Getting your shots at the doctor could be a pain-free experience thanks to the commercialisation of a needle-free vaccination called NanopatchTM – made possible by the Australian Government’s Innovation Investment Fund.

Created by researchers at the University of Queensland, NanopatchTM will use less vaccine than a syringe, prevent needle-stick injuries and eliminate the need for vaccines to be refrigerated.

The product is being commercialised by Vaxxas Pty Ltd, a new company established with funding from the Innovation Investment Fund. The formation of Vaxxas will allow for clinical trials to be conducted within the next three years.

Innovation Minister Senator Kim Carr said NanopatchTM was an example of translating world-class Australian research in cutting-edge technologies like nanotechnology into world-first innovative products.

“It can be difficult for our researchers and early stage companies to attract funding to commercialise their great ideas. That’s why the Innovation Investment Fund was introduced,” Senator Carr said.

“I am also pleased to see that in addition to the Government’s investment, NanopatchTM has attracted investment from overseas. This highlights the great investment quality of Australia’s strong research base.”

The research to develop NanopatchTM has been eight years in the making and is led by Professor Mark Kendall at the Australian Institute for Bioengineering and Nanotechnology.

Since it began in 1998, the Innovation Investment Fund has committed a pool of $644 million of government and private capital to invest in promising early-stage companies. It has licensed 16 new venture capital innovation funds that have helped 102 Australian businesses commercialise original research.

The Fund is a venture capital program that co-invests with private sector investors in new innovation funds and fund managers with expertise to commercialise the outcomes of Australian research. The Fund complements a range of innovation programs, including the Research and Development Tax Concession and Commercialisation Australia.

For more information on the Government support for research, development and commercialisation, visit www.ausindustry.gov.au. For more information on NanopatchTM, visit www.one-ventures.com.

2 Aug 2011.