Pfizer, Prana big winners in latest P3 round

Four Queensland-based companies, two Victorian biotechs and the NSW-based arm of an international pharmaceutical firm have received a total of AUD$46 million under the federal government's pharmaceutical partnerships program, known as P3.

Victoria's Prana Biotechnology (ASX:PBT) and Pfizer Australia were the biggest winners, each receiving the maximum grant amount of $10 million. The grant to Pfizer Australia will now trigger funding of AUD$36.4 million over four years for Australian collaborations from Pfizer international, Pfizer clinical research director Kristina Cabala revealed last year.

The grants were announced today by federal industry minister, Ian Macfarlane at the Melbourne headquarters of Starpharma (ASX:SPL), which received $5.6 million in R&D funding under the scheme.

Other grants went to:

• CBio -- $6 million to commercialise its treatments for inflammatory and autoimmune disorders.
• Peplin (ASX:PEP) -- $5.6 million to build on its treatment for non-melanoma skin cancer.
• Alphapharm -- $1.9 million for generic medicines.
• Alchemia (ASX:ACL) -- $7.8 million to develop carbohydrate-based therapeutics.

The P3 scheme is open to any company with a track record of undertaking drug R&D activity in Australia. Companies receive 30 cents for each additional dollar they spend on eligible R&D in Australia up to a maximum grant amount of $10 million. The federal government has now distributed just under 90 per cent of the funding for the five-year $150 million P3 program.