Victoria’s medical technologies and pharmaceuticals is a key growth sector in the Andrews Labor Government’s Back to Work Plan to boost local high-skill jobs. The sector now employs more than 20,000 people and generates more than $10 billion for the state.
Quotes attributable to Minister for Small Business, Innovation and Trade, Philip Dalidakis
“I’m thrilled that two Victorian startup companies with ground breaking research projects were chosen as the recipients for this major investment. This is a significant vote of confidence for Victoria’s medtech sector.”
“Victoria’s medtech sector isn’t just comprised of our world-class research organisations but also entrepreneurs that are highly-skilled and attracting global investment to develop better quality health products and services.”
Quotes attributable to Minister for Health, Jill Hennessy
“With over 150 biotech companies, 10 major medical research institutes, 10 teaching hospitals and nine universities here in Victoria, we are certainly leading the nation – if not the world – when it comes to medical research.”
“It’s great to see the private sector investing in medtech. By working together, we will continue to grow Victoria’s pre-eminence in medtech, and ultimately that means better health outcomes for Victorians.”
Quotes attributable to Managing Director, Brandon Capital, Dr Chris Nave
“We are pleased that the Victorian Government recognises the importance of access to early stage investment capital and hands-on investment expertise to guide the development and commercialization of these medical technologies.”
“Biotechnology is one of the few manufacturing industries that can continue to pay Australia’s high salaries and remain internationally competitive, offering an opportunity for Australian manufacturing to move its capability up the value chain.”
Reviewed 10 February 2021