State funding for UQ's Institute for Molecular Bioscience

University of Queensland Vice-Chancellor Professor John Hay said the allocation of the first state-funding installment for the operation of the Institute for Molecular Bioscience (IMB) marked the beginning of an exciting new era in Queensland development.

Deputy Premier and Minister for State Development Jim Elder today handed over $3.75 million to the university as the first part of a 10 year program to partly fund the operational costs of the Institute.

Professor Hay praised the state government for its foresight.

'This funding helps to create a climate in which investment in biotechnology is encouraged. We can see this approach is already paying dividends with the establishment this year of a series of IMB spin-off companies,' Professor Hay said.

"The commercial linkages, which flow on from these new companies, will benefit Queensland and the nation, with tremendous potential in terms of employment and wealth creation."

Co-director of the Institute for Molecular Bioscience Professor Peter Andrews says the funding allocation is an important step towards building a vibrant new economy.

'If Australia is to take full advantage of our brain power to build a knowledge-based economy, there needs to be a massive cultural change amongst scientists, the investment community, governments and industry,' Professor Andrews said.

'These cultural changes are typified by what is happening in the Institute for Molecular Bioscience, which brings together Research and Development, commercialisation, Queensland government funding commitments and spin-off companies.'

A $105 million dollar building to house the IMB and CSIRO facilities at The University of Queensland's St Lucia campus will be completed by 2002. It will accommodate more than 700 scientists making it the largest biological research centre in Australia.

The Queensland Government is to provide $77.5 million in operating funds over 10 years, plus $15 million in construction funding over four years. Additional funding is being provided by The University of Queensland, the federal government, a private donor, research funding bodies, industry partners and investors.

For further information contact Peter McCutcheon at UQ Communications on 07 3365 1088 or 0413 380012 or send an email