Filling drug discovery gap
MedChem Australia will be headquartered at the Monash Institute of Pharmaceutical Sciences (MIPS) and will bring together three leading medical chemistry groups in Australia from MIPS, WEHI and the University of Sydney.
The trio, in collaboration with Therapeutic Innovation Australia (TIA), will guide early-stage projects through the process of identifying drug candidates with potential commercial value.
In addition to the government’s generous investment, the four partners will together contribute more than $5 million toward the establishment of MedChem Australia, bringing the project’s total seed funding to around $15 million over five years.
MedChem Australia will help to fill a significant capacity gap in the drug discovery pipeline.
This gap exists between fundamental drug discovery biology programs and the generation of defined and optimised candidate drug molecules that have the potential (and value) to attract the commercial partnerships required to support formal clinical development programs.