EvoGenix swaps dreams for reality with Start grant

EvoGenix has won $900,000 from the latest round of federal government R&D Start grant awards, adding a major boost to its R&D program over the next two years.

"We have been managing for the last couple of years on VC finding and small grants, but this grant will support us as we move into the next phase of our development," said EvoGenix CEO Dr Merilyn Sleigh.

"This is a real endorsement of our product and will no doubt enhance our ability to attract other funding in future. Last time we were at the BIO expo in the US we were selling dreams; now this year when we are there it will be selling reality," she added.

EvoGenix is developing a proprietary technology for altering and optimising proteins in order to produce a pharmaceutical for the $US3 billion osteoporosis market. Sleigh said the research was already reaping dividends, with animal proof of principle already completed.

The company is also using its technology platform to work with other companies in the Diagnostics CRC, and has recently signed an agreement with NZ-based Genesis Research and Development Corporation to jointly develop anti-inflammatory drugs against a novel immunomodulator target.

"We are also in discussion with a number of US companies, and plan to have a number of products in the pipeline in the near future. We are really pleased with progress," said Sleigh.

"Our first application for the Start grant was in January, but then we had to modify it and resubmit in March, so it has all happened really quickly.

"Our main theme is our first own product - the modified protein. Once we have that we have to hit the [potential licensees] at just the right time. They have the potential money; we just have to get to them when they need our product," she said.