Washington, DC: Queensland Premier Peter Beattie today witnessed the signing of a ground-breaking US-Australian deal allowing marine life from the tropical waters of the Great Barrier Reef to be used in research which may lead to a cancer cure.

The Townsville-based Australian Institute of Marine Science has signed a Memorandum of Understanding with the US National Cancer Institute in Washington DC and handed over its first consignment of 400 samples from Queensland marine organisms.

"This world-first, five-year agreement puts the international spotlight on the huge value of Queensland’s unique biodiversity," Mr Beattie said.

"Under this deal between AIMS and the NCI, extracts from Queensland organisms such as soft corals, sponges and starfish will be examined for anti-tumour activity within the NCI’s world-leading screening program.

"Any that test positive will then be analysed for compounds that may prove successful against human cancers.

"This type of screening simply isn’t available in Australia. This opportunity is worth about $A100, 000 a year to AIMS, but when you consider that it costs about $US800 million to get a drug to market, the potential value is enormous.

"If a drug is found, AIMS will be part of a potential $US billion a year venture.

"The ultimate aim is to have a new drug completely produced in Queensland – from the ocean, to chemical processing in the lab, to the manufacture of pills in bottles."

Innovation Minister, Paul Lucas, who was also present at today’s signing and sample hand-over, said the MOU created huge opportunities for international investment in Queensland.

"The sea is a rich source of compounds, and these may lead to the discovery of new chemicals that have novel actions when it comes to treating cancer," Mr Lucas said.

"This agreement also contains strict provisions that will protect Queensland’s natural resources, and ensure royalties are paid to taxpayers if a drug is brought to market.

"Any consignments of marine products must comply with the Biotechnology Benefit Sharing Agreement that the State of Queensland has with AIMS.

"Under this Agreement, Queensland’s interest as the source of the biological material is acknowledged and protected, while opportunities for R&D and new industry are maximised for Queensland."

The Director of AIMS, Professor Stephen Hall, said AIMS was a world leader in marine natural products chemistry, molecular biology and physiology.

"Our search for new chemical compounds from Queensland’s diverse marine biota is geared towards pharmaceuticals and healthcare products, agrichemicals and agents for environmental remediation," Professor Hall said.

"AIMS has one of the biggest libraries of marine organisms which we use for research and commercial exploitation.

"In this agreement with the NCI, AIMS will own the Intellectual Property in the screening results, and we will do the chemistry and therefore own the IP in any new and useful compounds that are discovered."

Dr David Newman, the project officer for marine collections at the Natural Products Branch of the US National Cancer Institute, said both institutions would work together to ensure any leads got a shot at drug development.

"Natural products have played a role in at least 62% of cases in modern cancer drug discovery," Dr Newman said.

"If all goes well, the first drug from the sea may be approved for marketing later this, or early next year, and there’s a real chance that more will follow".

"The NCI’s role is to find treatments for cancer, and we’re excited about the prospect of working with the extraordinary level of biodiversity that is held in Queensland waters."

AIMS expects to provide between 1000-5000 samples to the NCI each year under the five year agreement.