IMB ploughs Xenome profit back into science commercialisation
Friday, 06 May, 2005
The University of Queensland's multi-million dollar exit from unlisted Brisbane biotech Xenome has led to the establishment of a new $750,000 proof-of-concept fund for reinvestment in commercially viable research projects at UQ's Institute for Molecular Bioscience.
"This is an expression of IMB's commitment to commercialisation of its research funds," said IMBcom chief executive Peter Isdale.
IMB, and its commercialisation company IMBcom, will co-manage the fund.
"Investment will be made in any of the research within the 37 IMB labs that show themselves to move along commercial pathways," he said.
The average investment amount by the fund would be in the vicinity of AUD$50,000 to $70,000, according to Isdale. Although "we wouldn't preclude something bigger or smaller than that," he said.
The eventual return from the fund will come from the sale of the intellectual property.
The fund is based on the 'virtuous cycle' of commercialisation and is a relatively novel way for a University to reinvest capital.
"This is quite an innovative and farsighted approach towards translations of research outcomes in the applied sense," said Isdale.
"If universities and research agencies in general are serious about the commercial process, it is a wonderful way to help the labs within their systems to be motivated towards, and supplement, the commercial pathways."
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