New SA fund to help early-stage companies

A new biotech funding initiative in South Australia, the BioCatalyst Program Fund, will provide grants of up to $250,000 to start up and early stage companies to help them commercialise their ideas.

South Australian biotechnology agency BioInnovation SA is administering the fund, which will provide grants to young companies on a dollar-for-dollar basis.

According to BioInnovation SA business development manager Neil Findlayson, the agency wanted to target start-ups and early stage companies as they had perceived a gap in the funding opportunities for these companies, who often were not far enough along to be eligible for Federal schemes like the Biotechnology Innovation Fund (BIF).

"We thought there was a window here for some of the South Australian companies we are trying to help," he said.

Noting that it could be hard for a young company to get everything in place before applying, the fund has some flexibility built in, allowing companies to use the grant to get matching funds, instead of requiring it to be in place before applying, Findlayson said.

Companies that have already received BIF grants or pre-seed funds from BioInnovation SA will not be eligible for the BioCatalyst grants, but Findlayson said that the grant might assist companies in attracting pre-seed funding.

The grants can be used for a variety of activities including proof-of-concept studies, protection of intellectual property, business planning, market research and development investment strategies.

Jurgen Michaelis, CEO of BioInnovation SA, said that the program would specifically encourage South Australia companies with promising biotechnology to find a commercial market.

Findlayson said that applications for less than $80,000 would be accepted at any time, while grants of $80,000 to $250,000 would have four application rounds a year. The first round is expected to close in mid-February.

For more information, see the BioInnovation SA website: http://www.bioinnovationsa.com.au