New BIF funding up for grabs

An undisclosed amount of new funding will be made available in the sixth round of the federal Biotechnology Innovation Fund (BIF), newly rebadged as part of the $1 billion, five-year Commercial Ready program.

"Commercial Ready will cast a much broader net, providing grants for ‘proof of concept’ projects in all industry sectors and I expect the biotechnology sector to be a major recipient of those grants," said Federal Industry Minister, Ian Macfarlane.

"We will have Commercial Ready up and running in the coming financial year but right now I urge the biotech sector, one of our cleverest industry areas, to make the most of this opportunity to access a grant under the Biotechnology Innovation Fund."

The Biotechnology Innovation Fund began in 2001 under Backing Australia’s Ability as a $40 million program. It is designed to help bridge the funding gap between research and early commercialisation

The previous five funding rounds have awarded a total of $36.1 million to 160 projects.

During the current industry consultation period, all projects will be assessed on a competitive basis.

The closing date for applications is Thursday, 15 July 2004.