Firms in late-stage talks to establish A$150M cancer center

UK-based Cancer Research Technology, an oncology-focused development and commercialization company, says that it is in the final stage of discussions regarding the establishment of the Cooperative Research Center for Cancer Therapeutics in Melbourne, Australia.

The center, which is a collaboration between seven of the country's leading research organizations, biotechnology firms Bionomics and Millipore/Chemicon and the CRT, will focus on the development of small-molecule therapeutics for cancer therapy. Specifically, work undertaken at the facility will fall into four critical areas: disruption of blood vessels that feed tumors; the prevention of invasion; adjunctive agents to minimize the effect of chemo- and radiotherapies; and overcoming the problem of resistance to treatment.

Funding for the site, which has been secured for an initial seven-year period, will be made up of a A$37.6 million ($29.2 million) grant from the Australian Federal Government, as well as contributions from the member companies, totalling A$148.0 million.