The Victorian Government announced a $12 million investment in Aravax, a local biotechnology firm, in a push to revolutionise peanut allergy treatment.
This funding is part of a larger $66 million investment led by Breakthrough Victoria to propel the development of a pioneering peanut allergy therapy, the government said in a news release.
Minister for Economic Growth Tim Pallas made the announcement today, highlighting the potential impact of Aravax’s product, PVX108, in transforming the lives of peanut allergy sufferers globally.
Aravax, a clinical-stage biotechnology company, specialises in developing immunotherapies for food allergies.
PVX108 employs synthetic peptides to mimic crucial components of peanut proteins, offering a unique approach to retraining the immune system.
According to the government, the innovative aspect of this treatment lies in its monthly dosage regimen, a departure from the daily doses required by existing treatments.
Early research conducted at Alfred Health and Monash University laid the foundation for this therapy.
With over five million Australians grappling with food allergies, these trials mark a significant leap towards offering cutting-edge healthcare solutions.
To date, Aravax has already obtained approval from the US Food and Drug Administration (FDA) and Australia’s Therapeutic Goods Administration (TGA) for Phase 2 trials.
Phase 1 clinical trials, completed in 2018 for adults in Victoria, paved the way for the current advancements.
The upcoming Phase 2 trials will assess the therapy’s effectiveness in children aged 4 to 17.
These trials will be conducted in clinics across Australia and the United States, further establishing Aravax’s commitment to expanding the reach of its groundbreaking treatment.
The Victorian Government said health technology is a rapidly growing sector in Victoria, contributing $3.02 billion in exports and supporting over 30,000 jobs.
The investment in Aravax aligns with the government’s ongoing commitment to bolstering the health technology industry.
This initiative is driven by Breakthrough Victoria and the $20 million Australian Medtech Manufacturing Centre.
