The Australian Government has announced a $12 million investment to support the development of new Australian-made medical devices and medicines aimed at improving the treatment of cardiovascular disease and diabetes.
The funding will be distributed among 14 Australian start-ups and innovative medical companies selected through a competitive process led by MTPConnect’s Targeted Translation Research Accelerator (TTRA) program.
These projects will focus on developing technologies and treatments to support the growing number of Australians living with heart disease and diabetes-related complications, as revealed in a media release.
According to the government, more than 1.3 million Australians are currently living with diabetes, while another 1.3 million adults suffer from one or more forms of cardiovascular disease, stroke or vascular disease.
Cardiovascular disease remains the leading cause of death in the country, with diabetes also ranked among the top ten causes.
“This funding will support exciting new treatment and management options for Australians with cardiovascular disease and diabetes,” said Federal Minister for Health and Aged Care Mark Butler.
“Our government is expanding the Australian-made medtech and biotech sector as part of our vision of a future made in Australia.”
Six companies will receive funding to develop new medical devices, including CathRx (NSW), I D & E (NSW), Theia Medical (SA), Venstra Medical (NSW), Wavewise Analytics (VIC), and ZiP Diagnostics (VIC).
Projects range from addressing atrial fibrillation and cardiogenic shock to stroke and pregnancy-related conditions such as preeclampsia.
Meanwhile, eight other companies will focus on drug or treatment development. These include Anaxis Pharma (VIC), Argenica Therapeutics (WA), Aspecthera (TAS), Atherid Therapeutics (WA), Endo Axiom (NSW), Inosi Therapeutics (VIC), Nanomedx Pty Ltd (NSW), and ProGenis Pharmaceuticals (WA), with a focus on diabetic kidney disease, stroke, cardiovascular complications, and both type 1 and 2 diabetes.
The investment comes through the Medical Research Future Fund (MRFF) as part of the government’s commitment to commercialising Australian medical research and fostering local innovation.
According to the government, the funded projects have already attracted more than $17 million in co-investments from industry partners.
MTPConnect CEO Stuart Dignam said the goal is to ensure these Australian-developed solutions are scaled locally before going global.
“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,” Dignam said.
“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,” he added.
