GM wheat start-up secures venture capital in Perth

Perth-based biotechnology company, NemGenix Pty Ltd, has secured a $500,000 investment from the Murdoch Westscheme Enterprise Partnership fund, which supports projects arising from the university.

The investment was endorsed by MWEP advisor and Perth-based venture capital fund manager Stone Ridge Ventures.

NemGenix is currently undertaking a programme to develop genetically modified wheat with work to commence on sugarcane and barley later this year.

NemGenix's chief executive Dr Sean Hird said with climate change and a growing world population, there was now acceptance that GM crop development will play a pivotal role in increasing global food production.

"NemGenix, as Western Australia's only GM crop development company, is well placed to take advantage of this market opportunity," he said.

"We are delighted with the investment, and the endorsement of SRV. With the $320,000 grant from the Federal Government's Department of Education, Science and Technology, announced last month, and with other funding lined-up, we are now financially secure for the next 2 years."

Commenting on the investment, SRV stated, "we were impressed by the strength of the management team and their focussed business plan which is underpinned by world-class technology licensed from CSIRO".