Combining Ceridia’s novel method of reformulating oil-soluble compounds, with Paraco’s expertise and access to animal health medicines, the intent is to develop and market novel and improved formulations for farm and domestic animals.

The business model will target reformulating existing and approved drugs allowing the repurposing of existing therapeutic agents.

Associate Professor Clive Prestidge, Technical Officer of Ceridia and Director of Nanomedicine at South Australia’s Ian Wark Research Institute, said: "It’s personally rewarding to see discoveries made in the lab moved into commercial development with the ultimate aim of commercial benefit. Ceridia also embodies the ambition of the Wark to translate its discoveries into commercial and practical benefit, and I am extremely pleased by our rapid progress in these areas." Prestidge is a world-leading expert in Nanomedicine and Bio and Polymer interfaces.

Dr Ian Boddy, Acting CEO of Paraco, said: "Ceridia’s technology offers a drug delivery platform able to control and manage persistent and highly detrimental diseases caused by parasites. Paraco, through its parent AgResearch, has access to world class expertise in anthelmintic resistance, ruminant immunology and molecular biology. We believe that partnering with Ceridia will create a win-win for all."

Dr Gregor Rozenberg, CEO of Ceridia said: "We are delighted to have signed yet another commercial agreement with an international company backed by a world class research institute partner. We very much look forward to working with Paraco to improve a number of therapeutics and treatments. We know our unique technology has significant advantages over existing technologies and it is pleasing to see it gaining traction in different market places."