Biotech trio receive funding to spearhead innovation
Health & Biotech
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Three ASX-listed heads are better than on, believe leading Aussie biotechs who’ve banded together in a consortium to spearhead innovation in the industry.
Orthocell (ASX:OCC), Avita Medical (ASX:AVH) and Proteomics (ASX:PIQ) were named among the “Accelerating Australia” group of researchers and healthcare providers who received $2 million in funding to encourage collaboration and identify promising biotech products.
Between the three of them they treat burns, soft tissue injuries and develop protein-based drugs.
Their funding was a just one sliver of $7.3 million dished out by the Medical Technologies and Pharmaceuticals Industry Growth Centre this week, which is intended to be matched dollar-for-dollar by industry partners.
A total of 20 projects will receive funding through the initiative over the next two years which also included other ASX small cap players Regeneus (ASX:RGS) and Alcidion Group (ASX:ALC).
Projects ranged from encouraging entrepreneurship in the industry to technology solutions to build clinical trial capabilities.
Chief executive of the medtech, biotech and pharmaceutical (MTP) body, MTPConnect, Sue MacLeman says the grants will lead to healthier communities.
“MTPConnect is focused on harnessing Australia’s world-class research to seize more commercialisation opportunities and accelerate growth,” she said.
“By supporting projects such as Accelerating Australia, we believe we can develop a more vibrant MTP sector ecosystem with more successful companies, and ultimately improve the health and wellbeing of Australia and the world.”
MTPConnect’s recent report highlights that Australia’s clinical trials ecosystem has the potential to surpass $2 billion of annual expenditure in the next 10 years, creating more than 6,000 new high-skilled jobs.