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Publish Date : 15-Apr-2014

The Chinese Government agreed to give grant support to Nanjing BioPoint Diagnostics, a company set up in China by Melbourne's Burnet Institute, to develop point of care diagnostics.

The $5 million agreement between GuoMinXinHe Investment Fund and Burnet Institute, Beijing, was officially inked as part of the Australian Prime Minister's Trade Delegation to China.

The investment will support Nanjing BioPoint Diagnostics in the development of low-cost diagnostic tests, such as a point of care assay for detecting liver disease, to enhance the health of people across the world and in China.

Set up by Burnet in 2013 with support from a Chinese Government ‘321' grant, Nanjing BioPoint Diagnostics is based within the Jiangsu Life Sciences & Technology Innovation Park on the outskirts of Nanjing, capital city of the Chinese province of Jiangsu.

Brendan Crabb, Burnet Institute Director and CEO Professor said the investment in Nanjing BioPoint Diagnostics would adapt and use core technology developed by the Institute in Melbourne, underpinned by support from the Victorian and federal governments.

Professor Crabb said, "The establishment of a new biotech company in this way is a very positive outcome for the Burnet Institute, and it shows the way for Australia's internationally competitive medical research sector. Knowledge, in this case scientific knowledge, is one of Australia's most valuable exports, but it can grow much more; this is an example of one way that can be achieved. The new enterprise will also lead to increased scientific exchange between Burnet Institute researchers and ... Chinese counterparts, leading to further enhancement and development of new technologies. We look forward to working with the team from GuoMinXinHe, a strong and emerging investment fund in China."

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