Medical Devices Fund

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Overview

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

 

Background

The Medical Devices Fund aims to provide support to individuals, companies, public and private hospitals, medical research institutes, universities and the medical devices industry, to take local innovation to market.

The Medical Devices Fund seeks to increase the uptake of NSW medical devices by the health system where they are cost effective and contribute to improved patient outcomes.

Since the first round of the Medical Devices Fund in 2013, recipients of the NSW Medical Devices Fund have been awarded more than $50 million for 31 technologies. The Medical Devices Fund invests in the development and commercialisation of medical devices and related technologies in NSW, with some past recipients later gaining high-profile investors.

 

Objectives

The Medical Devices Fund will help encourage and support investment in the development and commercialisation of medical devices in NSW. In doing this it will:

  • build on existing state and federal programs and initiatives
  • encourage linkages between NSW device companies, research hubs, commercialisation offices and domestic and offshore investors in medical devices
  • streamline clinical assessments and trials of innovative medical devices to assist greater uptake of NSW innovations by the NSW health system, and drive sales and exports to other markets
  • build on the previous investment in the Medical Research Commercialisation Fund (MRCF) as a source of expert advice and significant investment
  • align with Commercialisation Australia processes
  • foster collaboration with NSW Trade and Investment, for commercialisation expertise, technical assistance and complementary programs.
  • identify and support teams or individuals who are likely to be successful.

The Medical Devices Fund Expert Group will review applications for investment in the development and commercialisation life-cycle of medical devices and make funding recommendations with a view to creating outcomes which are of health and economic benefit to NSW.

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Funding

Medical Devices 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 the Medical Devices 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 Medical Devices Fund contract negotiations.

 

Eligible Projects

Projects throughout the medical device product life-cycle will be considered for the Medical Devices Fund. 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.

A Medical Devices Fund 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

Applications for the Medical Devices Fund close 25 February 2019.

 

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More Information

The Medical Devices Fund information provided is as guide only, please consult the source for the latest official information

 

2018 Medical Devices Fund Recipients

The 2018 NSW Medical Devices Fund Winners were:

  • Kico Knee Innovation Company Pty Ltd ($2.5 million): Customised total knee replacement technology platform. The platform has software and hardware components that provide orthopaedic surgeons and patients with dynamic, functional and patient-specific solutions. It is primarily aimed at Australian and US markets.
  • Ellen Medical Devices Pty Ltd ($2.2 million): An affordable dialysis system which will provide access to life-saving treatment to millions of kidney patients around the world. Dialysis is a safe and effective treatment for kidney failure, but expensive at $50,000-$100,000 per patient per annum in Australia.
  • Cenof ex Innovations Pty Ltd ($1.5 million): A device to improve treatment of side effects of the incurable chronic and painful disease, Lymphoedema. It is capable of activity moving lymphatic fluid while incorporating a patient’s need for comfort, portability, and ease. The disease can also lead to dangerous infections, restricted movement and depression.
  • iFix Medical Pty Ltd ($1.15 million): The iFix system can deliver a 3D-printed structure directly onto the eye to seal wounds in the treatment of corneal ulceration, better preventing infection, relieving pain and accelerating healing. The condition is extremely painful and accounts for 55,000 hospital presentation each year in Australia.
  • Eudaemon Technologies Pty Ltd ($1 million): A next-generation, non-allergenic condom made from hydrogels that act like latex rubber but with enhanced feel and self-lubrication and without odours or tastes. Although condoms can prevent both pregnancy and STIs they are often avoided due to the stigma of reduced sensation.
  • Trimph Technology Pty Ltd ($1 million): TrimphDent, a ready-to-use, injectable scaffold that is applied immediately after tooth extraction and has been shown to preserve the socket. Tooth extraction is an inherently traumatic procedure that damages the underlying tissues and leads to inevitable jaw bone shrinkage.
  • Indee Pty Ltd ($500,000): This inexpensive mechanical process to make gene-modified cells will solve the development and manufacturing issues associated with current gene therapies and ensure greater access to treatment. The impact of gene-modified cell therapies will be similar to that of antibiotics seen during the last century. In the near term, their therapies will provide cures for most cancers.

 

2017 Medical Devices Fund Recipients

The 2017 NSW Medical Devices Fund Winners were:

  • 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 Medical Devices Fund Recipients

The 2016 NSW Medical Devices Fund Winners were:

  • 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 Medical Devices Fund Recipients

The 2015 NSW Medical Devices Fund Winners were:

  • 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.

 

2019-01-09T18:41:24+00:00December 19th, 2018|