Biotech Inventia Life Sciences plans to build an advanced manufacturing facility in Sydney after receiving a multimillion-dollar support package from the state government that includes tax, training and infrastructure rebates.
The 3D bioprinting specialist last week announced plans to move to a new facility that will more than triple its manufacturing footprint and become its headquarters for more than 100 Australian employees.
It’s unclear exactly how much New South Wales government support is being provided. The support is coming from the state’s Jobs Plus program that offers payroll tax breaks based on how many people the company employs as well as infrastructure and training rebates.
A spokesperson for Investment NSW described Inventia Life Science’s Jobs Plus agreement as a “multi-million dollar package” that would create 76 direct and 67 indirect FTE jobs by mid-2024.
Founded in 2013, Inventia Life Sciences builds printers and formulates bioinks that together allow human cells to be printed in three-dimensional structures. It has raised around $50 million, including a $35 million series B a year ago and smaller top up in June to commercialise its Rastrum 3D bioprinter.
The new manufacturing facility will support the commercialisation push for the printer it says is now used by four of the top 10 pharmaceutical companies to help develop drugs.
Inventia Life Sciences is targeting 76 direct new jobs to support its state of the art manufacturing and research facility.
“As a result of the Jobs Plus grant we have been able to scale-up our production capabilities, employ more highly skilled people including biologists, software and mechanical engineers and take this revolutionary technology to the world,” Inventia founder and chief executive Dr Julio Ribeiro said.
“Inventia’s drop-on-demand 3D bioprinting technology is the most advanced and precise 3D printing of its kind in the world. It is well placed to consolidate Australia as a global leader in this field. These additional funds will help us cement Australia’s position and expand our global presence.”
Correction: An earlier version of this article stated 38 organisations had accessed the Jobs Plus Program. The correct amount is 28 as at December 1.
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