University of Technology Sydney's (UTS) research body ithree has become the latest member of the Medical Research Commercialisation Fund (MRCF).


The ithree institute, headed by Professor Ian Charles, has become the 31st member of the MRCF.


Professor Charles said MRCF has a unique collaborative structure with each partner committing its specific expertise to the process of identifying and securing funding for the most promising innovations within Australia's life science industry.


"Each member institute provides the fund with a 'first right of review' of all their investment opportunities, while investors in the fund provide a dedicated source of investment capital to develop those that show the greatest potential," Professor Charles said.


To date the MRCF has invested in 12 projects, with this funding being substantially leveraged through grant funding and co-investment, leading to a total investment of over $55million into these technologies, of which the MRCF has provided $12 million.


"Whilst our basic science is funded through research grants, to enable our discoveries to achieve their commercial promise we need access to seed and venture capital finance," Professor Charles said. "To this end we're looking forward to working with the other member institutes to ensure that Australian science realises its potential."


The MRCF collaboration has $50 million of committed capital, including $20 million from the Australian Government under its Innovation Investment Fund (IIF) program and the remaining funds committed by the Fund's founding investors Statewide Superannuation and AustralianSuper.