During the last financial year, MEM undertook a significant change of management, leading to a more structured and refined business plan. This transition, along with a shift to hybrid working, reduced the need for a large office environment. The old offices were ideal previously, due to their extensive laboratory and manufacturing capabilities. However, with current product development occurring at the University of Newcastle, and manufacturing conducted by various third parties; the old premises were no longer required. This resulted in the business relocation to an adjacent building, enabling asignificant reduction in rent and other costs.
Associate Professor Hassan Bakos, Director of Operations said, “A space more suited to the needs of the business helps keep our operational costs in check. The move has resulted in savings of more than $200,000 per annum. These savings can now be redirected to core activities and commercialisation. A bonus of the move is that we have literally moved next door, avoiding a longer or more difficult commute for the team”.