State funding for six NSW start-ups

Six early-stage biotechnology companies will share $649,000 in NSW government grants to assist in taking their biomedical technologies through to commercialisation.

The companies, which will receive funding of up to $100,000 over a two-year period are:

• Acyte Biotech, based at the University of NSW, which has developed a process to replicate cells that, once injected with human gene sequences, makes antibodies to fend off disease,
• AIMedics, at the University of Technology, Sydney, which has developed a device for the early detection of abnormally low blood glucose levels without having to take blood,
• CenTec, which uses antibody cells to target particular disease molecules, leaving the immune system intact,
• Proteome Systems' discovery program, which is developing early detection tests for the banned endurance drug, recombinant erythropoietin (EPO) in urine.
• Uscom, at Coffs Harbour, which has developed a non-invasive ultrasonic heart monitor that measures blood flow by sending ultrasound waves into the body, and
• Vaporex, in Balmain, which is developing a gas treatment using food-grade biocides to prolong the shelf life of a wide range of foodstuffs and control pathogenic organisms that present a major public health risk.

NSW Premier Bob Carr said the money would bridge the gap between good ideas and marketable products, an area where he said Australians needed to do better.

"With these [proof of concept] grants, we're helping six Australian firms ensure their good ideas don't end their life in the lab or go offshore," Carr said in a statement.

Carr told the NSW Parliament that the state's biotech was growing at 20 per cent per annum.

"This money is a top-up to the BIF grant we received for our research into drug testing", said Proteome Systems' executive vice-president Dr Nicki Packer. PSL's Discovery program has received $217,000 from the BIF grants, and now $98,000 from the NSW government.

"Because we have this additional grant, it allows us to look for increased funding from the international scene to further develop the technology for general protein drug testing," Packer said.

The team is working to improve the gel separation process of the human form of erythropoietin (EPO) from the drug form. EPO is used illegally by endurance athletes.