Eleven new startups and scale-ups focused on finding solutions to prominent health, economic and business issues will form Macquarie University Incubator’s 2023 cohort of startups.
Among the startups is Zymedyne Therapeutics, which was founded by pain researchers Dr Gerald Zamponi and Dr Chris Bladen in 2020. It aims to achieve pain relief by using non-opioid based treatments that are effective without the detrimental side effects of opioid-based medication addiction and respiratory depression.
The Macquarie Incubator building will be home to the new cohort as they grow and develop their businesses through the Startup Educate Program.
In 2022, Macquarie University Incubator companies generated $6.6 million in revenue, attracted over $7.3 million in external funding, spent $3.6 million on non-founder wages, and employed 265 people.
Speaking to SmartCompany, Zymedyne Therapeutics CEO and co-founder Dr Bladen said chronic pain is one of the most serious health challenges facing society today.
“What we’re doing here at Zymedyne Therapeutics is tremendously beneficial to society globally. Our mission from the start has been to develop a non-opioid based pain treatment for chronic, neuropathic pain,” he says.
“We saw a great need for this as current therapies are not universally effective and often have detrimental adverse effects, such as respiratory depression and addiction.”
Zymedyne Therapeutics’ technology is based on targeting specific proteins called “T-type” calcium channels, which are known to be crucial in pain signalling, and are involved in other neurological and genetic diseases.
“The Macquarie University Incubator is greatly beneficial to startups because it helps you transition into thinking more like a business as opposed to an academic pursuit,” adds Bladen.
“We are now taking our drugs into the pre-clinical phase and we really hope to have a pain therapeutic in human clinical trials within the next two years.”
Macquarie University Incubator’s director of incubation and entrepreneurship Melissa Ryan said the Macquarie Incubator is designed to drive the development of sustainable, scalable, and investable companies.
“Our point of difference is building bridges between startups and researchers whose discoveries underpin deep tech innovation. Last year, we had six startups collaborating with Macquarie University researchers and anticipate this inclusive and engaged ecosystem will continue into 2023,” she said.
“When it comes to navigating the road from a bright idea to successful, scalable commercialisation, the guidance of someone who’s already been there can completely change the game. Pairing resident startups with the right mentors to power their journey is an essential component of the Macquarie University Incubator approach. It’s a true partnership with incredible benefits for those willing to be involved.”
Ryan said through the program the company founders will develop the skills and networks critical for success. The cohort-based education program is run twice a year, for around five months. Startups also participate in a demo day, annual pitch final and regular networking and social events.
“Australia’s universities are home to significant hard and soft infrastructure that is ripe to leverage in the support of our nation’s entrepreneurs. They are home to highly concentrated innovation ecosystems comprised of researchers, academics, and students,” said Ryan.
“University-led entrepreneurial and innovator support programs such as the Macquarie University Incubator represent a neutral partner to support them through the difficult process of building sustainable, high-growth businesses.”
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