Biotechnology commercialisation boom begins from IMB

The University of Queensland and the Queensland Government today announced the launch of a cluster of new biotechnology companies and multi-million dollar deals associated with the $105 million Institute for Molecular Bioscience at UQ.

University Vice-Chancellor Professor John Hay and Deputy Premier Jim Elder announced the formation of the companies at a Brisbane Customs House function at 10.00am.

The key IMB commercialisation company, to be known as IMBcom, will help commercialise outcomes from Institute research programs and foster the development of spin-off companies.

Professor Hay and Mr Elder also announced the formation of IMB spin-off companies Promics Ltd and Xenome, and the international merger of another spin-off-company Pacific Oligos Pty Ltd with French interests to create a new entity Genset Pacific Pty Ltd.

Professor Hay said the commercial developments underlined the importance of the IMB and showed that the Queensland Government's strong focus on investment in biotechnology was already paying dividends.

"The IMB is now established and by 2002 will be located in a state-of-the-art research complex being developed by the University in partnership with CSIRO and other research agencies at the St Lucia campus.

"Today we launch the next step in the process, the commercial linkages which flow on from new companies which will benefit Queensland," he said.

"The IMB will be a powerful magnet for investors. It is the centrepiece of a world-class research complex," he said.

When complete the IMB will establish Brisbane as Australia's centre of excellence in molecular bioscience and be a major hub for bioindustries in the Asia-Pacific region.

IMB Co-director Professor Peter Andrews said the new companies were among spin-offs and established companies clamouring to be associated with the IMB. He said the IMB would result in significant economic returns to Queensland, creating many new jobs in biotechnology.

"Biotechnology development will inject billions of dollars in the long term to the economies of Queensland and Australia," he said.

In summary, key companies linked with the IMB are:

o IMBcom, the umbrella company which will handle commercialisation of research developments.

o IMB spin-off Promics Pty Ltd starts life with $3 million investment from venture capitalists Start-up Australia of Sydney and Rothschilds Bioscience Managers. Promics has been established to commercialise the results of novel technology developed within one of the key research groups in the IMB. The project targets a range of inflammatory disorders.

o IMB spinoff Xenome Ltd has attracted $2 million from publicly listed company Medica Holdings Limited to develop new drugs for treating pain. Xenome is a pharmaceutical research and development company specialising in the discovery of novel bioactive peptides from the venoms of Australian animals, particularly marine cone shells and spiders.

o Genset Pacific Pty Ltd, results from a merger involving Pacific Oligos Pty Ltd,an earlier spin-off company of The University of Queensland, with Genset, the premier French biotechnology company specialising in genomics and manufacture and distribution of synthetic DNA material.

o Biotech spin-off Alchemia Pty Ltd, which specialises in discovery and manufacture of carbohydrate compounds, was founded in 1995 by researchers including key scientists involved in the IMB. Over $8 million has been raised in funds from the Australian Technology Group, Medica Holdings, Brisbane venture capitalists Coates-Myer and Co and others. Alchemia has invented an enabling technology that allows complex carbohydrate synthesis in an economical and efficient manner for fighting infections and disease, including cancer.

People interested in commercialisation opportunities associated with the IMB can contact Dr Ashley Bowen, telephone 07 3365 1271, email: a.bowen@mailbox.uq.edu.au

Media: Further information: Professor John Hay telephone 3365 1120 or Professor Peter Andrews telephone 07 3365 1276, email: imb@imb.uq.edu.au