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Australasian Biotechnology (backfiles)
AusBiotech
ISSN: 1036-7128
Vol. 10, Num. 1, 2000, pp. 9
Untitled Document

Australasian Biotechnology, Vol. 10 No. 1, 2000, pp. 9

RESEARCH NEWS - Queensland Institute Gets Green Light

Code Number: au00005

The University of Queensland has been given the go ahead for the construction of the Institute for Molecular Bioscience at the St Lucia campus, following the acceptance by the Federal Government of the recommendations of the Parliamentary Standing Committee on Public Works.

Approval of the $50 million CSIRO component of the Institute clears the way for demolition of existing buildings to begin this month, and construction of the 35,000 square metre building which will house around 700 scientists and staff. The location of the Institute at St Lucia was challenged by a community group, but as a result of the Federal Government's clearance, the building is expected to be completed by 2002.

The University has also announced the formation of a new company, IMBcom, to help commercialise research outcomes and set up spin-off companies from research undertaken at the Institute. IMBcom will be the core of a cluster of new biotechnology companies initially including Promics Limited, Xenome and Genset Pacific Pty Ltd, a company formed from the merger of another spin-off company, Pacific Oligos Pty Ltd, with French biotechnology company, Genset.

IMBcom will also establish a Technology Development Seed Fund to develop spin-off companies to the point where they can compete effectively for early-stage venture capital in the open market.

Promics was established as a spin-off company from the former Centre for Drug Design and Development (now the Institute of Molecular Bioscience) to commercialise novel technology targeting a range of inflammatory disorders including rheumatoid arthritis, acute respiratory distress syndrome and sepsis.

Managed by Dr Alan Robertson, formerly of AMRAD, Fauldings and Glaxo Wellcome, Promics has received venture capital investment of $3 million from Start-up Australia and Rothschilds Bioscience Managers. Promics plans to oversee the testing of some of its drug candidates through to human clinical trials, while establishing relationships with pharmaceutical companies to jointly develop other discoveries.

Xenome Ltd was established early this year with seed funding of $2 million from publicly-listed company, Medica Holdings Ltd. Xenome, headed by Dr Roger Drinkwater, has licensed a number of new compounds discovered by the venom peptide research conducted at The University of Queensland, and will further test their pharmaceutical potential, particularly for treating neurological conditions. One molecule discovered and patented by the University has shown excellent potential for the treatment of intractable pain. This molecule has been licensed to AMRAD, and has been approved to enter human clinical trials early in 2000.

As part of Xenome's licence with the University, the company will receive the University's royalty income stream should the molecule successfully complete the transition to the clinical market. Several other molecules that have been licensed to Xenome are also good drug candidates, and are in the process of being patented and further developed.

The foundation scientists at Xenome are Dr Drinkwater, Dr Richard Lewis (Research Manager, pharmacology) and Professor Paul Alewood (Research Manager, peptide chemistry). These scientists have each worked with the venom peptide research programs either at The University of Queensland or at CSIRO.

Another biotech spin-off, Alchemia Pty Ltd was founded in 1995 to progress R&D and manufacture of carbohydrate compounds. It attracted over $8 million of funds from the Australian Technology Group, Medica Holdings, Coates-Myer and Co and others. Alchemia has invented an enabling technology that allows commercial synthesis of complex carbohydrate for fighting infections and disease, including cancer.

IMBcom will initially operate as an entity of the University's technology transfer company, Uniquest Pty Ltd, but will be incorporated as a separate company within the next six months.

The interim board comprises the University's Deputy Vice-Chancellor (Research), Professor Paul Greenfield, co-director of the Institute, Professor Peter Andrews, and Managing Director of Uniquest, Dr David Evans.

For further information about IMBcom, contact Dr Ashley Bowen on (07) 3365 1271.

Copyright 2000 - Australasian Biotechnology

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