IDT Australia revenue hits new high

Pharmaceutical manufacturer IDT Australia has reported revenue for the quarter ended 30 September up 70 percent on the previous corresponding period to reach a two year high of $5.2 million. The Melbourne company said the results were encouraging and came on top of the it submitting proposals worth $24.7 million and securing $6.8 million in…

Victoria backs IDT Australia to make anti-cancer drugs

The Victorian government has announced backing for pharmaceutical manufacturer IDT Australia to boost production of live-saving cancer treatments. IDT Australia will build a new facility in Boronia, Melbourne to manufacture Antibody Drug Conjugates (ADCs) which have the specificity of monoclonal antibodies and deliver chemotherapy agents to cancer tumor sites. ADCs are set to replace almost…

Companies receive late MMI grant decisions – sparks IDT Australia strategic review

By Peter Roberts Companies have begun to receive belated notices from the federal government that their applications for grant support under the Morrison government’s Modern Manufacturing Initiative, with IDT Australia one that has opted for a full strategic review following news its bid for a MMI grant had failed. Industry minister Ed Husic this week…

IDT Australia misses out on federal mRNA support

While Canberra has announced an ‘in-principal’ agreement with US company Moderna to manufacture mRNA vaccines in Victoria, Melbourne pharmaceutical and vaccine manufacturer IDT Australia has announced it has been informed that it has missed out on government support. The company said today it was disappointed that its proposal to establish mRNA manufacturing in response to…

Australia is axing a $7bn military satellite project, leaving defence comms potentially vulnerable

By David Tuffley, Griffith University In a significant blow to Australia’s defence capabilities, the federal government is cancelling what would have been the nation’s largest-ever space project: a A$7 billion military satellite communications system. The decision was confirmed in a press statement today. It comes just 18 months after the Albanese government gave the green…