Photo / Rex BionicsThe company's exoskeletons are designed to help wheelchair users. Photo / Rex BionicsAn Australian Government fund is facing tough questions after pouring millions into a struggling New Zealand biotech company. The Sydney Morning Herald reported today that Australia's Bioscience Managers, appointed as the manager of the Turnbull government's $250m Biomedical Translation Fund, invested roughly $6m into Kiwi firm Rex Bionics. This despite the fact Rex Bionics employs only one person in Australia and is running no clinical trials in that country. It was at this point the Australian fund BioScience Managers threw the company a lifeline in exchange for control of the firm.

Source: New Zealand Herald May 23, 2021 00:22 UTC