OneVentures commits $6.1m to Australia's MCRI

OneVentures' commitment is intended to support the commercialization of Probiotic Therapies for Allergy (ProTA), a new treatment for peanut allergies currently under development by MCRI, according to a release. The company is seeking another A$7 million from strategic investors and partners of OneVentures to further accelerate development.

In studies ProTA has been found to produce peanut tolerance in more than 80% of children tested for up to five weeks after finishing treatment. The therapy involves administering daily doses of probiotics and gradually introducing peanuts into the diet of allergy sufferers. Researchers have started further trials this year to see whether the effects of the treatment can last longer.

OneVentures made its investment through its Innovation and Growth Fund II, which launched in 2014 and reached a first close of A$60 million later that year. The fund seeks Series B and C stage investments in Australian companies across the healthcare, education, mobile, media, cloud computing and data, sensors and robotics, and food security sectors.

The firm's healthcare investments include biotechnology start-up Vaxxas, for which it led a A$25 million Series B round last year to support its new vaccination platform; it had earlier led the company's $15 million Series A round.

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• Topics
• Australasia
• Healthcare
• Early-stage
• Australia
• Venture