Burnet Institute has further strengthened its commitment to its China program,
finalising a multimillion-dollar investment deal for the Institute’s Nanjing-based company, Nanjing BioPoint Diagnostic Technology Ltd.
As part of the deal with Beijing-based investment firm, GuoMinXinHe, Nanjing BioPoint as an independent entity will transition to joint ownership between Burnet’s Hong Kong subsidiary and GuoMinXinHe.
The deal builds on the success of our 2013 Chinese government grant, which supported the establishment of the company, a fit out of laboratory and office space in Nanjing, and the hiring of key staff.
This further investment will facilitate plans to develop a low-cost point-of-care assay for liver function to proceed through to manufacturing and sales.
Burnet Director and CEO, Professor Brendan Crabb, said he expects BioPoint to develop into a vehicle for a pipeline of Burnet diagnostic innovations with ready access to domestic Chinese and global markets.
He said BioPoint, the first offshore commercial entity established by Burnet, had been in the planning for almost two years. As part of the long-term vision for the Institute’s presence in China, it is our intention that this initiative will eventually provide an income stream to support our non-commercial activities in China, through Burnet’s share of profits generated through the BioPoint business.
“I want to thank Board members past and present for their leadership and support to this unique venture in what is undeniably a very complex operating environment,” Professor Crabb said.
“This has been a high profile activity for Burnet in both the Australian and Chinese government and business sectors, and is helping establish the Institute as a leader and innovator in terms of engagement with the Chinese market. The China team within the Institute has worked tirelessly to deliver this strategic outcome – this is an important step forward for our long term future in China.”
Professor Crabb said he believes this business model, which is unique within Burnet’s existing portfolio of international programs, exemplifies a whole of Institute approach that Burnet is increasingly taking to achieving its mission.