08 Dec 2011

World-class Australian medical research backed by the Australian Government’s Innovation Investment Fund (IIF) has been recognised by winning last night’s major award in the inaugural The Australian Innovation Challenge.

The invention of Nanopatch™ a needle-free vaccination to replace needles and syringes, is being commercialised by Vaxxas Pty Ltd, a company established with funding from the IIF. Leading the venture capital investment in Vaxxas is IIF manager OneVentures.

Vaxxas will stage clinical trials within the next three years. Nanopatch™, created by researchers at the University of Queensland, has the potential to revolutionise immunisation globally.

“Nanopatch™ will use less vaccine than a syringe, prevent needle-stick injuries and eliminate the need for vaccines to be refrigerated. Its greatest impact will be in countries where deaths from preventable infectious diseases are far too high,” Innovation Minister Senator Kim Carr said.

“This is cutting-edge research and innovation and is exactly why the IIF was created – IIF helps our great researchers and early-stage companies to commercialise such important products. Nanopatch™ is a perfect example of the power of Australian innovation.”

Nanopatch™ was last night’s manufacturing and high-tech design category winner and also won the top gong, beating other wonderful inventions in categories of agriculture and food, health, minerals and energy, ICT, education and environment.

Applications for Tranche 4 of IIF’s third round are now open and close on Monday 2 July 2012. The $100 million available to IIF fund managers under Tranche 4 will lead to $200 million of venture capital for early-stage investments. It offers a bridge to larger venture capital funds with the capacity to make significant longer-term investments.

“Through the IIF, the Australian Government aims to increase investment in growth companies and connect them with international markets,” Senator Carr said.

“We not only want to create high-value jobs and products that will boost productivity, but also enhance our international reputation for innovation and quality research.”

Details on IIF information seminars for applicants are available at www.ausindustry.gov.au/IIF or through the AusIndustry Hotline 13 28 46.

Source: Senator The Hon Kim Carr, Minister for Innovation, Industry, Science and Research
Date:  8 December
URL:  http://minister.innovation.gov.au/Carr/MediaReleases/Pages/IIFHELPSCREATELIFE-SAVINGTECHNOLOGY.aspx

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