SYDNEY, June 22, 2023 /PRNewswire/ -- Australia's newest biotech incubator is calling for innovative early-stage Australian biotechs to take up residency in its much-awaited Melbourne-based facility.
The "Jumar Bioincubator" will be supported by cash and in-kind contributions of approximately $45 million over ten years from its founding partners, global biotech leader CSL, WEHI, and The University of Melbourne, as well as an initial investment of $25 million from Breakthrough Victoria.
The incubator will connect early-stage and scaling biotech ventures with state-of-the-art facilities, infrastructure, and support needed to progress discoveries towards real-world treatments, while enhancing the opportunity to commercialise medical research.
This will help to support research translation - the process of moving innovative medical discoveries through the research pipeline to become new products - for businesses in areas such as pharmaceuticals, diagnostics, medical devices, digital health, bioinformatics, and health-oriented AI.
The name was inspired by the word "jumar", which refers to a mountaineering technique by which climbers receive the support necessary to efficiently scale and speedily ascend challenging mountains.
By providing a first home for young aspiring biotech ventures, Jumar Bioincubator similarly aims to help biotech entrepreneurs to ascend and scale the heights of their industry.
The incubator, which cost $30 million to build, will facilitate research commercialisation and innovation translation by providing biomedical scientists and researchers with access to knowledge and skills needed to run successful biomed and biotech companies.
A report by the appointed operator, Cicada Innovations, found that startups who receive incubator support have a much higher 5-year survival rate (85 percent) and accelerated growth trajectory (40 percent) versus standalone entities.
Jumar is Australia's first and only biotech incubator to be co-located with a leading biopharmaceutical company in a world-class biomedical precinct.
It aims to become a globally-recognised hub for innovation translation, research commercialisation, and talent development offering:
The Melbourne Biomedical Precinct was chosen as the ideal location for the innovative new hub due to its world-leading biomedical research including clinical research strengths in infectious diseases and immunology, neurosciences (including mental health), cancer, child health, and healthy aging.
Conveniently located just north of Melbourne's CBD, the Precinct is already home to over 40 hospitals and research, teaching, and biotechnology organisations.
Jumar will be located across two floors of CSL's new Global Headquarters and Centre for R&D in the Melbourne Biomedical Precinct when it opens its doors in September, and will be led by a newly-appointed general manager, Camille Shanahan.
Camille has over 15 years of clinical, scientific, and commercialisation experience in the biopharma sector, with a particular focus on the translation of medical research into clinical application.
Cicada Innovations was selected in a highly competitive global search due to its 23-year proven track record supporting deep tech startups which have, to date, raised over $1.8 billion in funding, achieved over $1.3 billion in exits and trade sales, filed thousands of patents, and launched innovations globally.
Cicada Innovations CEO Sally-Ann Williams
Sally-Ann Williams, CEO of Cicada Innovations, said: "By supporting young and maturing biotech companies to succeed, Jumar can be a catalyst nationally for growth in commercial biotech outcomes for Australia. Camille's passion for growing Australia's biotechnology industry has been evident throughout her career. Her experience and networks will contribute to building a thriving community - both inside Jumar, and connected to a thriving biotech ecosystem nationally."
Dr Andrew Nash, Chief Scientific Officer, SVP Head of Research, at CSL said: "To transition from a biotech start-up to a commercial success requires shifts in capabilities, processes, mindset as well as access to capital. Jumar Bioincubator residents, based at CSL's Global Headquarters and Centre for R&D, will receive hands-on support and work near a large and focused CSL R&D team. Aligned to our promise to patients, we are looking forward to supporting the resident biotech start-ups as they navigate the translation of their promising medical research into new treatments and therapies."
Professor Doug Hilton AO, Director at WEHI, said: "Accelerating great science for the benefit of our communities takes more than dedication in the laboratory. The Jumar Bioincubator will provide the essential support to scientist-entrepreneurs to take their discoveries to the next stage of development, faster."
Professor Jim McCluskey, Deputy Vice-Chancellor (Research) at the University of Melbourne, said: " The Jumar Bioincubator will provide early stage start-ups with the facilities and infrastructure to support the translation of their medical research into inventions and commercial outcomes to benefit our community. Situated within the Melbourne Medical Precinct the opportunities for collaboration and innovation are immense."
Grant Dooley, CEO of Breakthrough Victoria, said: "By providing the infrastructure, expertise and support founders need through the Jumar Bioincubator, we're investing in the next generation of company founders. It will help build a pipeline of investment opportunities in local innovation that can be developed in Victoria to improve people's lives and create jobs and investment in the state."
Biotech startups can submit expressions of interest here: www.jumarbio.com
CSL (ASX:CSL; USOTC:CSLLY) is a global biotechnology company with a dynamic portfolio of lifesaving medicines, including those that treat haemophilia and immune deficiencies, vaccines to prevent influenza, and therapies in iron deficiency and nephrology. Since our start in 1916, we have been driven by our promise to save lives using the latest technologies. Today, CSL – including our three businesses: CSL Behring, CSL Seqirus and CSL Vifor – provides lifesaving products to patients in more than 100 countries and employs 32,000 people. Our unique combination of commercial strength, R&D focus and operational excellence enables us to identify, develop and deliver innovations so our patients can live life to the fullest. For inspiring stories about the promise of biotechnology, visit CSLBehring.com/Vita and follow us on Twitter.com/CSL. For more information about CSL, visit www.CSL.com.
The University of Melbourne is a global leader in higher education where brilliant minds come together to address important questions and tackle grand challenges. We equip our students with a future-facing education personalised around their ambitions, enriched by global perspectives and embedded in a collaborative research culture. As active citizens and future leaders, they represent our greatest contribution to the world. We engage our communities to ensure that education and research is inspired by need and for the benefit of society. In this, we remain true to our purpose and will fulfil our mission as a public-spirited institution dedicated to the principles of fairness, equality and excellence in everything we do.
WEHI is where the world's brightest minds collaborate and innovate to make life-changing scientific discoveries that help people live healthier for longer. Our medical researchers have been serving the community for more than 100 years, making transformative discoveries in cancers, infectious and immune diseases, developmental disorders, and healthy ageing. WEHI brings together diverse and creative people with different experience and expertise to solve some of the world's most complex health problems. With partners across science, health, government, industry, and philanthropy, we are committed to long-term discovery, collaboration and translation. At WEHI, we are brighter together. Find out more at www.wehi.edu.au
Cicada Innovations (www.cicadainnovations.com) is the home of deep tech in Australia. Founded in Sydney, Cicada has a 23-year track record of developing deep tech ventures through its national incubators, commercialisation training, and community activities. Cicada brings together the entrepreneurs, scientists, business leaders, and policymakers to solve complex challenges with deep tech like the future of human health, food security and the climate crisis. Since its inception, Cicada has seen an unprecedented $1.3 billion in exits from six deep tech ventures, has helped over 300 companies raise more than $1.8 billion in funding, and has twice been named the 'Top Incubator in the World' by the International Business Innovation Association.
Breakthrough Victoria is an independent investment company established in 2021 to manage the Victorian Government's $2 billion Breakthrough Victoria Fund. Breakthrough Victoria invests in innovation for impact, supporting companies to commercialise new technologies that will create jobs and investment in Victoria and have a positive impact on people's lives. Learn more at breakthroughvictoria.com.
