US company calls Melbourne home

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A US biotechnology company developing cutting new treatments for neurologic and psychiatric disorders has chosen Victoria as its next home.

Praxis Precision Medicines will establish its Asia Pacific headquarters and research and development centre in Parkville. The move is expected to create at least 100 jobs.

Praxis, founded by Dr Kiran Reddy, is a biotechnology company born out of more than a decade of research with the Florey Institute of Neuroscience and Mental Health focused on delivering new medicines for patients with disorders including epilepsy, autism and mental illness.

Victoria’s medical technologies and pharmaceuticals industry employs more than 23,000 people and generates more than $12.7 billion in revenue per year.

“More and more global players are choosing Victoria as their home base in Australia – and Praxis moving to Parkville will not only create jobs and boost the economy, it will potentially improve the lives of millions of people,” said Victoria's minister for economic development, Tim Pallas.

“We’re seeing the beginnings of a new era for medical entrepreneurship for the state,” added the minister.

“With the help of the Victorian Government, we’ve been able to build relationships with Victoria’s renowned research institutes and skilled partners that has helped us to establish our footprint here and access local talent,” said Praxis CEO Dr Kiran Reddy.