McGauran hopes R&D Start scheme will return in 2003
Thursday, 12 September, 2002
The return of the Federal government's R&D Start grant scheme may be on the horizon, according to Federal Minister for Science Peter McGauran.
McGauran, who opened new laboratory facilities for biotech company Cytopia in Melbourne today, said that the Federal Government hoped that the scheme would recommence early in 2003.
"That is certainly our hope, but not yet our expectation," he told the audience at the opening.
Cytopia was a recipient of $2 million through the Start grant scheme in 2001 to develop a new drug for treatment of prostate cancer.
"Ian Macfarlane, who is the minister responsible, hopes it will recommence early in the new year and is doing everything in his power to ensure it," McGauran told Australian Biotechnology News afterwards.
"He is as keen and committed to its continuance as the research and innovation community itself. We know its effectiveness in commercialising research and its value especially to start-up and small companies."
AusIndustry's R&D Start grant scheme was abruptly halted earlier this year, after an unexpected demand for funds from existing grant holders caused a $40 million blowout in spending.
While the freeze on new funding means that companies seeking funds to commercialise their ideas have had to look elsewhere, existing grant holders have not been affected.
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