The company, OncoRes Medical, has received a commitment of $4 million from the MRCF, with a further $2 million commitment expected to follow.
The State Government is a founding member of the MRCF. Through the departments of Health and Commerce, it has committed $2.67 million to the MRCF for the period of 2007-22.
acknowledges support from the Australian Government and the State Governments of Victoria, New South Wales, Western Australia, Queensland and South Australia.
The DNA from these PCR amplification products was purified and sent to MRCF
for sequencing to confirm the identity of the clones.
Ms Gago said the arrangements between South Australia and MRCF will enable the State Government to progress the state s strategic priorities.
The MRCF was established by Australian superannuation funds with support from the State Governments of Victoria, New South Wales, Western Australia and Queensland and is managed by Brandon Capital Partners.
I would like to congratulate Fibrotech, and major funder MRCF, on the agreement and the flow of significant funds into Victoria.
The Coalition Government has supported the MRCF with a total of AU$1.6 million, which has enabled them to establish and maintain operations in Melbourne, close to the country s leading research institutes and biotech companies.
The vast majority (over 75 per cent) of MRCF investment has been into Victorian projects, demonstrating the outstanding success and commercial potential of biotechnology development in the state.
Science and Innovation Minister John Day said the State Government s investment in the MRCF had produced real returns for the State s medical research sector.
"The MRCF assists medical research institutes to overcome the early stage funding gap that can be a major obstacle when attempting to commercialise new medical technologies, Mr Day said.
The MRCF is a national pre-seed investment fund dedicated to investing in early stage development and commercialisation opportunities emanating from Australia s medical research institutes.