Medsaic Pty Ltd is an Australian biotechnology company that is a good example of a successful start up entrepreneurial business. Founded in 2003, as a spin-off company from the University of Sydney, it was established to commercialize patented intellectual property covering the use of microarrays for the diagnosis of disease.
Medsaic developed new platform technology, now known as DotScanTM, which is a solid-phase cell-capture assay using an antibody mircoarray to immunophenotype cancer cells, as well as propriety technology for rapid imaging.
The concept was developed by Professors Richard Christopherson and Cris dos Remedios in 1998. Both were frustrated that chemotherapy, with its serious side-effects, was the best treatment available for a friend who had been diagnosed with acute myeloid leukaemia. They had the idea that by identifying the wide-range of proteins expressed on the surface of a patient’s leukaemia cells, they could enable rapid diagnosis of the type of leukaemia and a strategy for more specific treatment - instead of the current method of trial and error chemotherapy.
Beginning as a research project at the University of Sydney they were able to receive early funding from an Angel investor. Once the initial discovery was made, a patent was lodged in December 1998. This enabled the company to have a definable intellectual property platform. The university then went on to create a company to provide a vehicle for the intellectual property. This allowed for the development of a business plan, and through this funding was able to be sourced from venture capitalists and private equity sources.
Through a BIF grant, they were able to show proof of principal, in that they were able to get the imaging...