Cosmetics maker Facemel, founded by three Australian women, is setting up a $5-billion fund to explore new ways to treat cancer.
The venture, which is also backed by investment firm Bain Capital, will be managed by the private equity firm, which has already been involved in funding a number of initiatives to develop treatments for lung, breast and colon cancer.
Facemels founder and CEO, Jane Prentice, told AAP she was excited about the fund.
“I’m a big believer in doing good things, but also very conscious that there is good and bad in doing it,” she said.
“We’ve got a long way to go in terms of the knowledge base, but I think that we can really bring something to this.”
The fund is a collaboration between Facemell, the University of Adelaide and the Centre for Nanomedicine at the University at Albany.
Faceminomics will look at different ways to use nanoparticles to create new therapies for specific cancers, she said, adding that this was the first fund to look at the technology in a broader context.
“It’s a great way to explore what is possible,” she explained.
“You’ll find that there’s not a lot of big, commercial opportunities that we haven’t looked at, but it’s a really interesting opportunity.”
She said she hoped the fund would attract a large number of funds to invest in the field.
“This is a very exciting opportunity for our field,” she added.
The company is set to release its first results in the coming months, she added, which will be useful for investors to make their own decisions. “
The nanotechnology in this space is really exciting, and there’s a lot more to learn.”
The company is set to release its first results in the coming months, she added, which will be useful for investors to make their own decisions.
Facemin has already invested in a number startups, including one that developed a skin-care product for women with advanced stage ovarian cancer. “
But now we are looking at ways to make these things more practical and accessible.”
Facemin has already invested in a number startups, including one that developed a skin-care product for women with advanced stage ovarian cancer.
“Our research and development team is a global team, and we have a really strong network of partners, including the Australian Cancer Society, Australian Institute of Pharmaceutical Sciences, The National Cancer Institute and many others,” Ms Prentice said.