Premier Anna Bligh and UQ Vice-Chancellor Professor John Hay AC at the signing of the $50 million cheque
Premier Anna Bligh and UQ Vice-Chancellor Professor John Hay AC at the signing of the $50 million cheque

16 November 2007

The University of Queensland has welcomed the signing of a $50 million funding agreement from the Queensland Government for the University's Institute for Molecular Bioscience (IMB).

Vice-Chancellor Professor John Hay, AC said the University was delighted that the Queensland Government was continuing its support for the Institute with funding over five years to begin in 2009-10.

The IMB is currently funded until 2008-2009.

“Continued funding for another five years will give the IMB the security it needs to conduct research which will lead to improvements in the lives of Queenslanders and people around the world,” Professor Hay said.

“Without the Queensland Government's support, and that of The Atlantic Philanthropies, the IMB and UQ's other world-renowned institutes would not be able to achieve their incredible potential.

“The State Government, through funding from its Smart State Strategy, has been a key player in the success of the IMB.”

The Institute for Molecular Bioscience (IMB) undertakes globally competitive research in mammalian systems with a focus on human health and biotechnology.

Since its establishment in 2000, the IMB has earned a reputation as one of the Asia Pacific region's leading research institutes.

The IMB's exploration of the genetic basis of life will greatly impact on the health and quality of life of humans, well into the next century, with research into a range of diseases including cancer, kidney disease and inflammatory disease.

IMB Director Professor Brandon Wainwright said an independent review of the Institute's operations in its first five years showed that the IMB would generate up to 1000 jobs and grow the economy by $400 million its first 15 years.

Since its establishment, the IMB has already attracted $112m in national and international research funding to Queensland; established 11 spin-out companies through the University's dedicated commercialization company IMBcom, which have attracted $50m in investment; attracted, through IMBcom, more than $9m in research and development contracts with industry partners; and published over 1300 scientific papers in peer-review journals including Science and Nature.

Professor Wainwright said the continuation of funding would be important to the future of the internationally recognised research of the IMB. The new funding brings the total of Queensland Government support for the IMB up to $142.5 million in capital and recurrent funding.

Queensland Premier Anna Bligh signed the funding agreement today at the opening of another major research institute at UQ, the $63 million Queensland Brain Institute.

Media enquiries: Bronwyn Adams, telephone 07 3346 2134/0418 575 247, Jan King 07 3365 1120/0413 601 248 or Fiona Kennedy, 07 3365 1048/0413 380 012.

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