IDT (ASX:IDT) - CEO, David Sparling
CEO, David Sparling
Source: IDT Australia
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  • IDT Australia’s (IDT) submission for the Australian Government’s Approach To Market for an onshore mRNA manufacturing facility has been knocked back
  • The Government announced a new manufacturing facility will be built in collaboration with Moderna to support the development of mRNA vaccines
  • While IDT won’t progress to the next stage, its application for the government’s Modern Manufacturing Initiative is awaiting a response and is unaffected by the ATM outcome
  • CEO Dr David Sparling acknowledges the ATM outcome is disappointing, however he says the company has developed and progressed several alternative strategic options
  • Shares have dropped 38.5 per to trade at 29.5 cents

IDT Australia’s (IDT) submission for the Australian Government’s Approach To Market for an onshore mRNA manufacturing facility has been knocked back.

On December 14, the government announced a new manufacturing facility will be built in Australia, in collaboration with Moderna, to produce respiratory mRNA vaccines in the onshore mRNA Approach To Market (ATM) process.

Following on from the COVID-19 mRNA vaccines, the government reportedly recognises mRNA technology as part of the next generation in advanced health care.

While the Victorian-based pharmaceutical manufacturer’s submission won’t progress to the next stage, IDT holds hope for its application to the government’s $800 million Modern Manufacturing Initiative (MMI) Manufacturing Collaboration Stream Grant Opportunity.

IDT said it is liaising directly with the Australian and Victorian governments to better understand the approach to supporting Australia’s mRNA translation and manufacturing ecosystem more generally, along with the Australian Government’s position on IDT’s MMI submission.

According to the company, the government has confirmed IDT’s MMI submission is live and unaffected by the outcome of the ATM process.

Although CEO Dr David Sparling acknowledges the ATM outcome is disappointing, he said the company has developed and progressed several alternative strategic options.

“The company has successfully delivered on the Monash Institute of Pharmaceutical Sciences (MIPS) COVID-19 mRNA receptor binding domain vaccine candidate project, being Australia’s first locally manufactured cGMP mRNA finished product and clearly showcases IDT’s manufacturing capabilities in this regard,” he said.

“IDT is now sterile licensed and is maintaining its sterile facilities in a state of readiness to accept COVID-19 vaccine content at the government’s discretion.”

Shares dropped 38.5 per cent to trade at 29.5 cents at 12:11 pm AEDT.

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