The federal government has announced backing for three promising Australian companies through the Biomedical Translation Fund.
A release from industry minister Karen Andrews’s office lists support for Respirion, Madorra and an unnamed company trialling an anti-fibrosis drug.
Respirion was awarded $20 million in backing by Brandon Capital Partners for clinical trials and product development of an inhalable treatment boosting the effectiveness of antibiotic treatment of cystic fibrosis.
OneVentures allocated $4 million to Madorra, which is developing a non-invasive device to treat symptoms of vaginal and vulval atrophy. It will initially target post-menopausal women recovering from cancer and for whom hormone replacement therapy is not viable.
The third company commercialising treatment for fibrosis had been allocated $17.2 million to develop its drug.
Andrews said that “The BTF shows that Australia has the resources and expertise required to assist our world-leading researchers organisations deliver life-changing outcomes for patients through commercialising great Australian ideas.”
The fund was created under the former government of Malcolm Turnbull and its National Innovation and Science Agenda, announced in late-2015.
The co-investment fund includes $250 million in federal money and $251.25 million in private capital. Investment decisions are made by the three venture capital funds contributing to the BTF, OneVentures, Brandon Capital Partners, and BioScience Managers.
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