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- IDT Australia (IDT) has been unsuccessful in its application for a grant under the Federal Government’s Modern Manufacturing Initiative (MMI)
- While awaiting an outcome of the MMI Manufacturing Collaboration grant, IDT says it delivered Australia’s first locally manufactured mRNA COVID-19 vaccine candidate
- This was done through a project with Monash University and the Doherty Institute
- While disappointed with the outcome of the grant process, CEO David Sparling says IDT’s application to round two of the MMI translation stream remains live
- IDT shares were 10.3 per cent lower at 17.5 cents
IDT Australia (IDT) has been unsuccessful in its application for a grant under the Australian Federal Government’s Modern Manufacturing Initiative (MMI).
The company develops and produces high potency and high containment pharmaceutical products for local and international clients.
IDT said while waiting for more than six months for an outcome on its submission for the MMI Collaboration Stream grant, it secured a sterile manufacturing licence from the Therapeutic Goods Administration.
From this, the company said it successfully delivered on the Monash University-Doherty Institute developed COVID-19 mRNA vaccine candidate project.
According to IDT, this is Australia’s first locally developed mRNA COVID-19 vaccine candidate and the first of its kind in the Southern Hemisphere. The company says it aims to develop the capabilities to manufacture mRNA products for the current pandemic and for the future.
The company said the project highlighted a need for manufacturing capability in Australia, and noted that IDT is currently the only company in Australia with demonstrated capability to achieve this.
While disappointed with the outcome of the MMI Collaboration Stream grant, CEO David Sparling said IDT will continue to progress several alternative strategic options, including its application to round two of the MMI Translation Stream which remains live.
Company shares were trading 10.3 per cent lower at 17.5 cents at 10:53am AEDT.
