6 April 2006

Report reinforces IRL's strengths

A report on the science capability of Industrial Research Limited was welcomed by Research, Science and Technology Minister Steve Maharey.

Steve Maharey says the report emphasises the world-class standard of IRL's research and the high quality of its scientific staff.

"The report shows that, despite recent challenges, IRL is working from a strong scientific and commercial base and is continuing to produce world-class research," Steve Maharey said.

"In a number of areas IRL scientists are leading the world in their discipline and have developed research platforms that are above international standards.

"The report also finds that the organisation has benefited from a strong public investment and a high level of commitment from its scientific staff.

"A number of challenges are identified in the report, including areas where a greater focus is needed, for example building better connections with key sectors such as the manufacturing, service and industrial sectors.

"Overall this report is a useful contribution, which will assist the Board with its ongoing work to strengthen IRL's long-term financial and scientific position."

Steve Maharey said that since the report was commissioned late last year, IRL had secured two lucrative pharmaceutical licensing deals - a direct result of the cutting-edge research IRL is undertaking.

"These deals involve an ongoing role in the development of some of the world's leading pharmaceuticals. The most recent deal provides an initial share of $US10 million, as well as the promise of significant ongoing revenue as the drug is developed for market. An earlier licensing deal will provide IRL with an ongoing share of an expected US$685 million in progress payments."

ENDS

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