WASHINGTON–(BUSINESS WIRE)–June 20, 2003–Dramatic changes to Australian venture capital tax and fund-raising laws have already paid off with the announcement today that a leading US VC firm islaunching a USD$200 million biotech fund to take advantage of the fast growing Australian biotech sector.<\/p>\n
The new fund is being created by San Francisco based specialist biotech VC firm Burrill & Company. Of this, $100 million will be invested in Australia through the Burrill Australia Fund and $100 million globally through the Burrill Life Sciences Capital Fund.<\/p>\n
CEO, G. Steven Burrill, said recent reforms to venture capital limited partnerships had made it attractive to have an Australia fund.<\/p>\n
Burrill said the new fund would boost the vibrant Australian biotech sector which continues to out perform on a global scale despite limited local VC funds.<\/p>\n
“I am looking forward to seeing the Australian biotech companies at BIO 2003 where more than 60 exhibitors and 300 delegates are expected to attend,” said Burrill.<\/p>\n
The Burrill Australia Fund would have three local investment managers, three independent directors and an Australian scientific advisory board.<\/p>\n
He said there were several local and international factors working in favor of investment in life sciences and biotechnology today.<\/p>\n
“A revolution in the sciences had empowered small companies, and the shift in cutting-edge development from big pharmaceutical companies to fast-growing small companies had worked in favor of venture capital investors.”<\/p>\n
“This is the time to be a big investor in this industry,” he said.<\/p>\n
Invest Australia Senior Investment Commissioner for North America Robert Hunt welcomed the move and said the Government expected more funds to follow suit.<\/p>\n
“The Australian VC industry managed to attract the lion’s share of VC investments into the Asia Pacific region last year, overtaking India as the region’s leading investment destination,” Hunt said.<\/p>\n
www.investaustralia.gov.au<\/p>\n
www.burrillandco.com<\/p>\n
Source: Australian Financial Review, Burrill & Co and Invest<\/p>\n
Australia<\/p>\n","protected":false},"excerpt":{"rendered":"
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