Australia must boost investment in university start-ups to strengthen the nation's capacity in medicine and science and avoid future gaps in supply or capability.
Stoic Venture Capital Partner, Dr Geoff Waring said the impact of COVID-19 revealed weaknesses in Australia's funding models to build capabilities in medicine and science.
"Australia remains too dependent on trading partners for imported ingredients, tools and services," Dr Waring said.
"It is critical that we build our nation's capabilities to be more self-sufficient in health care production so we are ready for another crisis."
Dr Waring said a shortage of early stageventure capital for medical technology was leaving innovators with limited resources to bring their inventions and patents to life.
"This could cripple Australia's response in future pandemic crises," he said.
"Medical grant programs such as the NSW Medical Devices Fund is a good example of how the government helps, although with its focus on medical devices it does not help with drug development"
Stoic Venture Capital is the Co-Investment Fund of Uniseed, a commercialisation fund which focuses on financing early-stage companies that emerge from member universities.
Stoic Venture Capital's portfolio is heavily weighted to healthcare and includes companies: that are building Australia's capabilities in:
- Digital cardiac patient care plans (Cardihab);
- Enhancing immunity to fight respiratory diseases (Ena Therapeutics);
- Drug development for treating kidney disease (Certa);
- Addiction rehabilitation (Kinoxis);
- Eye damage from diabetes (Occurx);
- Breast cancer treatment side effects (Que Oncology);
- Magnetic nanoparticles for cancer diagnosis (Ferronova); and
- Blood collection processing (Q-Sera).
Dr Waring said the fund was committed to growing its investment portfolio of early-stage health companies.
"These companies have all developed out of research by Australia's universities," Dr Waring said. "Our partnership with Uniseed helps us invest in these opportunities."
"This is ensuring that many important medical and scientific projects progress through clinical trials to eventual development and manufacturing.
"Importantly, it also supports a new ecosystem of jobs and innovation and capability that will assist Australia to grow its capabilities for the future."
Uniseed Chief Executive Officer, Dr Peter Devine said the relationship with Stoic Venture Capital has brought more funding to early stage ventures.
"This simplifies fundraising processes and allows us to develop investments further before larger funding rounds are required," Dr Devine said.
About Stoic Venture Capital
Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. We are unconditionally registered as an Early Stage Venture Capital Limited Partnership (ESVCLP). We take a collaborative approach to investing in the highest potential companies.
