Start-up Australia invests in bone-building tech

Venture capital fund Start-up Australia Ventures has invested AUD$3 million in junior biotech Caldeon, which is collaborating with the University of Western Australia to optimise osteoporosis drug leads which could reduce bone loss.

"This discovery is a genuine first in the bone metabolism field. This is the first agent to be discovered that specifically stimulates and protects the specialised cells responsible for forming bone," said Prof Ming-Hao Zheng, a co-discoverer of the compounds, along with Dr Jiake Xu and Dr Tony Phan.

Start-up Australia has $55 million under management. Its previous investmest include Alchemia, EvoGenix, Mimetica, Promics, Protagonist, Cortical, Iliad Chemicals and Replikun Biotech

The funding is to be supplied in milestone-based tranches.