Biopharmaceuticals Australia has announced that US company ZZ Biotech has established an Australian affiliate with the assistance of a grant from the organisation established and owned by the Queensland State Government.
Biopharmaceuticals Australia (BPA) is an industry development company wholly-owned by the Queensland Government. It has established a $65 million manufacturing facility and teamed-up with Patheon Biologics as its long-term commercial operator.
BPA offers grants of up to $25,000 to encourage international companies to establish a local entity as the base for drug development programs. Larger grants of up to $250,000 are also available to provide supported-access to Patheon’s Brisbane plant.
BPA has committed over $1 million to supporting biotech companies since the creating of its Biopharmaceutical Development Fund in 2014.
ZZ Biotech’s lead product, 3K3A-APC, has neuroprotective and anti-inflammatory activities which show promise in the treatment of acute ischemic stroke. Ischemic stroke is the third leading cause of death and the most common cause of disability in industrialised nations. the product has completed a Phase 1 safety study in healthy human volunteers and is currently in a Phase 2a study in stroke patients.