South Australia lures leading biotech company
South Australia’s internationally recognised biotech ecosystem has been the catalyst for attracting one of Japan’s leading biotech companies.
Having secured $14 million of private investment, GEXVal will undertake clinical trials for the treatment of neurological disorders.
GEXVal is a pharma-spin out company focused on the development of treatments for rare diseases which are not met by existing products.
The company selected South Australia to undertake its research activity for its phase one clinical trial due to the combination of expertise, quality, speed and value to deliver to the highest international regulatory requirements, something South Australia excels at.
South Australia and Adelaide provide a complete ecosystem that delivers end-to-end services across all elements of the supply chain for trials of drugs, medical devices and digital health products. The state has the most established and experienced providers in the clinical trial field in Australia, including well aligned good manufacturing practices (GMP).
“We believe we are one of the few start-ups from Japan to conduct a clinical study in Australia, and also the first to choose partners in South Australia,” said Dr Kato, President, CEO and Founder of GEXVal Inc.
“Like GEXVal, many other Japanese biotech companies are not yet aware of how much we can benefit from Australia’s biotech ecosystem. We’ve found great support from the entire South Australian ecosystem to help us navigate the scientific, regulatory, taxation and operating requirements,” she continued.
“We have received extensive support from current partners, even before the launch of the program. We are very happy and excited with our solid and united partnership with people in the South Australian health ecosystem to strive for the same goal to deliver innovative medicines to patients and families who live with rare diseases.
“Adelaide’s collaborative offering is really compelling for companies confronting the high cost and risk of phase one trials – and it’s in the same time zone which helps.”
Clinical trials undertaken within the state have a significant economic impact, in addition to providing free and early access to impactful medicines and the highest standard of care.
Analysis by KPMG in 2018 showed that an economic benefit of between $1.30 and $3.90 is generated for every $1 invested by a clinical trial sponsor[1].
In 2019, 1,877 clinical trials were conducted in Australia which resulted in approximately 95,000 participants, 8,000 jobs and $1.4 billion in revenue[2].
South Australia holds a 15 per cent market share of clinical trials in Australia[3].
The clinical trials sector in Australia has grown steadily between 2015 and 2019 at CAGR 6.6 percent.
[1] KPMG 2018, Economic Impact of Medical Research in Australia, a report prepared for the Association of Australian Medical Research Institutes
[1] MTPConnect. (2021). Australia’s Clinical Trials Sector. mtpconnect.org.au
[1] MTPConnect. (2021). Australia’s Clinical Trials Sector. mtpconnect.org.au