BREAKTHROUGH VICTORIA INVESTS $500,000 IN DEFTBIOTECH TO TACKLE STUBBORN NAIL INFECTIONS
As part of Breakthrough Victoria’s University Innovation Platform (UIP), Breakthrough Victoria is investing $500,000 in Deftbiotech alongside the La Trobe University’s Eagle Fund, which is also investing $500,000 in the company.
The combined $1 million investment from UIP and La Trobe University’s Eagle Fund will assist with developing a more effective topical treatment for onychomycosis - a persistent and often painful fungal nail infection affecting up to 500 million of the global population. It is expected this treatment will significantly improve cure rates and reduce treatment time compared to current options.
Deftbiotech is a Melbourne-based biotech startup led by two of Australia’s most distinguished scientists: Emeritus Professor Marilyn Anderson (CEO) and Emeritus Professor Adrienne Clarke AC (Chairperson), who continues to play an active leadership role in advancing biotech innovation. The pair co-founded the start up with Dr Susan Lachal from the University of Melbourne.
Onychomycosis causes nail discoloration, thickening, and distortion, and can lead to serious complications in people living with diabetes or compromised immune systems. Existing oral solutions come with toxic side effects and topical treatments have low cure rates - typically between 3 per cent and 17 per cent - and require daily application for over a year, often with high relapse rates. It is estimated only 3 million of the 23-40 million people in the USA with onychomycosis undergo treatment because current treatments are ineffective and expensive.
By 2032 it’s estimated the global market will be worth USD $$9.5 billion. Deftibiotech’s solution is based on Pezadeftide, a groundbreaking antifungal peptide derived from plant defensins. Pezadeftide works in a completely different way than existing treatments, making it a promising option for tackling drug-resistant fungal infections. It provides a safe, non-toxic, and effective topical solution.
Breakthrough Victoria’s UIP supports the commercialisation of critical research with real-world benefits from eight Victorian universities. UIP plays a pivotal in BV’s goal of transforming the Victorian economy by investing in and supporting successful IP and research commercialisation. BV has now invested in three portfolio companies with La Trobe University, and a total of 20 through the BVUIP including investment via UoM Pre-Seed Genesis Fund.
With 87 investment commitments totalling $487.1 million, BV is one of Australia’s most active early-stage technology investors. An independent report by EY-Parthenon found BV’s portfolio is on track to generate $5.3 billion in economic impact for Victoria by 2035. The Report also found that 88 per cent of early-stage investment in Victoria in 2024 came from BV-backed investors, and 76 per cent of all venture-stage investment in Victoria in 2024 involved BV.
Quotes attributable to Breakthrough Victoria CEO Rod Bristow
“Deftbiotech is tackling a widespread and under-addressed health issue with scientific rigour and commercial ambition. Their approach has the potential to transform treatment outcomes for millions of people globally, and we’re proud to support their journey through the UIP.
“This investment reflects Breakthrough Victoria’s commitment to supporting bold, research-driven innovation that improves lives and strengthens Victoria’s biotech sector.”
Quotes attributable to Minister for Economic Growth and Jobs Danny Pearson
“Victoria is a global leader in medical research and biotech, and investments like this support better health outcomes, create jobs and boost economic growth."
Quotes attributable to Deftbiotech co-founder Emeritus Professor Adrienne Clarke AC
“Breakthrough Victoria plays a very important role in getting early-stage ventures, especially those originating from university research, onto a commercial path. Deftbiotech is one of the many university-based companies that has benefited in this way.”
Quotes attributable to La Trobe Deputy Vice-Chancellor Research and Innovation, Professor Chris Pakes
“Deftbiotech is exactly the type of innovative start-up the La Trobe University Eagle Fund, in partnership with Breakthrough Victoria, is designed to support, where early-stage research has the potential to be translated into viable solutions to global issues, particularly in areas of digital health, AI, disease detection and treatment, food security and other areas.
“It also offers industry partners a valuable opportunity for strategic collaborations, and supporting entrepreneurial researchers to further their research and innovation through world-leading start-up companies.”