University of Queensland revealed it has generated more than 100 spinouts since 1988, with probiotic drink manufacturer Perkii becoming number 100 in 2016.

UniQuest, the commercialisation arm of University of Queensland, has marked the incorporation of more than 100 spinouts since it was founded twenty years ago. The milestone was reached with the formation of Australia-based probiotics manufacturing spinout Perkii in 2016, but UniQuest has only now announced its achievement officially. Perkii develops probiotic drinks formulated with bacteria beneficial to the gut, using a micro-gel additive called Progel invented by an eponymous company also spun out from Queensland. The company attracted A$4m ($3m) in a 2016 round led by multi-university fund Uniseed that included $1m from UniQuest and contributions from private investors associated with Brisbane Angels and Melbourne Angels Group. Perkii subsequently received $1.5m from the Queensland government-backed Business Development Fund in October 2017. Other highlights from UniQuest’s spinout record include pain medication developer Spinifex, which was acquired by pharmaceutical firm Novartis in 2015 for $200m and up to $500m in milestone payments. UniQuest also drew attention to Que Oncology, a collaboration with Emory University targeting oncological therapies that raised $16m from series A investors including Uniseed in June 2017, and biotechnology developer Inflazome, which closed a $17m series A co-led by drug firm Novartis’s Venture Fund the previous year. In addition to spinouts, UniQuest celebrated licensing agreements for Queensland research that helped underpin products including the Gardasil cervical cancer vaccine and the Triple P parenting support program. Dean Moss, chief executive of UniQuest, said: “I am proud that the UniQuest startup success rate is comparatively very high, with 46% still operational or having exited the market through a commercial transaction such as a trade sale.”

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