Seven of Australia's leading research organisations together with Cancer Research Technology Limited based in London (UK), Bionomics Limited (Australia), and Millipore/Chemicon (Australia), announced they were finalising negotiations for the formation of the Cooperative Research Centre for cancer therapeutics (CRC-CT).

The centre will be funded by an award of A$37.6 million from the Australian Federal Government and further contributions from the participants totalling $148 million to create a world-class translational research organisation headquartered at the Walter and Eliza Hall Institute, Biotechnology Centre, Melbourne, Victoria. CRC-CT will be dedicated to the discovery and development of novel small molecules for targeted cancer therapies.

CRC-CT is funded for seven years and brings together Australia's foremost expertise in cancer biology, translational oncology and drug discovery to produce high-quality novel drug candidates for further development and commercialisation.

Professor Dick Fox, chairman-elect of CRC-CT and a medical oncologist said: "With cancer killing more Australians than any other single cause there is an urgent need for more effective therapies. Australia invests over $150 million each year in cancer research and the creation of CRC-CT provides a catalyst for translation into new therapies through bringing together immense knowledge, expertise, and resources to realise the therapeutic potential in the outstanding research being carried out at Australian research institutes."

Professor Fox continued: "CRC-CT will benefit enormously from the experience and track record of Cancer Research Technology in developing and commercialising cancer therapies, and in fact our goal is to use this experience to develop a sustainable development and commercialisation company for cancer therapeutics to benefit Australians in the long term."

CRC-CT will draw on significant investments already made in drug discovery infrastructure in Victoria, Queensland and South Australia. Organisations participating in CRC-CT include:

CRC-CT will build on the founding participant's considerable intellectual property and engage broadly with Australian public sector research organisations and companies to develop new therapies for treating cancer in four critical areas: disrupting blood vessels that feed cancers, preventing cancer cells invading other parts of the body, adjunct treatments to minimise the side effects of chemo- and radio-therapies, overcoming resistance of tumours to chemotherapies

Keith Blundy, chief operating officer of cancer research technology said, "We are extremely pleased to provide CRC-CT with a strong route to market through our extensive experience in collaborating with academic researchers. By expanding our extensive network of leading cancer scientists and commercial partners in Europe and the US to include Australia, we look forward to developing a strong capability in Australia to benefit cancer sufferers globally."