Stem Cell Centre relieved by fed funding top-up

The National Stem Cell Centre has received a substantial boost in the form of an extra AUD$55 million in federal government funding to support it through the period 2006-2011.

NSCC CEO Dr Hugh Niall said the additional funding had extended the horizon out beyond the first round of funding, which is due to end in June 2006. The total funding allocated to the NSCC now stands at $108.55 million, including the original $43.55 million tranche and the Victorian government's $10 million contribution.

Niall said the commitment to continue funding the NSCC demonstrated that the government recognised the progress the NSCC was making in reaching agreements with researchers, commercial agreements and educational programs.

"We now have some certainty moving forward," he said. "They've recognised that we are off and running, and making good progress."

Making the news even sweeter was the fact that the NSCC did not have to apply for the second tranche of funding -- the initiative came from the government, said Niall.

The support from the federal government also points to a growing understanding of the long timelines required to achieve tangible results in the biotechnology industry. "Sustainability over the long term is not an overnight event [in biotech]," said the NSCC's chief operating officer, Dr Dianna DeVore. "Having that kind of [long-term] funding scheme and having the government support us speaks very highly of the Commonwealth government."