Singapore, Dec 24, 2009: An independent analysis by Deloitte reported that the Victorian government’s investment in science and technology has created thousands of jobs, and will contribute to an economic benefit of $1.7 billion to Victoria.

The findings of Deloitte’s Impact Assessment of the Science Technology and Innovation (STI) Initiative report was launched at a meeting of international life sciences investors in Melbourne for the AusBiotech 2009 Conference—the Asia Pacific’s largest biotechnology event held on October 27, 2009. According to Mr Gavin Jennings—Innovation Minister, Victoria government, “The Brumby Labor Government in Victoria is taking action to secure the economy through investment in science and technology that this report shows will create jobs now and for future generations of Victorians.”

The minister says, “The Deloitte report shows that for every dollar of Victorian government investment, the contribution to our economy has been up to $3.56. This demonstrates the importance of our government’s sustained investment in science and technology projects, and clearly shows that we should continue this investment well into the future.”

The Victorian government’s investment included contributions towards major infrastructure such as the Australian Synchrotron, the Bio 21 Institute and the Melbourne Centre for Nanofabrication. “These are all facilities that contribute to the growth of the state. Many of these initiatives would not exist or would have been set up elsewhere if it weren’t for our government’s targeted investment.” Mr Jennings adds.

Speaking at the Summit, Mr Anthony Byrne, Parliamentary Secretary for Trade, Government of Australia says, “Australian researchers have consistently delivered innovative products to solve specific problems in health and agriculture. However, the perennial problems of funding and commercialization can make the path to success, difficult. The Rudd Government is committed to ensuring good ideas don’t fall by the wayside for lack of support and funding.”

“One way, we are doing that is through targeted co-operation with the private sector that encourages investors to take that chance. The Life Sciences Summit is an important initiative that gives Australian firms the opportunity to talk directly with dozens of leading national and global investors. The Australian Government, through our increased investment in R&D and the creation of Commercialisation Australia is helping foster this important sector of our economy and society,” Mr Anthony Byrne adds.

Currently, 75 biotech companies are listed in the ASX, with a market capitalization of $32.56 billion (about A$35 billion). On top of those, there are many unlisted, small-to-medium sized firms showing great promise. Securing funding now could provide a vital boost in the development of the next blockbuster drug like CSL’s cancer vaccine Gardasil, or ResMed’s sleep apnea device.

Australasian Life Sciences Investment Summit was organized by Ausbiotech, and sponsored by the Victorian State Government and Austrade.

Sienna showcases Dr Elizabeth Blackburn’s research
Melbourne-based company Sienna Cancer Diagnostics which is commercializing a cancer diagnostic test based on Dr Elizabeth Blackburn’s research into discoveries of telomerase, showcased its R&D to representatives of the local and international investment community at the Life Sciences Investment Summit.

Dr Kerry Hegarty, CEO, Sienna says “We are extremely proud to be associated with this Nobel Prize winning research, which is a testament to the innovative and world-leading R&D that is taking place in Australia.”

Sienna has an exclusive global license with US biotech firm Geron for use of its telomerase intellectual property based on Blackburn’s research for diagnostic applications. Geron is applying it to the development of its non-invasive assay to detect telomerase activity for the detection of various types of cancers.

Dr Hegarty was one of almost 40 Australian biotechnology companies who showcased their development pipelines and investment potential to investors at the Australasian Life Science Investment Summit. Besides Sienna, the presentations were made by a mix of listed companies in late-stage development, private companies with identified product/ opportunities and early-stage commercialization companies from research institutes and universities. This includes: CSL; Cochlear; ChemGenex; Starpharma; Biota Holdings; ResMed and Pharmaxis.

The Summit attracted national and international investors including angel investors, venture capitalists, fund managers, investment bankers and representatives of superannuation funds. Venture capital, arms of major pharmaceutical and biotechnology companies from Australia, the Asia Pacific region, North America and Europe also attended the Summit. International investors who took part in the Summit include: RBS Morgans, Blueprint, CM Capital Investments, Baillieu Stockbroking, GBS Venture Partners, GlaxoSmithKline, Eli Lilly; 5AM Ventures; BioTech Healthcare Partners; SMH Capital; Amgen and Bailard.