New Zealand life science and medical research companies will be able to bid for millions of Australian dollars in funding to support new drugs and medical developments after the government signed up to Australia’s Medical Research Commercialisation Fund.
New Zealand will pay A$500,000 a year to be part of the fund, the same amount paid by Australian states, Science and Innovation Minister Steven Joyce said in a statement. The fund was set up in 2007 and other investors include Australian Superannuation funds. It is operated by Brandon Capital Partners.
Companies compete for investment and support for the pre-clinical development and commercialisation of discoveries. Early funding can receive up to A$3 million, with the potential for a further A$17 million in investment.