Minomic in deal with Hong Kong's CK Life Sciences

Private Sydney proteomics company Minomic has signed an agreement with a biotech backed by Hong Kong's billion-dollar Cheung Kong Group to collaborate on one of the biotech's anti-cancer compounds.

Minomic's founder and CEO, Brad Walsh, said the initial contact with CK Life Sciences -- which listed on the Hong Kong stock exchange in 2002 -- came through Minomic's partnership with instrumentation giant PerkinElmer. He said a meeting mid-last year with CK Life Sciences was the catalyst for the collaboration.

Minomic is to test one of CK Life's 20 anti-cancer compounds, both in vitro and in animal models.

"Their skill is in anti-cancer compounds from natural products," said Walsh. "That led us to speak about what proteomics may be able to do in helping them to define what's going on at the molecular level."

Walsh said CK Life's CEO, HL Kam, had been prospecting for opportunities in Australia recently. "I think it is a regional issue, but also they are aware of the calibre of medical research and preclinical work that's done in Australia, so they're looking for opportunities to tap into that."

He said Minomic's expertise in biomarkers could lead to better diagnostics, particularly for cancers.

The work will be supported by a AUD$525,000 federal government International Science Linkages grant, half of which will be provided by CK Life Sciences and half by the government.

CK Life Sciences is the biotech arm of the Cheung Kong Group, Hong Kong's largest property conglomerate, which is chaired by billionaire Li Ka-shing. It has an ongoing collaboration with two Victorian institutes -- Swinburne University's Graduate School of Integrative Medicine, and the Burnet Institute, with which it is trialling an HIV treatment based on Chinese herbal medicine. Last year, CK Life and Cheung Kong Infrastructure Holdings also acquired Victorian water supplier AquaTower.

Meanwhile, Minomic also won a $250,000 federal government grant in March for developing instrumentation to access the hidden part of the proteome. This will be matched by Minomic to take total funding for the project to $500,000.

In April, Minomic also took out first prize of $1500 in an 'on the spot' investment pitching competition at the NSW government's Biotechnology Week Australian Technology Showcase, and was one of nine finalists in the state's inaugural BioFirst Commercialisation Awards.