Total
0
Shares
IDT Australia (ASX:IDT) - Chair, Alan Fisher
Chair, Alan Fisher
Source: IDT Australia
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • IDT Australia (IDT) partners with the Monash University to produce a drug product for an mRNA COVID-19 receptor binding domain vaccine clinical trial
  • This government-funded project aims to create Australia’s first locally manufactured cGMP mRNA finished product to avoid vaccine supply chain issues from other countries
  • IDT is excited to be a part of this project and says it’s a great opportunity for it to develop and showcase its manufacturing capabilities
  • The agreement will commence immediately and will expire on April 30 2022, but the term may be extended
  • Company shares were up 0.84 per cent to trade at 60 cents each at 12:52 pm AEDT

IDT Australia (IDT) has entered a master services agreement and services order with Monash University.

Under this deal, IDT will provide cGMP contract manufacturing services to produce a drug product for Monash Institute of Pharmaceutical Sciences’ (MIPS) mRNA COVID-19 receptor binding domain vaccine clinical trial.

The MIPS COVID-19 receptor binding domain vaccine project is funded by mRNA Victoria and the Commonwealth Government’s Medical Research Future Fund. The vaccine candidate is Australia’s first locally developed COVID-19 mRNA vaccine candidate to progress to a clinical trial. If it’s successful, the company believes it could be the first Australian manufactured cGMP mRNA finished product.

Monash University President and Vice-Chancellor Professor Margaret Gardner said the university had the country’s largest network of RNA and mRNA researchers.

“To enable Australia to avoid ongoing issues around vaccine supply chains from other countries, we need our own mRNA production connected to research and development, and late-stage clinical trials capability,” Professor Gardner said.

IDT Australia CEO David Sparling said he appreciated of the government’s support in getting its manufacturing facility ready to take on this project.

“We are also very appreciative of the Victorian Government’s support for this project,” Dr Sparling said. “Being Australia’s first locally developed mRNA COVID-19 vaccine, all of the team here at IDT are excited to be a part of the MIPS project. It’s a great opportunity for IDT to develop and showcase our cGMP manufacturing capabilities in mRNA product manufacture.”

Monash will supply the bulk raw materials to IDT and will lend certain items of specialised equipment.

IDT’s fees are based on achieving certain milestones with total fees, excluding GST, being roughly $1.99 million and will be invoiced for work performed on a monthly basis.

The agreement will commence immediately and will expire on April 30 2022 but the term may be extended.

Company shares were up 0.84 per cent to trade at 60 cents each at 12:52 pm AEDT.

IDT by the numbers
More From The Market Herald
Rhythm Biosciences (ASX:RHY) - CEO, Glenn Gilbert

" Rhythm Biosciences (ASX:RHY) achieves CE Mark for ColoSTAT

Cancer diagnostic technology company Rhythm Biosciences (RHY) has achieved CE Mark certification for ColoSTAT.
EMVision Medical Devices (ASX:EMV) - CEO, Ron Weinberger

" EMVision Medical Devices (ASX:EMV) reports more strong results

Medical device maker EMVision (EMV) is spiking on the ASX today after releasing further results from a pilot clinical trial of its brain
ECS Botanics (ASX:ECS) - Managing Director and Founder, Alex Keach

" ECS Botanics’ (ASX:ECS) subsidiary buds $4.9m supply agreement

ECS Botanics’ (ECS) subsidiary has secured a $4.9 million agreement to supply resin to Australian cannabis company, Cannvalate.
Arovella Therapeutics (ASX:ALA) - CEO and Managing Director, Dr Michael Baker

" Arovella Therapeutics (ASX:ALA) receives $524,000 R&D tax refund

Arovella Therapeutics (ALA) has received a refund from the Australian Taxation Office (ATO) of just over $524,000 for the financial year.