Investors inject $45m into SA health and biotech industry
The Adelaide China Biotech Investment Fund has today been launched – a new $45 million investment fund
that will accelerate the development and commercialisation of health and bio-technologies from SouthӰֱ for the global market.
The $45 million fund is backed by a group of private investors based in Nanjing, China. The group is led by MrAn LuFan, Executive Director of D&R Pharmaceuticals, one of China’s leading drug development companies.
The fund will support the commercialisation of health and biotech research from South Ӱֱ, enabling
researchers from the Ӱֱ of Adelaide, Ӱֱ of South Ӱֱ, the State’s hospitals and otherinstitutions to develop proof of concept, undertake clinical trials, and ultimately bring new drugs and additionaltechnologies into healthcare.
Minister for Trade, Tourism and Investment David Ridgway said today’s announcement is a great example ofhow private sector investment can help drive advancements in health research and in particular, thebiomedical industry.
“The Marshall Liberal Government welcomes private sector investment, it is further proof of businessconfidence in our state and it will create more jobs and boost the economy,” Minister Ridgway said.
Establishment of the fund has been led by Dr Stephen Rodda, Executive Director Innovation and CommercialPartnerships, Ӱֱ of Adelaide, and Dr JC Tan, Commercial Manager, UniSA Ventures.
“As the leading institution for health and biotech research in South Ӱֱ, the Ӱֱ of Adelaide ispleased to have the opportunity to tap into this new, significant source of funding,” said Dr Stephen Rodda.
“Funding from traditional Commonwealth sources will only advance research to a point, but not so far as to demonstrate the commercial potential of a new innovation. Access to such commercialisation funds is also
limited in Ӱֱ.
“This new fund will enable our research to be taken to the next level, creating opportunities for the State’s health and biotech industry. Importantly, this will in turn create healthcare outcomes for the community,particularly in the form of new drugs that otherwise would not have existed without such funding support,” DrRodda said.
Dr Viraj Perera, CEO of UniSA Ventures, said the fund “would help advance a number of early-stage health
technologies where funding is currently scarce”.
“It will help break down the barriers that many health innovations face in obtaining the money they need tomove their projects to stages where they become attractive for further capital injection.
“The establishment of this fund is a notable milestone in strengthening our local investment landscape,” DrPerera said.
Dr JC Tan, Commercial Manager of UniSA Ventures, said he looked forward to working alongside theӰֱ of Adelaide and the State’s leading medical institutions to share South Ӱֱ’s innovations withthe world.
Mr An LuFan – the former President and Chief Operating Officer of China Biopharmaceutical Holdings Inc(CHBP), a NASDAQ-listed pharmaceutical company – has a strong track record in biotech development. Hiscompany D&R Pharmaceuticals has two research and development centres and three manufacturing facilities,and distributes its products to more than 1800 hospitals across China.
The $45 million Adelaide China Biotech Investment Fund will use $5 million to invest in early stage projects to
achieve proof of concept. The remaining $40 million will be used to invest in projects that have demonstrated
commercial potential.
The fund will have a focus on drug development and clinical diagnostics.
Media contact:
David Ellis
Deputy Director – Media and Corporate Relations
The Ӱֱ of Adelaide
Mobile: +61 (0)421 612 762
david.ellis@adelaide.edu.au
For more information on the Ӱֱ China Biotech Investment Fund contact:
Dr Stephen Rodda, Executive Director Innovation and Commercial Partners