The Australian Government's Innovation Report

G2 Therapies – Biotechnology business
A biotechnology company developing and commercialising therapies in inflammation and cancer obtained
support through the Innovation Investment Fund Programme.
G2 Therapies is based at the Garvan Institute of Medical Research, which is one of the largest medical
research institutes in Australia. Its experienced team of scientists has demonstrated capabilities in target
discovery and validation, and antibody discovery and preclinical development.
In February 2006, its subsidiary, G2 Inflammation, signed a $138 million global research, development
and licensing agreement with healthcare company Novo Nordisk A/S.
G2 Therapies is utilising the skills and expertise of ANWIN Management Pty Ltd, a licensed fund
manager under the Innovation Investment Fund Programme. The AMWIN investment will assist G2
Therapies to promote its leading-edge capabilities in target discovery and validation, as well as antibody
discovery and the development of novel antibody based therapeutics.
Renewable Energy Equity Fund
The Renewable Energy Equity Fund (REEF) is a specialist renewable energy fund modelled on the existing
Innovation Investment Fund programme. Its objectives are to encourage development of companies and
other incorporated bodies that are commercialising R&D in renewable energy technologies and develop fund
managers with relevant industry experience.
The programme was developed jointly by the Australian Greenhouse Office and AusIndustry, which delivers
the programme on behalf of the Department of the Environment and Heritage.
Australian Government funding of $17.7 million is being provided, with approximately $26.6 million of total
capital available to the fund (when matched by private sector capital). REEF is managed under licence
agreement by CVC REEF Investment Managers Ltd.
At 30 June 2006, REEF had invested $18.8 million of Australian Government and private capital in 12
companies. Technology developments currently being supported include wind generation, long-life batteries
for use in remote and arid areas, biofuels and bio-energy.
More information about REEF can be found at: www.ausindustry.gov.au; and
www.greenhouse.gov.au/renewable/reef/index.html
Pre-Seed Fund
The Pre-Seed Fund (PSF) targets commercially promising R&D opportunities at the pre-seed stage from Australian
universities, CRCs and public sector research agencies.
It helps commercialise public sector R&D activities by further developing the management and entrepreneurial
skills of public sector researchers and building linkages with the finance and business community. This is being
achieved by establishing licensed venture capital funds managed by expert private sector funds managers in which
the Australian Government and private sector investors invest. A licence under the PSF programme operates
for 10 years.
The fund has a total of $104.1 million to support projects or companies spinning out from public sector research.
The Australian Government has provided $72.7 million of this capital, with the balance provided by private
sector investors, universities and public sector research agencies.
By November 2002, four venture capital funds were operational following a selection process by the Industry
Research and Development Board. The funds are managed by venture capitalists experienced in research
commercialisation and the development of sustainable businesses.
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