Western Australia
February 1, 2008
Source: WA Business
News
via
Checkbiotech.org
Perth-based biotechnology company
NemGenix Pty Ltd has
secured a $500,000 investment from the
Murdoch Westscheme Enterprise Partnership fund, which
supports projects arising from the university.
The investment was endorsed by MWEP advisor and Perth-based
venture capital fund manager
Stone Ridge Ventures.
NemGenix is currently undertaking a programme to develop
genetically modified wheat with work to commence on sugarcane
and barley later this year.
NemGenix's chief executive Dr Sean Hird said with climate change
and a growing world population, there was now acceptance that GM
crop development will play a pivotal role in increasing global
food production.
"NemGenix, as Western Australia's only GM crop development
company, is well placed to take advantage of this market
opportunity," he said.
"We are delighted with the investment, and the endorsement of
SRV. With the $320,000 grant from the Federal Government's
Department of Education, Science and Technology, announced last
month, and with other funding lined-up, we are now financially
secure for the next 2 years."
Commenting on the investment, SRV stated, "we were impressed by
the strength of the management team and their focussed business
plan which is underpinned by world-class technology licensed
from CSIRO".
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