AstraZeneca invests in Victoria's NeuProtect

Victorian drug development company NeuProtect has secured a new investor to support the development of its cardiovascular technology.

UK-headquartered pharmaceutical company AstraZeneca, through its venture capital arm MedImmune Ventures, has bought into NeuProtect in a financing round.

MedImmune co-led NeuProtect's second financing round with existing major investor Starfish Ventures. This represents MedImmunes' first investment in an Australian company.

NeuProtect is developing neuroprotectant and carioprotectant molecules aimed at reducing tissue damage in the wake of a heart attack or stroke.

The company was spun off from the Howard Florey Institute, the University of Melbourne and Neurosciences Victoria, and the underlying technology is based on research originating from these groups.

NeuProtect received initial pre-seed funding from Neurosciences Victoria and an AusIndustry Biotech Innovation Fund grant. Starfish Ventures then invested in the company during a funding round in February 2004.

MedImmune ventures is in the process of expanding its investment activities. AstraZenica has just committed an extra $100 million to the subsidiary, to be used for investments in the life science industry.

The company has indicated it will pursue additional international investments, which suggests that it may invest in more Australian biotech companies.