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New R & D centre opens doors to medical breakthroughs.



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29 June 2005 05/XXX

NEW R&D CENTRE OPENS DOORS TO MEDICAL BREAKTHROUGHS

A state-of-the-art research facility housing some of the nation’s most promising multiple sclerosis R&D has been officially opened by Industry Minister Ian Macfarlane in Brisbane this morning.

Mr Macfarlane said the new headquarters of growing biopharmaceutical company CBio would accommodate an expanding research team developing world-leading treatments for autoimmune and inflammatory diseases.

“CBio is an innovative Australian company turning quality academic research into promising therapeutic products - and the Federal Government is right behind it,” he said.

“In April this year I was pleased to announce CBio as one eight companies nation-wide to receive funding under round two of the $150 million Pharmaceutical Partnerships Program.

“This program will deliver $5.97 million to CBio over the next four years - ensuring the company not only commercialises its world-class R&D in Australia, but also has the added confidence to recruit new staff and invest in important infrastructure for the task.”

Mr Macfarlane said CBio would use its P3 funding to support pre-clinical and clinical trials of its Cpn10 treatment for autoimmune and inflammatory diseases.

“Cpn10 is expected to have fewer side effects than current drugs on the market and so has the potential to dramatically improve the quality of life for sufferers of diseases like multiple sclerosis and rheumatoid arthritis.”

Mr Macfarlane said the treatment, if proven successful, would build on Australia’s global reputation as world-class pharmaceutical innovator.

“Despite the fact we have less than 1 per cent of the world’s population, Australia is home to almost 3 per cent of the world’s health R&D,” he said.

“Programs like P3 will make sure we maintain a track record of outstanding breakthroughs in medical research.”

P3 is a competitive grants program through which successful applicants receive 30 cents for each additional dollar spent on eligible pharmaceutical R&D in Australia.