Some Australian medical research projects are set to get a money injection from a new philanthropic fund to be set up by the Australia Israel Medical Research Foundation (AUSiMED).
AUSiMED, a not-for-profit group that promotes medical research collaboration between Australia and Israel, is aiming to provide more than $3 million in funding over the next three years through a new Venture Philanthropy Fund.
Through the fund, donors can lend money at up to 16 per cent interest for medical research. If the medical research outcomes are unsuccessful, the loan can be turned into a tax-deductible donation.
Where a research project is successful and is commercialised by a start-up company, the loan may be able to be converted into shares in the start-up.
"The local and global impacts of this type of fund will significantly change and support the medical research field, which is experiencing considerable funding challenges in Australia," the patron of AUSiMED, former Victorian premier Steve Bracks said on Wednesday.
The Venture Philanthropy Fund will initially support five collaborative medical research projects being undertaken by Australian and Israeli universities and medical institutes.
The projects include a blood test for detecting the regrowth of brain tumours after surgery; a targeted therapy for bowel and other cancers; a therapy to treat heart disease; improving chemotherapy to reduce prostate cancer recurrence; and a new way to deliver follistatin for treating, burns, scars and inflammation.
