Major Milestone for Melbourne-Based Drug Development Company the Latest Testament to Strength and Success of Australia's Leading Biotechnology Sector

SAN FRANCISCO, Nov. 30, 2010 /PRNewswire/ -- The State Government of Victoria, Australia today announced the continued success of its thriving biotechnology industry, as evidenced by the recent news from Melbourne-based drug delivery company Acrux. The company announced last week that the United States Food and Drug Administration (FDA) approved its Axiron® topical solution CIII for testosterone replacement therapy in men. Axiron is the first testosterone topical solution approved for application via an underarm applicator.

This major milestone is just the latest testament to the strength of Victoria's biotech sector. The state has long been a hotbed for biotech innovation down under. Home to life sciences companies that have developed everything from the swine flu vaccine to the bionic ear, Victoria boasts more than 134 biotech companies and 13 major medical research institutes.

"In what has been a challenging economic environment, Victoria's life sciences sector has demonstrated remarkable resilience," said Victor Perton, Commissioner to the Americas, State Government of Victoria, Australia. "This partnership between Acrux and Lilly is just the latest in a long history of international biotech partnerships formed between Victorian institutions and international biotech powerhouses – the Victoria-California Stem Cell Alliance and the Victoria-Israel Science and Technology R&D Fund are two additional prime examples."

Biotech companies with operations in Victoria benefit from the state's cutting-edge infrastructure (including the Parkville Comprehensive Cancer Centre and the world's first life sciences supercomputer), financial stability (at the end of 2009, the market capitalization of Melbourne's listed life sciences companies stood at $23.2 billion USD) and a supportive government (the Victorian government has invested nearly $4 billion in science and innovation during the last 10 years) and more.

Because of these benefits, the state consistently attracts U.S. clinical trial programs and funding. Victoria was the only non-U.S. site chosen by U.S. company Plexxikon, Inc. for its Phase I trials of a new bio-marker-associated therapeutic treatment (PLX4032) for melanoma and colorectal cancer. In addition, the U.S. National Institutes of Health has awarded $50.4 million to a team jointly headed by a Monash University-based researcher for a large-scale trial (ASPREE) to assess low-dose aspirin for primary prevention in healthy elderly people.

This announcement comes only eight months after Eli Lilly Company acquired the global licensing rights to Axiron from Acrux for $335 million plus royalties. At the time of the deal, it was one of the largest ever Australian biotech licensing deals.

For business inquiries regarding Victoria's biotechnology industry, contact Simon Guttman, Director, Investment for the State Government of Victoria, Australia (212.687.0934; [email protected]) or Chris O'Meara, Investment Manager for the State Government of Victoria, Australia (415.856.0552; [email protected]).

About Acrux

Acrux is an Australian drug delivery company, developing and commercializing a range of patented pharmaceutical products for global markets, using its innovative technology to administer drugs through the skin. Additional information about Acrux is available at www.acrux.com.au.

About Invest Victoria

Invest Victoria is the investment promotion agency of the State Government of Victoria, Australia. Invest Victoria provides a single entry point to a range of business and investment services for companies wanting to set up or expand their business operations through foreign direct investment (FDI) in the state of Victoria.

The agency operates U.S. offices in Chicago, New York, San Francisco and Washington, D.C. For locations and contact information, visit http://www.invest.vic.gov.au/offices.  

For more information on Invest Victoria's services, visit http://www.invest.vic.gov.au.

Media Contact: Michelle Craig or Katie James, Nyhus Communications for Invest Victoria; 206.323.3733; [email protected], [email protected]

SOURCE Invest Victoria