Government fund helps develop anti-cancer drug

Economic Development Minister Trevor Mallard says a venture capital fund set up by the Government has helped develop a potential anti-cancer drug.

Proacta -- a company founded by cancer researchers at Auckland University and Stanford University in the United States -- announced today it would start human clinical trials on the compound PR-104 at Waikato Hospital.

The compound acts to damage DNA in tumours.

Mr Mallard said as well as receiving funding from private investors Proacta received funding from the New Zealand Venture Investment Fund (NZVIF). It also received funding through government agency New Zealand Trade and Enterprise.

Mr Mallard said one of the main aims of the NZVIF was to help commercialise innovative technology, products and services that were costly and risky to develop.

"I'm very pleased that out commitment is showing signs of paying off," he said.

- NZPA