Fintan Walton:
Hello and welcome to PharmaTelevision news review here in Melbourne, Australia. On this show I have Geoff Brooke, who is a founding partner at GBS Ventures here in Melbourne. Welcome to the show.
Fintan Walton:
Geoff Brooke, you're an investor, GBS Ventures is your firm, you founded it, your history goes back to the days when Ross Charles were investing here in biotech, how would you describe the change in Australia between the times when you started to invest to where we were are today?
Geoff Brooke:
It's enormously different, it's grown enormously pretty much in all respects. It started with a really good obviously really good medical research base but very little commercialization, couple of big companies one government focused, one government are in the investment group with no real entrepreneurial management available, no boards available with experience, lawyers didn't know how to do you know start a company documentation, banks had no idea how to manage accounts so that sort of things, so we really started from really strong medical science that lot of which was ready for the beginnings of the commercialization phase, but very little else. And I can remember distinctly sitting with Jeremy 0.01.35 Curnock Cook whom I was a partner with him those days when we started the business and people would call and say want to come in and talk to you about starting a company based upon my medical research and they would come in and sit with the Senior Board and then Ross Charles sit across the table and that's what they do, just sit across the table, they had you know no business plan, they had no presentation, they had no thoughts on clinical trials, they had no thoughts on commercialization and literally would say I've come here for some money because I can't get grants anymore. Now we have companies coming in couple of times a week, real companies coming in with qualified management teams that might have actually, it might be actually the second start up or they might have left big industry they've the business plan done, the IP done, the market research done, they not even being missed the clinical trials, the board done, good Chairman all that sorts of things, so it's growing enormously.