Breakthrough Victoria and Monash University co-invest $2.25m in three medical startups
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The news: Breakthrough Victoria and Monash University have co-invested $2.25 million in three spinout companies — Myostellar, FytonBio, and Remagine Labs — through the newly launched Monash Ventures Pre-Seed Fund.
The investment aims to commercialise breakthrough medical technologies that could reduce pressure on Victoria's health system.
The numbers: The Monash Ventures Pre-Seed Fund is a $15 million initiative that has already assessed 13 startups and endorsed 10 for investment.
The funding is part of Breakthrough Victoria's $100 million University Innovation Platform. Breakthrough Victoria has committed over $480 million in capital to 36 companies and six funds, facilitating nearly $1.3 billion in co-investment across its portfolio.
According to an EY report, these investments are forecast to contribute up to $5.3 billion to the Victorian economy by 2035.
The context: The investment supports three companies developing innovative medical solutions: Myostellar's biologic therapy for Duchenne Muscular Dystrophy, FytonBio's antibody therapies for autoimmune conditions, and Remagine Labs' wearable drug delivery devices.
The initiative is part of a broader strategy involving seven Victorian universities to commercialise research with real-world benefits.
What they said: "These investments are a powerful demonstration of how the University Innovation Platform is working exactly as intended — backing world-class research at its earliest stages to successfully commercialise and deliver real-world solutions," said Breakthrough Victoria CEO Rod Bristow.
"At Monash, we are committed to transforming outstanding research into tangible outcomes that benefit our communities, our economy, and the world," said professor Sharon Pickering, vice-chancellor and president of Monash University.
The source: Breakthrough Victoria media release.
