$4.8m for biotech innovator

THE Federal Government is backing a Ballarat-based medical science company to develop and commercialise cryopreservation technology aiming to evolve the management of blood for lifesaving treatments.

Announced late last week, the government’s $4.8 million grant through Australia’s Industry Growth Program will enable Vitrafy Life Sciences to develop a second generation smart-freezing device used to preserve blood and blood products, setting a new standard in the market.

Federal Minister for Industry and Innovation and Minister for Science Tim Ayres said businesses like Vitrafy are putting Australian innovation on the global stage and opening the door to international markets.

“By backing businesses like Vitrafy…we’re helping to ensure more things are designed and made right here,” Mr Ayres said.

“When we support local know-how we bolster the economy, keep talent on-shore and increase investment opportunities for a Future Made in Australia.”

Vitrafy’s new technology addresses challenges in the current blood cryopreservation processes, such as high levels of cellular death and damage, enabling users to effectively store and use blood products in critical trauma scenarios.

The investment is also helping Vitrafy to expand its local manufacturing capabilities and support global commercialisation.

Vitrafy Life Sciences co-founder Brian Taylor said the funding is enabling the business to accelerate commercialisation and scale the manufacturing of its cryopreservation technology for global deployment.

“It marks a pivotal step in delivering an Australian-built and owned innovation to healthcare systems worldwide,” Mr Taylor said.

Member for Ballarat Catherine King said Vitrafy is “doing something truly unique right here in Ballarat”.

“Supporting leading, regional Australian companies such as Vitrafy to scale their local manufacturing and innovation capabilities is what the Industry Growth Program is all about,” Ms King said.

“We often hear about the brain drain affecting our regional areas.

“Vitrafy is providing exciting and meaningful professional opportunities for scientists, engineers and speciality skillsets to work here in Ballarat, which is one of the many reasons why we are so proud to support their work.”