Further funding for biotech spin-off

The latest Institute for Molecular Bioscience (IMB) biotech spin-off company, Mimetica, has received a quarter of a million dollar boost to drive the investigation and development of new molecules which have the potential to impact on a wide variety of human diseases.

Mimetica`s chief scientist Dr Peter Cassidy said this latest funding boost included $125,000 from both the Queensland State Government`s BioStart program and StartUp Australia.

"Essentially this latest round of funding enables Mimetica to hire additional scientists to pursue promising drug leads in molecules that have been implicated in a broad range of human ailments including obesity, erectile dysfunction, hypertension and schizophrenia," Dr Cassidy said.

"Mimetica is in the business of making molecules using a new Queensland-developed technology that mimics the shape and function of biologically important peptides.

"The peptides are biological keys fitting into biological locks and they affect a wide variety of processes involved in human diseases.

"Mimetica`s goal is more specific drug molecules that are easier to deliver to the target area and have fewer side effects than current pharmaceuticals."

CEO of IMBcom, the commercialisation arm of the IMB, Professor Peter Andrews said that the new round of funding was a further vote of confidence in Mimetica`s technology and the research excellence flowing from the IMB at The University of Queensland (UQ).

"Mimetica is a great example of a leading-edge technology being coupled with entrepreneurial flair to form a company that will help Australia get a fair share of the enormously lucrative international pharmaceutical industry," he said.

"Peter Cassidy is a great success story and fantastic role model for young scientists interested in biobusiness. Peter developed Mimetica`s technology while he was a PhD student at the IMB, and since then has been the major player in getting Mimetica to where it is now."

The IMB at UQ is one of Australia`s leading research and development institutes. It is committed to undertaking world-leading research programs to better understand human and animal biology and contributing to world knowledge leading to improved health care, diagnostics and new pharmaceuticals.

Media: For further information, contact Russell Griggs (telephone 07 3365 1805) or Helen Weatherley (mobile 0421 056 980).