Monash University-led biotech projects have been awarded AUD 2.5 million ($1.8 million) by the Australian biotechnology incubator CUREator to advance novel therapeutics and preclinical medical research. The funding will go towards addressing schizophrenia, cancer, inflammatory diseases, chronic obstructive pulmonary disease, and muscular dystrophy. Five projects received AUD 500,000 ($362,000) each, with four new Monash-led biotech companies being formed and one existing Monash spin-out receiving the funding. The projects include Phrenix Therapeutics, developing treatments for schizophrenia, and Myostellar, which is developing novel therapies for the treatment of muscular dystrophies. Flex Immunotherapeutics is working on innovative biologic drugs that harness the power of one’s immune system to treat cancer, while Omega One Therapeutics is exploring glutathione transferase Omega 1 inhibitors as anti-inflammatory therapeutics. The final project, RAGE Biotech, is developing preclinical treatments for chronic obstructive pulmonary disease.
CUREator is backed by the Australian Government’s Medical Research Future Fund $80 million Medical Research Commercialisation Initiative and is managed by Brandon BioCatalyst, the largest life science investor in Australia. Monash will also invest approximately AUD 200,000 ($145,000) into each new company to cover additional costs during the timeframe of the scheme and provide support to help the companies grow and attract further investment. Monash University Chief Commercialisation Officer, Dr Alastair Hick, said that the funding of these projects demonstrates the tangible impact university research can potentially lead to in helping to address some of the world’s most significant health issues. CUREator Head of Operations, Dr Simon Wilkins, said the preclinical stream is designed to bridge a critical funding gap in the biomedical innovation journey from innovation to translation. The research teams were guided by Monash Innovation together with faculty business development professionals to support the investment cases and build the new ventures, with the end-to-end process led by Monash’s Director of Commercialisation and Business Development (Life Sciences), Dr Kathy Nielsen.
