Investors inject $45m into SA health and biotech industry
The Adelaide China Biotech Investment Fund has today been launched 鈥 a new $45 million investment fund
that will accelerate the development and commercialisation of health and bio-technologies from South听Australia for the global market.
The $45 million fund is backed by a group of private investors based in Nanjing, China. The group is led by Mr听An LuFan, Executive Director of D&R Pharmaceuticals, one of China鈥檚 leading drug development companies.听
The fund will support the commercialisation of health and biotech research from South Australia, enabling
researchers from the 成人大片, University of South Australia, the State鈥檚 hospitals and other听institutions to develop proof of concept, undertake clinical trials, and ultimately bring new drugs and additional听technologies into healthcare.
Minister for Trade, Tourism and Investment David Ridgway said today鈥檚 announcement is a great example of听how private sector investment can help drive advancements in health research and in particular, the听biomedical industry.
鈥淭he Marshall Liberal Government welcomes private sector investment, it is further proof of business听confidence in our state and it will create more jobs and boost the economy,鈥 Minister Ridgway said.
Establishment of the fund has been led by Dr Stephen Rodda, Executive Director Innovation and听 Commercial听Partnerships, 成人大片, and Dr JC Tan, Commercial Manager, UniSA Ventures.
鈥淎s the leading institution for health and biotech research in South Australia, the 成人大片 is听pleased to have the opportunity to tap into this new, significant source of funding,鈥 said Dr Stephen Rodda.
鈥淔unding from traditional Commonwealth sources will only advance research to a point, but not so far as to demonstrate the commercial potential of a new innovation. Access to such commercialisation funds is also
limited in Australia.
鈥淭his new fund will enable our research to be taken to the next level, creating opportunities for the State鈥檚 health and biotech industry. Importantly, this will in turn create healthcare outcomes for the community,听particularly in the form of new drugs that otherwise would not have existed without such funding support,鈥 Dr听Rodda said.
Dr Viraj Perera, CEO of UniSA Ventures, said the fund 鈥渨ould help advance a number of early-stage health
technologies where funding is currently scarce鈥.
鈥淚t will help break down the barriers that many health innovations face in obtaining the money they need to听move their projects to stages where they become attractive for further capital injection.
鈥淭he establishment of this fund is a notable milestone in strengthening our local investment landscape,鈥 Dr听Perera said.
Dr JC Tan, Commercial Manager of UniSA Ventures, said he looked forward to working alongside the听成人大片 and the State鈥檚 leading medical institutions to share South Australia鈥檚 innovations with听the world.
Mr An LuFan 鈥 the former President and Chief Operating Officer of China Biopharmaceutical Holdings Inc听(CHBP), a NASDAQ-listed pharmaceutical company 鈥 has a strong track record in biotech development. His听company D&R Pharmaceuticals has two research and development centres and three manufacturing facilities,听and distributes its products to more than 1800 hospitals across China.
The $45 million Adelaide China Biotech Investment Fund will use $5 million to invest in early stage projects to
achieve proof of concept. The remaining $40 million will be used to invest in projects that have demonstrated
commercial potential.
The fund will have a focus on drug development and clinical diagnostics.
Media contact:
David Ellis
Deputy Director 鈥 Media and Corporate Relations
The 成人大片
Mobile: +61 (0)421 612 762
david.ellis@adelaide.edu.au
For more information on the Australia China Biotech Investment Fund contact:
Dr Stephen Rodda, Executive Director Innovation and Commercial Partners
听