BREAKTHROUGH VICTORIA AND MONASH UNIVERSITY INVEST IN THREE GROUNDBREAKING STARTUPS TO IMPROVE LIVES AND EASE PRESSURE ON VICTORIA’S HEALTH SYSTEM
Breakthrough Victoria and Monash University have co-invested $2.25 million into three promising spinout companies — Myostellar, Fyton Bio, and Remagine Labs — each developing breakthrough technologies with the potential to improve the lives of millions of people globally and reduce pressure on the Victorian health system.
- Myostellar is pioneering a first-in-class biologic therapy to treat Duchenne Muscular Dystrophy by stimulating muscle regeneration with minimal fibrosis.
- FytonBio is developing next-generation antibody therapies to precisely target and remove disease-causing immune cells in autoimmune conditions.
- Remagine Labs is creating wearable, electronically controlled drug delivery devices to improve treatment outcomes for people with chronic conditions.
These investments also mark the official launch of the Monash Ventures Pre-Seed Fund, a $15 million initiative developed in partnership with Monash University. The launch of the Monash Ventures Pre-Seed Fund also introduces Monash Ventures, a new identity that reflects the university’s growing role as an active venture investor and its commitment to translating research into real-world impact.
As of 31 July, the Monash Ventures Pre-Seed Fund investment committee—comprising Monash University, Breakthrough Victoria, and independent members Vafa Shams, a seasoned investor with deep expertise in early-stage ventures, and Dr Nadine Brew, a biotech executive and founder of the WILD Program - has met with 13 startups and endorsed 10 for investment, including Myostellar, Fyton Bio, and Remagine Labs.
These investments are part of Breakthrough Victoria’s $100 million University Innovation Platform (BVUIP), which supports the commercialisation of critical research with real-world benefits from 7 Victorian universities: Deakin University, La Trobe University, University of Melbourne, Monash University, Swinburne University, RMIT, and Australian Catholic University.
The BVUIP plays a pivotal in BV’s goal of transforming the Victorian economy by investing in and supporting successful IP and research commercialisation. Last month an independent report by EY found that BV are on track to achieve this goal, with investments forecast to contribute up to $5.3 billion to the Victorian economy by 2035.
By co-investing with university partners like Monash University at the earliest stages, Breakthrough Victoria is helping position these ventures for long-term success, increasing their readiness for private sector investment and strengthening Victoria’s innovation ecosystem.
More broadly, Breakthrough Victoria has now committed over $480m in capital to 36 companies and 6 Funds and facilitated nearly $1.3 billion in co-investment across its portfolio, demonstrating the catalytic role of public capital in attracting private investment and driving innovation-led growth.
Quote attributable to Minister for Economic Growth and Jobs Danny Pearson
“We are backing world-class research because it generates lifesaving treatments and drives our economy.”
“These investments help industries and businesses to grow, so more Victorians have secure jobs they can count on.”
Quotes attributable to Breakthrough Victoria CEO Rod Bristow
“These investments are a powerful demonstration of how the University Innovation Platform is working exactly as intended — backing world-class research at its earliest stages to successfully commercialise and deliver real-world solutions.
“By co-investing with Monash University in companies like Myostellar, Fyton Bio and Remagine Labs, we’re helping to build the next generation of Victorian research commercialisation, improve lives, and deliver long-term economic and social returns for the state.”
Quotes attributable to Professor Sharon Pickering, Vice-Chancellor and President, Monash University
“At Monash, we are committed to transforming outstanding research into tangible outcomes that benefit our communities, our economy, and the world.
“The launch of Monash Ventures and the Monash Ventures Pre-Seed Fund marks a bold step in strengthening our impact through innovation and enterprise.”
Quote attributable Remagine Labs CEO, Pat Kelly
“We’re proud to partner with Breakthrough Victoria and Monash University to advance Remagine Labs’ mission to revolutionize the treatment of chronic conditions through electronically controlled drug delivery. Their investment is a powerful endorsement of our technology and our commitment to building a globally competitive electro-pharmaceutical company here in Victoria.”
Quotes attributable to Fyton Bio Co-Founder and CEO, Chuck Silberstein,
“I’m thrilled to have received the pre-seed investment from the Monash and the BV UIP Pre-Seed Fund, which enables FytonBio to initiate antibody discovery for our first therapeutic program using the GPCR Rare Epitope Antibody Targeting (GREAT) platform developed by Professor Remy Robert.
“It marks an exciting step forward in our mission to deliver potential functional cures in autoimmunity and inflammation by deleting pathogenic immune cells.”
Quotes attributable to Myostellar Co-Founder Professor Peter Currie.
“We know our research will have a huge impact when it is made available as a therapeutic but there is still much to do on the research and commercialisation front.
“While we progress the research, I cannot emphasise enough the importance of finding someone who’s been on the commercialisation journey before. I was fortunate to find this within my institution and am incredibly grateful to Monash Innovation for their invaluable guidance.”