The Australian Government is investing $12 million to develop new Australian-made medical devices and medicine for people with cardiovascular disease and diabetes.
Fourteen Australian start-up and innovator companies will receive funding and commercialisation support to develop improved treatment for management of cardiovascular disease and complications of type 1 and 2 diabetes.
Over 1.3 million Australians live with diabetes and 1.3 million Australian adults are living with one or more conditions related to heart, stroke or vascular disease.
Cardiovascular disease is the second leading cause of death in Australia and diabetes is among the top 10.
The biotech and medtech companies were selected through a competitive process by MTPConnect's Targeted Translation Research Accelerator program.
The successful companies developing devices for the targeted conditions are:
- CathRx, New South Wales - $1,100,000 for atrial fibrillation
- I D & E, New South Wales - $1,200,000 for ocular drug delivery
- Theia Medical, South Australia - $1,000,000 for high-risk coronary artery disease
- Venstra Medical, New South Wales - $1,000,000 for cardiogenic shock
- Wavewise Analytics, Victoria - $997,000 for stroke
- ZiP Diagnostics, Victoria - $1,019,000 for preeclampsia in pregnancy.
The successful companies developing new drugs or treatments are:
- Anaxis Pharma, Victoria - $333,000 for diabetic kidney disease
- Argenica Therapeutics, Western Australia - $1,000,000 for acute ischaemic stroke
- Aspecthera, Tasmania - $500,000 for diabetic retinopathy
- Atherid Therapeutics, Western Australia - $750,000 for atherosclerotic cardiovascular disease
- Endo Axiom, New South Wales - $1,079,000 for type 1 diabetes
- Inosi Therapeutics, Victoria - $968,000 for diabetic kidney disease
- Nanomedx Pty Ltd, New South Wales - $750,000 for peripheral arterial disease
- ProGenis Pharmaceuticals, Western Australia - $370,000 for type 2 diabetes.
The funding is awarded through the Medical Research Future Fund program targeting commercialisation of Australian medical research and innovation products for cardiovascular disease and diabetes. The funded projects have attracted more than $17 million in additional contributions from industry.
Quotes attributable to Minister Butler:
"This funding will support exciting new treatment and management options for Australians with cardiovascular disease and diabetes.
"Our government is expanding the Australian-made medtech and biotech sector as part of our vision of a future made in Australia.
"The Albanese Government is supporting our health and medical research sector to ensure Australia remains a global leader in this field for decades to come."
Quotes attributable to MTPConnect CEO Stuart Dignam:
"We want to see these homegrown innovations scale in Australia first rather than offshore, and drive sovereign success which will power local job creation and improve health outcomes for Australians and others around the world.
"Following an open and rigorous assessment process through our Targeted Translation Research Accelerator program, we're backing established SMEs, start-ups and spin-outs in New South Wales, South Australia, Tasmania, Victoria and Western Australia."
