SYDNEY: Minomic International Ltd. is pleased to announce that it is the beneficiary of a tranche of co-investment from the Advanced Manufacturing Growth Centre’s (AMGC) Commercialisation Fund and the Federal Government’s Modern Manufacturing Initiative.
One of 24 successful applicants, Minomic and its partners will commit a total of $793,856 towards the project, with $396,928 of these funds from AMGC. The investment will assist in commercialising MiCheck® Prostate that is designed to detect life threatening aggressive prostate cancer in its early stages.
MiCheck® Prostate overcomes the low accuracy of conventional screening tests to reduce unnecessary intervention such as painful biopsies and improve overall management of the patient.
The co-investment will boost Minomic’s commercial activities in Australia where it sees a need for a more effective test to detect prostate cancer here and abroad.
Minomic CEO Brad Walsh welcomed the announcement, “Our application was successful due to the fact the product is market-ready and addresses a critical need; the funding will help us accelerate the process.
The test addresses an unmet need for urologists which is a test with enhanced specificity to reduce unnecessary and painful biopsies and augment the MRI workflow.
Fewer biopsies will reduce patient’s anxiety, pain and the risk of drug-resistant infections.
The pandemic has shown the importance of boosting local innovation and sovereign capability in the biotech sector. Credit to the federal government for recognising this and we would like to thank them and AMGC for their support.”
Managing Director for the Advanced Manufacturing Growth Centre, Dr Jens Goennemann said, “Minomic’s innovative MiCheck® Prostate cancer test will revolutionise the way we test, detect and treat prostate cancer, both locally and abroad.
Minomic’s product demonstrates the breadth and depth of manufacturing talent we have in Australia and proves that by investing in all stages of manufacturing from pre-production and production to post-production, we can develop world leading products for global markets.”
Find the Minister’s statement here.