The first Australian node of the Centre for Commercialisation of Regenerative Medicine (CCRM) — a branch of an internationally acclaimed Canadian centre for regenerative medicine will be set up in Melbourne, adding to the state's world renowned medical technology, biological technology and pharmaceuticals sector.
The celebrated Toronto-based centre of excellence has approached Monash University's globally acknowledged Australian Regenerative Medicine Institute (ARMI) and the CSIRO to establish the CCRM model in Melbourne.
It will focus on technology development, company creation and accelerating commercialising regenerative medicine technologies and cell-based therapies.
This will enable them to be made available sooner to Victorians and the rest of the world.
While CCRM Australia will be a separate entity to the Toronto centre, the two will work together and with future international centres planned for Europe, Japan, Singapore, California and Israel.
With more than 150 biotech companies, 10 major medical research institutes, 10 teaching hospitals and nine universities across Victoria, the sector currently employs more than 20,000 people and generates more than A$10 billion annually.
Australia Biotech Invest, part of this year's week-long International Biofest 2016 conference, is an annual life sciences investment showcase that encourages and promotes investment in the Australian biotech industry.
The conference, currently running in Melbourne, is hosting more than 2,000 international delegates from around the world making it Australia's biggest ever gathering of the life sciences sector.