Melbourne biotech firm creating affordable medications with $250,000 grant support
Iliad Chemicals is an innovative biotechnology company based in Melbourne whose growth and success has been attributed in part to venture capital from the Federal Government's Innovation Investment Fund.

This company intelligently devoted this government-sourced venture capital to the research and development of new medications used to treat a variety of serious and life threatening illnesses, including multiple sclerosis and cancerous tumors.

Iliad Chemicals uses innovative means of research and development that extend far outside the traditional methods employed by its competitors, giving it a competitive edge. The company successfully uses MultiCore technology, a complex suite of integrated synthetic methods, to access classes of drug-like compounds that are necessary for development of these new medication advancements. The technology allows Iliad Chemicals the ability to recreate and synthesise bioactive molecules with complex ring structures, paving the way for new drug discoveries that are critical to promoting a better quality of life and improved health for people across the globe.

While this technology has been too costly for its competitors to use, the venture capital provided through the Innovation Investment Fund has provided the financing necessary to take Iliad's research to the next level. Through this technology, the company has been able to create new and patentable molecules that are able to be synthesised in fewer steps, reducing the production cost to manufacture these ground-breaking medications. "Iliad's achievements over the last few years has been substantial. AusIndustry's assistance through the IIF was a critical factor in Iliad's success," said Dr Deborah Rathjen, former chief executive of Iliad Chemicals, during an interview with an AusIndustry representative. Iliad Chemicals was able to reach its full potential in its innovative use of new technology for medication breakthroughs in large part due to the venture capital made available from the Federal Government's Innovation Investment Fund.

Recently, Iliad Chemicals was purchased by the biotechnology firm Bionomics Limited, another biotech firm that specialises in research and development of medications related to the treatment of cancer, and central nervous system disorders. Through this acquisition, Bionomics Limited has benefited from an enhanced chemistry capability that will aid the internal development of its research and development programs. In the AusIndustry interview, Dr. Rathjen, who now serves as CEO for Bionomics Limited said, "Now, as part of Bionomics, we're looking forward to processing the cancer compound, or vascular targeting agent, into clinical trials."

Disclosure: Dr Deborah Rathjen is a member of Innovation Australia, an independent statutory body which administers specific Australian Government programs to encourage and support innovation and venture capital in industry.

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