Burnet Institute has signed a AUD$5million agreement with GuoMinXinHe Investment Fund, Beijing to develop low-cost diagnostic tests to improve the health of millions of people in China and around the world.
The agreement between the two organisations was officially signed in Shanghai today as part of the Prime Minister’s Trade Delegation to China. The investment will support Nanjing BioPoint Diagnostics, established by Burnet in 2013 with support from a Chinese Government “321” grant.
Burnet Institute Director and CEO, Professor Brendan Crabb, said the investment in Nanjing BioPoint Diagnostics would utilise and adapt core technology developed by the Institute in Melbourne, underpinned by support from the Victorian and Federal Governments, to produce rapid, point-of-care diagnostic test technology for use in China and the rest of the world.
“The establishment of a new biotech company in this way is a very positive outcome for the Burnet Institute, and it shows the way for Australia’s internationally competitive medical research sector. Knowledge, in this case scientific knowledge, is one of Australia’s most valuable exports, but it can grow much more, this is an example of one way that can be achieved,” Professor Crabb said.
“The new enterprise will also lead to increased scientific exchange between Burnet Institute researchers and its Chinese counterparts, leading to further enhancement and development of new technologies. We look forward to working with the team from GuoMinXinHe, a strong and emerging investment fund in China. We are fortunate to have found a firm with such vision and energy to work with.”
CEO of AusBiotech Dr Anna Lavelle said the new partnership was a win for both Australian and Chinese research, building on many years of fostering stronger relationships with China to develop and grow the Australian biotechnology industry.
It is anticipated Nanjing BioPoint Diagnostics will commence R&D operations in its recently completed facility in the Jiangsu Life Science Technology and Innovation Park in the next two months.