A COMPANY behind scientists undertaking cancer research will become the first Western Australian investment for the Medical Research Commercialisation Fund, receiving $650,000.
The company, MiReven, is a start-up dedicated to commercialising a molecule known as microRNA, which has shown promise as an anti-cancer agent during research through the WA Institute of Medical Research.
WAIMR declined to reveal how much equity the fund would take through its investment.
MRCF is run out of Sydney by Brandon Capital Partners but it has significant WA investment.
Perth-based superannuation fund manager Westscheme has backed the initiative, which also has funding from the governments of Victoria, NSW, Queensland and WA.
WA has committed $600,000 to the fund over four years to guarantee WAIMR’s participation as a founding member.
In April, WAIMR opened a 24-bed early phase clinical trials facility worth $9.4 million at QEII Medical Centre in Nedlands, and the McCusker Foundation recently granted it $1.5 million as part of its $110 million building program.