The Victorian Government is providing funding of $1.6 million to support the operation of the Medical Research Commercialisation Fund over the next four years.


The Medical Research Commercialisation Fund is a venture capital fund that invests in early-stage commercialisation of medical research discoveries from its member medical research institutes and allied hospitals.


Speaking at the Undergraduate Research Opportunities Program 2011 Conference at Bio21 in Parkville,  the Minister for Technology Gordon Rich-Phillips said the funding represents a 33 per cent funding increase for the Medical Research Commercialisation Fund (MRCF).


Mr Rich-Phillips said PolyActiva  was an example of an innovative business benefiting from the fund. PolyActiva is a Victorian company conducting research with the Centre for Eye Research Australia to develop a world-leading technology for glaucoma treatment.


The fund has now facilitated access to over $2.4 million of investment to help PolyActiva progress its the development of its  new ocular implant technology for global markets.


Since its establishment in 2007 as a venture capital fund for early-stage commercialisation of research discoveries, the Medical Research Commercialisation Fund has invested over $6.8 million in new innovative Victorian businesses.