UniQuest and Axiom Molecular sign $4.3m strategic alliance
Strategic alliance summary
- The total transaction value of the deal is A$4.3 million.
- Axiom Molecular gains multi-year use of CAI facilities to produce Positron Emission Tomography (PET) radiopharmaceuticals for the diagnosis of cancer and brain disorders.
- Axiom Molecular will enhance a laboratory in the CAI to a Good Manufacturing Practice (GMP) environment.
- CAI researchers are able to use the GMP capability for its own research as well as research collaborations with other Australian researchers and biotechnology companies.
- Axiom Molecular will fund a number of scholarships for Research Higher Degree students at UQ.
- Axiom Molecular will make a corporate venture equity investment in MoleQular Pty Ltd, a start-up company formed with UniQuest, to research, develop and commercialise novel radiopharmaceuticals for the diagnosis of cancer and brain disorders.
- UniQuest will license to MoleQular Pty Ltd a radiopharmaceutical technology which was discovered by CAI researchers at UQ and which is the subject of a patent application.
- MoleQular will fund several radiopharmaceutical research and development projects at UQ including that already licensed from UniQuest in the founding agreement.
- MoleQular, with the benefit of Axiom Molecular’s expertise in the production, sales and distribution of commercial radiopharmaceuticals, will be responsible for the commercialisation of the outcomes from the R&D projects. These projects will benefit from joint teams that will oversee and steer the development and commercialisation process.
About Axiom Molecular
Axiom Molecular was recently established to provide radiopharmaceutical products, equipment and world class services to the nuclear medicine community in the Asia Pacific region. Axiom Molecular is led by Jay Simon, CEOi, and Mathew Farag, Managing Director, who together have over 40 years of combined expertise in radiopharmaceuticals and nuclear medicine.
About the Centre for Advanced Imaging www.cai.uq.edu.au
The CAI represents a major enhancement of the imaging capabilities at The University of Queensland. It brings together the skills of a critical mass of researchers in a new 5-story facility (due for completion in 2012) which will house a cyclotron (an IBA Radiopharma Solutions Cyclone 18/9), radiochemistry, ultra-high field human MRI instrumentation and other ‘state-of-the-art’ research imaging instruments. Radiotracer development and production in-house will support leading edge molecular imaging programs utilising the PET-CT and MR-PET facilities. It is the only facility of its type in Australia, and one of only a handful in the world. The University of Queensland is the lead institution in the National Imaging Facility (NIF; http://www.anif.org.au/). Across NIF's grid of imaging facilities with nodes in Queensland, New South Wales, Victoria and South Australia, it provides a range of leading-edge imaging instrumentation and advice and assistance in the optimal use of imaging to the Australian research community. The CAI has been funded by the Commonwealth Government through the National Collaborative Research Infrastructure Strategy (NCRIS) and the Education Investment Fund (EIF) and by the Queensland Government.
About Positron Emission Tomography (PET) and
Radiopharmaceuticals are important in the diagnosis and management of cancer, brain disorders and cardiac disease. 18-Fludeoxyglucose (FDG) is the most common radiopharmaceutical in clinical use. It targets increased metabolic activity, a signature of tumours. After a patient has received an injection of FDG, images are acquired with a Positron Emission Tomography (PET) scanner. While computed tomography and magnetic resonance imaging primarily provide information about anatomical structure, PET can image and quantify biochemical and/or physiological function. This is important because functional changes caused by disease are often detectable before any structural abnormalities become evident.