OneVentures invests $7.4m in Australia’s Prota Therapeutics

OneVentures is investing from its A$170 million Healthcare Fund III, which received A$85 million from the Australian government as part of the National Innovation and Science Agenda’s A$500 million Biomedical Translation Fund (BTF). The GP previously backed the company via an A$8 million commitment to Melbourne-based Murdoch Childrens Research Institute (MCRI) from its Innovation and Growth Fund II, which closed at A$100 million in 2015.

Proto was established last year to advance technology licensed from MCRI, a partner of the Royal Children’s Hospital and the University of Melbourne that is regarded as a global leader in pediatric allergy research. The company’s lead product aims to be the first to allow children with peanut allergies to incorporate peanuts as a regular part of their diet. It is said to be attracting the attention of international pharmaceutical companies.

“This is an exciting time for us as we can now accelerate our progress to delivering life-saving treatments for food allergies,” Suzanna Lipe, CEO of Prota, said in a statement. “It helps offer a real opportunity to develop Australia’s first oral treatment for peanut allergies, and has the potential to be adapted to treat other common food allergies, including allergies to milk, egg, and other nuts.”

The deal marks the first investment from BTF, which was set up earlier this year as part of Australia's A$1.1 billion innovation agenda. Last year, the seed fund mandated three domestic VCs – OneVentures, Brandon Capital and BioScience Managers – to manage A$250 million in government capital and help raise an additional A$250 million from the private sector.

OneVentures supports emerging technologies across cleantech, IT and life sciences. Its previous healthcare activity includes participation in a A$25 million round for biotechnology start-up Vaxxas.

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