(AUSTRALIA)
Adelaide is going to be home to a major biopharmaceuticals factory capable of servicing the Australian and international markets.
GEN1 Biotechnology will operate the facility. And the company announced this month its latest funding round attracted AUD$8 million, which included investment from the South Australian Government’s Health Industries Fund, as well as private investors and local banks.
“This round of funding will support the company’s delivery of a factory in Adelaide that will benefit all Australians,” said Kishen Vijayadass, GEN1 Chief Financial Officer. “Adelaide has a vibrant, fast-growing life sciences community and the South Australian Government, through Health Industries South Australia, was very responsive to GEN1 and provided invaluable support.”
The ‘high-value injectable biopharmaceuticals’ due to be manufactured will provide medications for conditions including cancer and diabetes.
Chief Executive of Health Industries South Australia Marco Baccanti added: “According to GEN1, it has the potential to save South Australia up to $70m a year in medication spending.”
