Media ReleaseThe Hon Ian Macfarlane, MP 3 May 2007Industry...

Media Release
The Hon Ian Macfarlane, MP
3 May 2007

Industry Minister Ian Macfarlane announced the funding offers in the third and final round of the Australian Government’s Pharmaceuticals Partnerships Program (P3).

The grants – ranging from $1.9 million to $7.6 million – will support research and development for new drugs to fight a range of debilitating and life threatening diseases.

“These projects have the potential to greatly enhance the health of Australians through innovative drug improvements from high-quality R&D,” Mr Macfarlane said.

“The research projects will also build on Australia's reputation for scientific and medical research expertise.

“Almost 3 per cent of the world’s health research and development expenditure is carried out in Australia. The $150 million P3 program is part of the Australian Government’s commitment to leverage Australian research and development.

“This investment by the Australian Government will make sure our home-grown research is commercialised in Australia for international markets,” Mr Macfarlane said.

Since inception of the program the Australian Government has offered $133.8 million in funding to 18 pharmaceutical companies.

Pharmaceutical R&D is also expected to benefit from changes to the 175% R&D Tax Concession announced in the Industry Statement this week. The beneficial ownership test for the 175% Concession will be changed to allow claims for R&D projects undertaken in Australia where the intellectual property is held overseas.

This change is expected to result in an extra $1 billion dollars of R&D investment in Australia over the next four to five years.

Attached is a list of the grant offers. More details about the grant offers and the successful applicants are available at www.ausindustry.gov.au.

Recipients of third round Pharmaceuticals Partnerships Program grants.
The companies offered P3 funding are:

• Progen Pharmaceuticals Ltd, Queensland - $4.6 million for development of novel compounds as therapeutics (including antiangiogenic compound PI-88) for the treatment of cancer and other serious diseases. [Dr Anand Gautam 07 3842 3340]

Full release:
http://www.minister.industry.gov.au/inde...