May 29, 2017:
The development of a promising new treatment for peanut allergy in children will be the first project to receive $10 million in funding under the Turnbull Government’s Biomedical Translation Fund (BTF).
The Minister for Health, Greg Hunt, and the Minister for Industry, Innovation and Science, Arthur Sinodinos has announced the first investment commitment under the BTF. The BTF combines $250 million of Commonwealth funding to be at least matched by private capital secured by independent licensed fund managers to realise a substantial $500 million fund.
The purpose of this fund is to invest in Australian biomedical ideas with great potential for commercialisation. “The BTF is designed to change and improve the lives of Australians. This innovative solution to a lethal allergy experienced by so many kids and their parents in Australia and around the world has resulted from the great collaborative efforts of Prof Mimi Tang at the Murdoch Children’s Research Institute and Prota Therapeutics,” Minister Hunt said.
For further information go to www.health.gov.au/internet/ministers/publishing.nsf/Content/health-mediarel-yr2017-hunt055.htm