UK-based George Health reported on Monday the receipt of GBP27m in new financing to fast-track new treatments for chronic diseases such as cardiovascular and Type 2 diabetes, said to be the world's biggest killers.

This funding round was led by Bupa Australia, Federation Asset Management and the Australian Government-backed Medical Research Commercialisation Fund Biomedical Translation Fund (MRCF BTF), managed by Brandon Capital Partners.

Under the agreement, George Health will receive GBP17m from Federation Asset Management and Bupa Australia to accelerate the development of drugs for multiple chronic diseases as well as an ultra-low-cost dialysis system for patients with end-stage kidney failure.

Additionally, George Medicines will receive just over GBP10m from the Australian Government-backed Medical Research Commercialisation Fund Biomedical Translation Fund (MRCF BTF), matched by George Health Enterprises, which will see a GBP20m financial boost to bring to market a near-registration medicine for treating recurrent heart attacks, high blood pressure .

Formed in 2014, George Health Enterprises is the commercial arm of The George Institute for Global Health. George Health (GH) is a for-profit fully-integrated global health care company committed to providing high-quality, affordable health products and services at scale.

(USD1=GBP0.765308)