BIO 2008, the world's largest conference for the biotechnology industry, is being held in San Diego from June 16. In our annual preview, we take a look at how the Australian sector is travelling.

With AusBiotech 2007 being held in Brisbane next week, ALS takes its bi-annual survey of the state of the industry.

Private Sydney-based biotech BTF has achieved 101 per cent revenue growth over the last three years, earning itself a place in the 2005 Deloitte Technology Fast 50 awards.

Agenix (OTC: AGXLY, ASX: AGX) subsidiary, Agen Biomedical has signed an agreement with diagnostics company Axis-Shield under which Axis-Shield will produce a new laboratory assay for deep vein thrombosis and pulmonary embolism. The Axis-Shield assay will use Agen's 3B6 D-dimer antibody, and will be incorporated into Abbott Laboratories' mmunodiagnostic analyser, AxSYM.

Sydney's Proteome Systems has won a US$2 million federal government R&D Start grant to advance development of its new rapid diagnostic for tuberculosis.

Trapping and harnessing adult mesenchymal precursor cells (MPCs) - some of the rarest and most valuable cells in the body - is the game of junior biotech Mesoblast (ASX:MSB) - which listed on the ASX today at AUD$0.91, almost double its issue price of $0.50.

Four companies are poised to float on the Australian Stock Exchange in December and January, with at least another two companies waiting in the wings.

Australian immunodiagnostics company Cellestis (ASX:CST) has received approval from the FDA for its second generation QuantiFERON-TB Gold tuberculosis diagnostic test.

Investors in the initial public offerings (IPOs) of Australian biotechnology companies have done well over the past six years -- despite the fact that the shares of most of the newly listed companies are currently trading below the price at which they were first sold.

The fifth round of Biotechnology Innovation Fund (BIF) grants, announced late last month by Federal Industry Minister Ian Macfarlane, is the final funding round for the $40 million program. Over its lifetime, the BIF scheme has supported 164 projects in 153 companies, ranging from tiny start-ups to listed giants such as Orica.

Diagnostic company Cellestis has completed an amendment to its distribution agreement with Japanese company Nichirei, covering price and minimum volumes for its second generation TB test QuantiFERON-TB GOLD.