New funding for medical research in Victoria

22 July 2011

Victorian Minister for Technology Gordon Rich-Phillips has announced new funding of $1.6 million to support the operation of the Medical Research Commercialisation Fund over the next four years.

The Medical Research Commercialisation Fund is a venture capital fund that invests in early-stage commercialisation of medical research discoveries from its member medical research institutes and allied hospitals.

Speaking at the Undergraduate Research Opportunities Program 2011 in Parkville, Mr Rich-Phillips said the funding demonstrates the state’s commitment to building strong capabilities in research commercialisation.

The funding supports the vital translation of research discoveries from these institutions into new products and services.

PolyActiva is an example of an innovative business benefiting from the fund. This Victorian company conducts research with the Centre for Eye Research Australia to develop world-leading technology for glaucoma treatment.

The fund has now facilitated access to over $2.4 million of investment to help the research organisation progress its technology. This investment will help the development of their new ocular implant technologies for global markets.

Since its establishment in 2007 as a venture capital fund for early-stage commercialisation of research discoveries, the Medical Research Commercialisation Fund has already invested over $6.8 million in new innovative Victorian businesses.

The fund was founded through collaboration between Australia’s leading medical research institutions, with support from the state governments of Victoria, New South Wales, Western Australia and Queensland.