The George Institute for Global Health has announced three Australian investors have committed $53 million to support the commercialisation of its research.
The organisation said 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. The pipeline is a product of The George Institute’s research program.
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 investigative 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 long-term 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 National 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.
According to Staph Leavenworth Bakali, CEO and President of George Health Enterprises, “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.