An Australian medical breakthrough that could revolutionise the way kidney disease is treated, supporting millions of patients, will receive $22 million.
Through the Federal Government’s Biomedical Translation Fund (BTF), fund managers Brandon Capital Partners will invest funding in Certa Therapeutics.
The funding will help commercialise Certa’s cutting edge kidney disease treatment, providing Australian patients with direct access to this medicine through clinical trials, while giving taxpayers an opportunity to maximise their investment.
By taking the drug, the patient is less likely to suffer from kidney failure and have a shorter life on dialysis.
The BTF consists of equal parts Commonwealth and industry funding, and is managed by private sector fund managers, who make investments in Australian biomedical ideas with great potential.
Minister for Health Greg Hunt said the $22 million investment in Certa was the largest single investment to date, and a terrific example of how BTF was supporting late-stage clinical development of promising new therapies in Australia.
“We expect the investment in Certa to bring hope of a longer and better quality life to Australians suffering with kidney disease,” Minister Hunt said.
“Kidney disease is common, harmful, and causes significant costs to individual sufferers and the Australian economy at large.
“This significant investment will not only benefit the individual recipients, but also improve the health and wellbeing of the nation.”
Minister for Jobs and Innovation Michaelia Cash said the BTF enabled the Australian Government and industry to jointly fund promising biomedical discoveries.
“The Biomedical Translation Fund was created to assist businesses at their most critical point— where they have an idea, but lack the funds to develop and get that idea to market,” Minister Cash said.
“We are putting more of our cutting-edge therapies on the fast track to market, where they are needed by people around the world. This means more opportunities for businesses to grow, export, and create Australian jobs, and builds a globally competitive, thriving health industry.”
Source: Australian Government