$53 million cash injection from Australian investors – one of the country’s largest-ever private-public health partnerships
Funds set to accelerate research and development by George Health and George Medicines – companies established by one of the world’s leading medical research institutes
Sydney, March 10 – The George Institute for Global Health today announced that $53 million from three Australian investors will now support the commercialisation of its world-leading research to address some of the biggest health challenges of our time. The investments are set to fast-track the growth of George Health Enterprises, the Institute’s commercial arm, and George Medicines, its late-stage drug development company.
George Health Enterprises will receive $33 million from Federation Asset Management and Bupa to accelerate the development of an innovative drug and technology pipeline, born from The George Institute’s research program and already proven effective in managing some of the world’s most common and life-threatening chronic diseases.
George Medicines will receive $20 million from the Government-backed Medical Research Commercialisation Fund Biomedical Translation Fund (MRCF BTF), matched by George Health Enterprises, that will see a $40 million financial boost to the development and commercialisation of several pioneering drug treatments for heart disease, high blood pressure and diabetes.
These conditions are amongst the nation’s biggest killers – an estimated one in two Australians have a chronic disease, and they are the leading cause of illness, disability and death. They also represent a rapidly emerging threat in underdeveloped countries, which has long been a focus of The George Institute’s research.
“In the twenty-first year since we established The Institute in Sydney, we’re excited to now embark on a new chapter of innovation and impact, taking our world-leading research – much of which has been supported by Australia’s ³Ô¹ÏÍøÕ¾ Health and Medical Research Council – and stepping up the commercial development of products targeting diseases that kill most people prematurely – not only in Australia but in most countries worldwide,” said Professor Stephen MacMahon, Co-Founder and Principal Director of The George Institute.
Staph Leavenworth Bakali, Chief Executive Officer and President of George Health Enterprises said: “We’re delighted that such a strong group of investors share our impact vision and are putting their money where it will make a difference to the health of millions of people, as well as delivering globally competitive financial returns.”
“George Medicines has a real and tantalising potential to revolutionise the ease of use, accessibility and affordability of medicines for cardiovascular and metabolic disease, in both the developed and developing worlds,” says Dr Ingmar Wahlqvist, Director at George Medicines and Senior Investment Manager at Brandon Capital.
The George Institute for Global Health has already seen almost a decade of business success since the establishment of George Clinical, a provider of clinical research services to the pharmaceutical and medical technology industries across Asia, Europe and the United States.
The Institute is ranked number one among Australian medical research institutes for impact and among the top fifty independent research institutes worldwide.
