A NSW Government website


NSW BioSciences Fund Provides $4.5 Million to Projects Developing Important Medical Cures


A potential treatment for Alzheimer's disease, a drug that could be crucial for stroke treatment and AI generation of new therapeutics are the innovations being developed by the recipients of the inaugural round of the NSW Government’s $4.5 million BioSciences Fund (BioSF).

The NSW Government is supporting NSW small business to develop and commercialise crucially important innovations in biotechnology and the life sciences.

The three successful recipients working on solutions tackling some of our most serious medical challenges are:

  • Skin2Neuron Pty Ltd, which is developing a hair follicle-derived therapy with the potential to revolutionise the treatment of neurological disorders, including Alzheimer’s disease (Funding: $1,996,762)
  • ThromBio Pty Ltd, which is developing a first-in-class antiplatelet drug treatment for stroke (Funding: $1,478,000)
  • RNAfold.AI, which is developing an AI-powered package using RNA molecule structures to target previously ‘undruggable’ disorders, progressing the generation of new therapeutics (Funding: $1,025,238).

The BioSF recipients were announced at the 2024 NSW Commercialisation Showcase at the Aerial UTS Function Centre on Wednesday 17 April.

NSW Chief Scientist & Engineer Professor Hugh Durrant-Whyte said the BioSF had the potential to deliver enormous benefit to NSW, both on a social and economic level.

“Aside from the clearly groundbreaking medical implications, the BioSF’s support will ensure that these companies are given guidance to commercialise their products and grow their businesses, contributing to our state’s economy.

“This funding helps fledgling companies to navigate the 'Valley of Death', realise the full potential of their technologies and become successful companies in their own right.

“I look forward to the BioSF having a profound impact within the biological sciences in NSW.”

Further information on the BioSF and the successful recipients may be found at the BioSF webpage.


Bruce Ritchie | OCSE | 0429 412 426