Early BioBusiness grants open

The NSW Government has opened applications for the BioBusiness Proof of Concept grant scheme, which awards grants of up to $100,000 to help companies commercialise their research.

NSW Minister for State Development, Ian Macdonald, today told the 5th annual Australian Biotechnology Summit that the grants would help create jobs and new opportunities in the life sciences in the state.

"In particular they will assist NSW biotechnology and medical device companies to take projects to early stage commercialisation, while at the same time stimulating innovation and driving productivity in the life science sector," Macdonald said.

Up to 10 grants will be awarded each year for four years to support up to half the cost of projects by companies with a turnover of less than $30 million.

"Demand for biotechnology products will continue to grow in line with demand for products that can improve quality of life and address environmental, industrial and agricultural challenges," Macdonald told the summit.

To be eligible, projects must take place in NSW, must incur at least 80 per cent of project expenditure in NSW and be of 18 months or less duration.

The BioBusiness Proof of Concept Grant application form and guidelines, including eligible expenditure, are available from the Department of State and Regional Development website at www.business.nsw.gov.au.