Biome Secures FaBA Co-investment for IP Development
| Stock | Biome Australia Ltd (BIO.ASX) |
|---|---|
| Release Time | 5 Feb 2025, 8:23 a.m. |
| Price Sensitive | Yes |
Biome Secures FaBA Co-investment for IP Development
- Biome signs co-investment agreement with Australia's Food and Beverage Accelerator (FaBA) for IP development
- $50M funding from Australian Government Department of Education Trailblazer Program awarded to FaBA
- Biome will retain 100% ownership of the intellectual property related to Lactobacillius plantarum BMB18
Biome Australia Limited (ASX: BIO) has announced a new IP development partnership with the Australian Food and Beverage Accelerator (FaBA). FaBA is a $160 million initiative to foster collaboration between industry and university researchers, with the goal of boosting the growth and innovation of new food and beverage ingredients and products that benefit Australia. Through this partnership, Biome will work with the team at FaBA and its university partners, including the University of Queensland (UQ), Queensland University of Technology (QUT), and the University of Southern Queensland, on the development of a joint research and development project on Biome's Lactobacillius plantarum BMB18 probiotic strain. The agreement is supported by $50M funding from the Australian Government Department of Education Trailblazer Program awarded to FaBA, and any project budget will be matched by FaBA and its federal government research grant. Biome will retain 100% ownership of the intellectual property related to Lactobacillius plantarum BMB18 and will retain intellectual property arising from the performance of the project, royalty free. This partnership is well-timed to support Biome with the next stage of development of BMB18, following the company's successful initial in vitro studies on the strain. Biome will contribute up to $550k under its discretion to the partnership over the next two years, which will be used for Biome-approved clinical research and come with the benefit of matched funding. This opportunity to access government financial support for the development of Biome's IP assets is an incredible opportunity for the company and supports its ongoing research and development and new product development pipeline.