$12m for homegrown heart disease and diabetes innovations

With cardiovascular disease being the leading cause of death in Australia — and diabetes among the top 10 — the Australian Government has announced $12 million in federal funding for 14 Australian startup and innovator companies, who will develop new Australian-made cardiovascular disease and diabetes medical devices and medicines.

The companies will receive the funding and commercialisation support to develop improved treatment for management of cardiovascular disease and complications of type 1 and 2 diabetes. More than 1.3 million Australians live with diabetes and 1.3 million Australian adults live with one or more conditions related to heart, stroke or vascular disease.

“This funding will support exciting new treatment and management options for Australians with cardiovascular disease and diabetes,” said Mark Butler, Australia’s Minister for Health and Ageing. “Our government is expanding the Australian-made medtech and biotech sector as part of our vision of a future made in Australia.”

The biotech and medtech companies who have been success in the scheme were selected through a competitive process by MTPConnect’s Targeted Translation Research Accelerator program. To develop devices for the targeted conditions, the successful companies and their awarded funding are as follows:

• In NSW — CathRx with $1,100,000 for atrial fibrillation, I D & E with $1,200,000 for ocular drug delivery and Venstra Medical with $1,000,000 for cardiogenic shock.
• In Victoria — Wavewise Analytics with $997,000 for stroke and ZiP Diagnostics with $1,019,000 for preeclampsia in pregnancy.
• In South Australia — Theia Medical with $1,000,000 for high-risk coronary artery disease.
   

To develop new drugs or treatments, the successful companies are as follows:

• In NSW — Endo Axiom with $1,079,000 for type 1 diabetes and Nanomedx with $750,000 for peripheral arterial disease.
• In Tasmania — Aspecthera with $500,000 for diabetic retinopathy.
• In Victoria — Anaxis Pharma with $333,000 for diabetic kidney disease and Inosi Therapeutics with $968,000 for diabetic kidney disease.
• In Western Australia — Argenica Therapeutics with $1,000,000 for acute ischaemic stroke, Atherid Therapeutics with $750,000 for atherosclerotic cardiovascular disease and ProGenis Pharmaceuticals with $370,000 for type 2 diabetes.
   

“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,” said MTPConnect CEO Stuart Dignam.

“Following an open and rigorous assessment process through our Targeted Translation Research Accelerator program, we’re backing established SMEs, startups and spinouts in NSW, South Australia, Tasmania, Victoria and Western Australia.”

With the funding awarded through the Medical Research Future Fund program — targeting commercialisation of Australian medical research and innovation products for cardiovascular disease and diabetes — these projects have attracted more than $17 million in additional contributions from industry.

Image credit: iStock.com/SDI Productions