UTS institute adds momentum to MRCF

Headed by Professor Ian Charles, ithree is the latest member of the Medical Research Commercialisation Fund (MRCF), which is providing vital seed funding to commercialise innovations from its member institutes.

The inclusion of ithree expands the MRCF to 31 medical research institutes and research hospitals across NSW, Victoria, Western Australia and Queensland, bringing on board ithree's inter-disciplinary approach to the diagnosis, treatment and prevention of infectious diseases in humans and animals.

Professor Charles said MRCF has a collaborative structure with each partner committing its specific expertise to the process of identifying and securing funding for the most promising innovations within Australia's life science industry.

"Each member institute provides the fund with a 'first right of review' of all their investment opportunities, while investors in the fund provide a dedicated source of investment capital to develop those that show the greatest  potential," Professor Charles said.

To date, the MRCF has invested in 12 projects, with this funding being substantially leveraged through grant funding and co-investment, leading to a total investment of over $55 million into these technologies, of which the MRCF has provided $12 million.

"Whilst our basic science is funded through research grants, to enable our discoveries to achieve their commercial promise we need access to seed and venture capital finance," Professor Charles said. "To this end we're looking forward to working with the other member institutes to ensure that Australian science realises its potential."

MRCF Principal Executive and Partner in MRCF Fund Manager Brandon Capital Dr Chris Nave said the fund had been impressed with the science and the ambitions of the ithree institute.

"As well as direct early-stage funding, the MRCF provides promising medical innovations with synergistic support from other medical institutes and state authorities and the financial management expertise to make them more attractive to commercial partners or conventional sources of later-stage investment. We are pleased to have ithree as part of this process," Dr Nave said.

The MRCF collaboration has $50 million of committed capital, including $20 million from the Australian Government under its Innovation Investment Fund (IIF) program and the remaining funds committed by the fund's founding investors Statewide Superannuation and AustralianSuper. It is underpinned with vital operations support from the governments of NSW, Victoria, Western Australia and Queensland.