South Australia reaps $45m healthcare fund

Adelaide China Biotech Investment Fund officially debuted yesterday with $45m in capital to back biotech research from South Australia-based institutions including University of Adelaide and University of South Australia (UniSA).
The funding comes from a group of private investors led by An LuFan, the executive director of China-based drug developer D&R Pharmaceuticals.
Adelaide China Biotech aims to drive pharmaceutical and clinical diagnostics research at South Australia’s universities, hospitals and research institutions.
The fund has earmarked $5m to help early-stage projects achieve proof-of-concept, and $40m to invest in projects with proven commercial potential.
Ultimately, the goal is to bring new products to market, building on sources of research funding already on offer from the central Australian government.
Adelaide China Biotech Investment Fund was pioneered by Stephen Rodda, executive director for innovation and commercial partnerships at University of Adelaide, and JC Tan, commercial manager at UniSA Ventures, the commercialisation and asset management arm of UniSA.
Viraj Perera, chief executive of UniSA Ventures, said: “[The fund] will help break down the barriers that many health innovations face in obtaining the money they need to move 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.”