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Canberra Today 22°/25° | Friday, March 29, 2024 | Digital Edition | Crossword & Sudoku

ACT signs up to the Medical Research Commercialisation Fund

meegan

MEEGAN Fitzharris says the ACT Government has signed a seven-year membership to the Medical Research Commercialisation Fund (MRCF), investing over half a million dollars in the ACT’s research sector.

“Local researchers and institutes, such as the John Curtin School of Medical Research, would benefit from the ACT’s membership to the MRCF as they would now be able to seek venture capital funding to commercialise research,” Meegan said.

“Australia is a leader in health and medical research, but the challenge has always been getting the research out of the laboratory and into the marketplace. The bottleneck lies within the lengthy, yet critical commercialisation processes, which can require hundreds of millions of dollars and take years to finalise.

“The MRCF helps to bridge that gap by enabling researchers from member institutes to apply for funding from $200,000 to $2 million for any one project. This means our local researchers could have their work funded and developed from a proof-of-concept stage all the way through to commercialisation, and in some cases, a product launch.

“We want to ensure that Canberra’s education and research institutions are at the forefront of health innovation, and have the support they need to grow and get to the next level. Through the MRCF I’m certain we will see local ideas develop and grow into something special, while at the same time further diversifying the ACT economy.

“In signing this seven-year membership today, with an investment of $525,000, we are demonstrating the ACT Government’s commitment to strengthening Canberra’s world leading research capabilities.

“Through this investment, the ACT Government hopes to assist our research sector to translate its innovative work into better treatments, better drugs, better devices and better outcomes for patients.

“Medical innovations can have a profound and life-changing effect for patients, which is why in the 2016 Budget the ACT Government is also delivering $7.3 million over four years to establish a new Clinical Genomics Service here in Canberra. This technology will allow new and existing drug therapies to be tailored to individual patients based on their genetics and condition.

“The MRCF is a unique collaboration between major Australian superannuation funds and more than 50 of Australia’s leading medical research institutes and research hospitals. The MRCF is managed by Brandon Capital Partners, an experienced life science fund manager.

“To date the MRCF has supported 28 early-stage companies developing breakthrough treatments for patients suffering from diseases ranging from cancer, diabetes, arthritis and chronic pain, through to novel medical devices for managing Parkinson’s disease and for treating heart and kidney conditions.

“Established in 2007, the MRCF has committed $44 million to support early-stage medical technology developments and bridge the gap between grant funding and market readiness.

“Through this membership, the ACT joins other state government funding supporters, including New South Wales, Western Australia, Victoria and Queensland, as well as New Zealand.”

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