Good advice for NSW biotechs
Wednesday, 14 February, 2007
Applications for the NSW Government's BioFirst commercialisation awards are now open, offering local biotech companies the opportunity to further their international development as well as receive expert business advice.
This is the third year of the awards, which aim to provide financial and other assistance to help the winner with international business development plans.
Shane Coombe, senior manager for biotechnology with the NSW Department of State and Regional Development, said last year's winner was Neuromonics, which manufactures a device to assist people with tinnitus, and the runner-up was antibody developer EvoGenix. The winner of the inaugural award in 2005 was diagnostics manufacturer Medsaic, beating out CathRx, which has developed a range of cardiac catheters.
Coombe said the awards were open to any NSW company that has taken part in its BioBusiness program, which provides a range of grants for start-up and established biotech businesses in the state.
Prizes include:
• a cash prize toward international business development activities from Merck Sharpe and Dohme
• expert advisory services on tax and business structuring from PricewaterhouseCoopers
• expert advisory services relating to intellectual property protection and commercialisation from Allens Arthur Robinson
• expert advisory services on capital markets issues from eG Capital
• expert advisory services on technology commercialisation and/or business development from Invetech
• expert advisory services in media and public relations from Buchan.
Coombe said the prize from major sponsor Merck Sharpe and Dohme involved $8000 towards a business facilitation trip to North America. "Not only do they provide money for the trip but they undertake to assist the winner, and often the runner-up," he said.
Another former sponsor, the North of England Inward Investment Agency, has also confirmed it will be taking part again, he said.
The winner will be chosen by a judging panel made up of the sponsors and will be announced at a ceremony in June. The closing date for applications is April 20.
Applications forms can be downloaded from the DSRD's website at www.business.nsw.gov.au
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