Just what is the centre of the Australian biotech universe? Is it Melbourne, or Sydney, or Brisbane?

There's no tyranny in distance for some globetrotting Australian biotechnology companies, writes Michael Vitale

Australian venture capitalists invested more than $1 million per week in Australian biotechnology in the past financial year, an increase on the previous year and a recovery to the historic level of two years ago. As in the past, a large portion of the investment was made by a small number of investors, and was received by a small number of investees.

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.

Doomsayers repent. The assertion that the Australian biotech industry is Tech Wreck II is incorrect, according to a new study by the Australian Graduate School of Management.

The NSW government has pledged $2.6 million over the next four years towards the establishment of a new business alliance created by the Garvan Institute of Medical Research, the Westmead research hub and the Hunter Medical Research Institute.

Business management students were told yesterday that they may have to work overseas before they sought employment in Australia's biotechnology industry.