Published on October 15, 2013 at 8:13 AM
Biopharmaceutical company Innate Immunotherapeutics has announced the successful migration of its operations from Auckland, New Zealand to Sydney, Australia.
Innate Immunotherapeutics’ CEO Simon Wilkinson says that the move is a significant milestone for the company following strong interest from both pharmaceutical companies and investors around its lead drug MIS416, which is being primarily used for the treatment of Secondary Progressive Multiple Sclerosis (SPMS).
“Australia is an attractive market for both capital investment as well as clinical need. On the back of our successful Phase 2A clinical trial data completed to date on MIS416 in New Zealand, we are now seeking to commence a large, randomized Phase 2B trial using MIS416 in multiple states in Australia.”
“We are increasing our profile with key investors in Australia as we consider our funding options in the short to medium term.”
Australia’s bioeconomy sector has generated $7.48 billion in revenue selling products both domestically and internationally from 2010-2012, and has attracted direct foreign investment of over $450 million per annum.
“We are pleased to move our operations over to Australian shores and we believe that Innate will benefit from Australia’s comparative advantage and strength in the pharmaceutical and life sciences sector as well as contribute to the country’s growing bioeconomy,” said Simon Wilkinson.