New company will commercialise IMB outcomes

The University of Queensland has formed a new company, IMBcom, to help commercialise outcomes from research programs of the Institute for Molecular Bioscience.

The IMB is the centrepiece of a $105 million world-class research complex being developed by the University in partnership with CSIRO and other research agencies.

When complete in 2002 the IMB will establish Brisbane as an international centre of excellence in molecular bioscience and a major hub for bioindustries in the Asia-Pacific region.

Chief executive of IMBcom Professor Peter Andrews said: "The new company will drive an internationally competitive development and commercialisation program based on the research of the Institute. Initially IMBcom will be a virtual entity within the University's technology transfer company, Uniquest Pty Ltd, but we expect it to be incorporated as a separate company within the next six months."

"IMBcom will assist the IMB to achieve one of its primary goals, to ensure that its research strengths are ultimately developed by Australian industry. This in turn will help drive Queensland's economic growth and associated employment, which is a key requirement of the State Government's funding of the IMB," he said.

The company 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.

"Research at the IMB will develop new tools and treatments in pharmaceuticals, diagnostics and agriculture," he said.

"These discoveries will have significance in gene therapies for diabetes and cystic fibrosis. They will also be important in developing pharmaceutical treatments for pain, inflammation, cancer and bacterial and viral infections with lower toxicity and reduced side effects."

Professor Andrews said the IMB would play a key role in national and international pharmaceutical and biotechnology industries. The Institute would seek direct alliances with pharmaceutical companies as well as establishing spin-off companies of its own.

The interim board of IMBcom comprises the University's Deputy Vice-Chancellor (Research) Professor Paul Greenfield, Professor Andrews and UniQuest Pty Ltd Managing Director Dr David Evans.

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