Medical Devices Fund

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Medical Devices Fund

Up to $5M is available from the Medical Devices Fund to support the development and commercialisation of medical devices in NSW.

Medical Devices Fund

 

Medical Devices Fund

The Medical Devices Fund (MDF) is a competitive technology development and commercialisation program. In the 2017-2018 financial year the Fund has over $8 million available to help support investment in the development and commercialisation of medical devices and related technologies.

 

Background

The NSW Health and Medical Research Strategic Review recommended that NSW be enabled to contribute to the discovery and application of new treatments and diagnostic techniques and devices that will be major contributors to health reform into the future (Recommendation 5.1). The NSW Government established the Medical Devices Fund to help encourage and support investment in the development and commercialisation of medical devices and related technologies in NSW.

 

Objectives

The key objective of the Medical Devices Fund is to promote new and innovative medical devices/technologies within NSW that may have a global benefit.

Broadly, the Medical Devices Fund (MDF) aims to:

  • provide support to individuals, companies, public and private hospitals, medical research institutes, universities, other public sector research organisations, and the medical devices industry, to take local innovation to market; and
  • ncrease the uptake of NSW medical devices by the health system where they are cost effective and contribute to improved patient outcomes.

 

Funding

Funding will be in the range of $50,000 to $5 million, depending on the product’s stage of development over a period of one year to three years.

Depending on the value of the grant provided through this fund, the Ministry of Health may elect through the individual agreements with the grantees to either require repayment of a proportion of the grant provided or payment of a percentage of the profits, once the recipient earns a profit through the commercialisation of the device. The specific terms of this repayment/payment, such as time period, percentage of either grant or profit, interest and other factors would be agreed on as part of the contract negotiations.

 

Eligible Projects

Projects throughout the medical device product life-cycle will be considered. A risk mitigation approach to funding will be undertaken as it is acknowledged that funding for a medical device at the concept phase is a much higher risk from the point of view of return on investment than funding for market ready product.

To be considered for the Medical Devices Fund, the project:

  • Must satisfy the definition of a medical device
  • Must seek to progress a medical device along the commercialisation pathway
  • Must be innovative (i.e. new to market, or new to world)
  • Should have the potential to assist health delivery in NSW
  • Must have been developed in NSW and derive health, economic, social and/or environmental benefit to NSW

 

Eligible Applicants

The Medical Devices Fund can be accessed by eligible NSW organisations with innovative medical devices/technologies supported by intellectual property. Eligible organisations include public and private hospitals, medical research institutes, universities, start-ups and established SMEs.

An applicant must be:

  • A financially viable company or commercial enterprise with a current or proposed connection in NSW (eg. location of manufacturing jobs, headquarters based in NSW, NSW investment, new research lab established in NSW) and be able to provide evidence that the proposal connects and benefits NSW; have an Australian Business Number (ABN); typically with an annual turnover of less than $25 million; and is a legal entity; or an individual who agrees to form such an entity so that NSW Government can enter into legally binding funding agreements;
  • A NSW public research organisation applying through their appropriate technology transfer office, or the CEO or equivalent of the research organisation

 

Timing

Bulletpoint anticipates the timing for Round 6 of the 2018-2019 Medical Devices Fund to be:

  • Call for Preliminary Applications – 18 December 2017
  • Preliminary Applications close – 6 March 2018
  • Medical Devices Expert Group meets – April 2018
  • Invitation to submit Full Application – April 2018
  • Full Applications close – May 2018
  • Medical Devices Expert Group meets – May/June 2018
  • Invitation to present to Expert Group – June/July 2018
  • Successful applicants announced – August 2018

Timing is indicative only and will be updated when the official timing is announced.

 

2017 Grant Recipients

In 2017, the NSW Medical Devices Fund awarded $6.61 million to four companies to bring their innovative medical technologies to market. The Hon Brad Hazzard MP, Minister for Health, Minister for Medical Research announced the winners at NSW Parliament House on 29 August 2017.

This year’s Medical Devices Fund winners are:

  • SpeeDx ($2.5 million), for the commercialisation of the first single test worldwide that detects sexually transmitted infections and antibiotic resistance.
  • MedLogical Innovations ($1.25 million), whose ProFocal-Rx drug allows more than 30% of prostate cancer patients to have minimally invasive therapy and preserve their prostate gland.
  • Baymatob ($1.47 million), whose non-invasive patch Oli is a capable of monitoring pregnancy and labour remotely, allowing for real-time observation.
  • Western Sydney Local Health District ($1.39 million), whose Mu Catheter reduces hypertension by de-nerving the renal artery using a transcatheter microwave.

 

2016 Grant Recipients

The Hon Jillian Skinner MP, Minister for Health announced the winners of grants inthe fourth round of the Medical Devices Fund (MDF) at NSW Parliament House on October 10 2016:

  • Elastagen Pty Ltd ($4million) for Elastatherapy, a skin regeneration and wound repair product based on its unique tropoelastin-based biomaterial platform used in the surgical treatment of severe scars.
  • Nano-X Pty Ltd ($2.58million) for NanoX, a smarter and smaller cancer radiotherapy machine that will enable affordable, accessible bestpractice radiotherapy in resourcelimited areas.
  • Respiratory Innovations Pty Ltd ($1.3million) for Breathe Well, a device that provides breast cancer patients with breath hold instructions to reduce the risk of radiotherapy causing unnecessary and potentially fatal radiation heart damage.
  • HEARworks Pty Ltd ($750,000) for the development of the Auditory Cortical Discrimination (ACORD) test to assist clinicians in deciding which hearingimpaired infants should receive cochlear implants.

 

2015 Grant Recipients

In the third round of the Medical Devices Fund, $10.2million was provided in grant funding to the following eight recipients:

  • PAFtec Australia ($2,196,000): for CleanSpaceTM Respirators, the smallest and lightest powered respirators in the world and a game changer for respiratory protection.
  • Atomo Diagnostics ($1,800,000): for an innovative ‘all-in-one’ rapid point of care HIV diagnostic test device that replaces the need for multiple kit components and extensive procedural steps. PAFtec is an ATP Innovations portfolio company.
  • AllVascular ($1,750,000): for a novel Arterial & Venous Access System (AVAS) that allows clinicians to isolate the liver when delivering anti-cancer agents, minimising whole body side effects and reducing treatment time.
  • University of New South Wales ($1,590,000): for Thru-FuzeTM Spinal fusion, a new orthopaedic device for fusion of adjacent spinal vertebrae to help alleviate chronic back pain, such as that caused by degenerative disc disease.
  • Kleer-i ($1,314,000): for a breakthrough next-generation biological “patch”, which is bonded over an eye wound by a low-powered laser to seal lacerations and deliver faster wound repair, without loss of vision from scarring or infection. Kleer-i is a graduate of the NSW Medical Device Commercialisation Training Program 2015.
  • cmee4 Productions ($1,078,740): for Sound Scouts, a novel mobile game to check a child’s hearing before or during their first year of school. It aims to detect undiagnosed hearing issues that could affect their social or academic development.
  • Maverick Biomaterials ($337,500): for innovative materials used in the manufacture of cardiovascular devices implanted via keyhole surgery, reducing the patient’s time in intensive care facilities.
  • One special grant of $199,000 was awarded to Nano-X for a new radiotherapy machine that will transform global access to cancer care. Nano-X is a graduate of the NSW Medical Device Commercialisation Training Program 2014 and an ATP Innovations portfolio company.

 

More Information

This information is as guide only, please consult the source for the latest official information

By | 2018-01-14T20:55:03+00:00 January 10th, 2018|Innovation and R&D, NSW|Comments Off on Medical Devices Fund

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