Commercialisation funding of $13m for Australian biotech companies

The commercialisation of new Australian inventions, including an influenza test kit for pandemics, a bioherbicide to counter an invasive weed and a livestock pest control system, is being supported by $13m of federal government funding.

Twenty-nine companies, entrepreneurs and inventors will share the funding, being provided through the government’s Commercialisation Australia program.

Announcing the grants at the 2011 AusBiotech CEO Forum, Innovation Minister Senator Kim Carr said turning good ideas into successful products in the marketplace was essential if Australia was to get full value from its scientific and research capabilities.

Senator Carr said: “Getting a product into the marketplace requires a complex mix of technical understanding, market insight and financial resources. Through Commercialisation Australia, the government helps companies, entrepreneurs and inventors navigate these processes and take-up opportunities.

“Last week, the Gillard Labor Government renewed its commitment for Commercialisation Australia, allocating $278 million over five years to the program. Commercialisation Australia will receive $82 million annually thereafter. Since it opened for business, Commercialisation Australia has invested $45 million in 115 projects.

Senator Carr said Australia's biotech industry was a big winner through Commercialisation Australia, with more than 30 successful biotech-related applicants receiving grants totalling more than $13.1 million - almost 30% of funding allocated so far.

More information about Commercialisation Australia and all the projects funded through the program can be found at www.commercialisationaustralia.gov.au/OurParticipants.