Otago Innovation, the company responsible for developing the University of Otago's intellectual property, is set to receive close to $1million a year in government funding.
The funding, which will come from a three-year $24.9million pool included in the Budget for the commercialisation of scientific discoveries, was announced by Science and Innovation Minister Steven Joyce yesterday.
Otago Innovation chief executive officer Pete Hodgson said the funding would enable a raft of technologies to be brought to the market quicker.
These included software for simulating a patient's reactions to drugs, drugs that will help to distinguish aggressive from non-aggressive prostate cancers, and a new set of chemical compounds that could better preserve human tissue when it is sent around the world.
The funding will be an increase from $800,000 the company has received annually since 2002, he said.
"So it is a very significant increase and it reflects the quality of research at Otago University
"It also reflects the Government's recognition that funding research which has a strong intellectual property can be in the public good.''
The financial boost was "close to adequate'', he said.
Mr Joyce said the fund would benefit many public research organisations.
"Almost all of the public research organisations in New Zealand will have access to funding through this programme.
"This is a significant investment in the commercial returns from research.''
Other applicants to receive funding were Auckland UniServices, Scion, KiwiNet, Massey University and AgResearch.
