Expansion for UniSA spin-off
A business development collaboration between two UniSA affiliated organisations is set to deliver real benefits to the biotechnology and pharmaceutical industries.
The Centre of Pharmaceutical Research (CPR), formerly part of UniSA’s Sansom Institute, has now been established as an independent company, after raising $2.5m capital to expand the business.
The success of the spin-off venture was supported by ITEK, UniSA’s commercialisation company, which raised capital for CPR and invested in the venture through its own Catalyst Fund.
The major investor was Terra Rossa Capital, Manager of the South Australian Life Sciences Advancement Fund. CPR was also successful in obtaining a $950,000 grant from SA’s Innovation and Investment Fund.
Born as a research centre at UniSA, CPR services Australian biotechnology companies and global pharmaceutical companies that are attracted to the advantages of conducting drug development in Australia.
CPR Chief Executive Jason Valentine said the new investment provided CPR with capital for vital infrastructure and business expansion.
"Raising this capital in the current global economic environment is a particular achievement and is testimony to the efforts of all involved," Valentine said.
"CPR has also recently acquired two mass spectrometers to help us service the bioscience sector."
CPR expects to create 26 new positions over coming years, targeting fresh graduates from pharmaceutical science, pharmacology and forensic science backgrounds.