Melbourne-based biotech start-up MecRx has secured a $4 million investment from the Medical Research Commercialisation Fund to advance its anti-cancer medications.
The funding, which the CSIRO helped to secure by undertaking a risk-sharing agreement, will focus on validating MecRx’s technology platform, which is being used as part of its anti-cancer research.
Under the deal, the CSIRO shared research and development costs in return for MecRx shares milestone payments. The CSIRO now owns a 14.6 per cent equity stake in the company.
“MecRx is a shining example of how the research and commercial sector can work together to accelerate Australian innovation and make a significant commercial impact,” said the company's board director Dr Chris Smith.
MecRx, which was founded in 2013, is testing a drug that it believes is showing promising signs of inhibiting a major driver of cell mutation in many cancers.
If the company’s research proves successful, it could begin testing the drug on cancer patients within a few years.