Bioscience fund joins the IIF program

The Brandon Bioscience Fund from Brandon Capital Partners has been chosen as the 11th fund to be fully licensed to operate under the Australian Government’s Innovation Investment Fund (IIF) Program.

Round three of the IIF program provides a further $200 million, in addition to $220.7 million in earlier rounds, to promote the commercialisation of Australian research and development.

Minister for Innovation, Industry, Science and Research, Senator Kim Carr, said Brandon Capital Partners had committed capital of $40 million and the Australian Government contributed $20 million. Westscheme and Statewide Superannuation have each contributed $10 million to the fund.

“The BBF1 IIF Fund will back entrepreneurs seeking to commercialise Australian life-science innovations,” Carr said.

“It is anticipated that the investment portfolio will have a range of investments in the areas of medical devices, human therapeutics and associated diagnostics, and supporting life science technologies.

“The fund’s investment strategy involves constructing a blended portfolio of seed and early expansion investments across a variety of biotechnology fields.”

Senator Carr said the IIF fund was proving to be a great boost for the Australian science industries.

“IIF fund managers have invested in more than 80 early stage companies and helped commercialise innovations in areas including information technology, signal processing, biotechnology and medical products,” he said.

For further information on the IIF program, visit www.ausindustry.gov.au.