An early test for deep vein thrombosis, bioengineered heart valves and a device that helps bystanders start CPR sooner are among five Australian medical technologies sharing $4.2 million in funding announced on World Heart Day.
The money comes from AUScelerate's heart and diabetes accelerator. The organisation expects it to draw a further $6.3 million in sector investment into cardiovascular innovations developed in Western Australia, South Australia, Victoria and New South Wales.
The funding is the latest round from the Targeted Translation Research Accelerator, which AUScelerate runs with support from the Medical Research Future Fund. Chief executive Stuart Dignam said the grants arrived as early-stage companies struggled to raise money without giving up equity.
"At a time when accessing non-dilutive capital is particularly tough, we are delighted to back these companies with much-needed non-dilutive funding and expert commercialisation support to continue the translation of their innovations on Australian soil," Mr Dignam said.
He said the timing was deliberate.
"World Heart Day is a fitting occasion to recognise both the toll heart disease takes on patients, carers, families and communities and the promise that medtech innovations such as these hold for better health and wellbeing."
Perth company CoraMetix received the largest grant, $1 million, to set up automated and GLP-ready manufacturing of bioengineered heart valves so they can move towards clinical use. Victoria's Navi Medical Technologies also received $1 million to develop a device designed to prevent cardiovascular complications in children undergoing central catheter procedures.
In New South Wales, Pulsatile Innovations was awarded $900,000 for its Pulse Tile, a cardiac arrest detection device intended to help people start CPR and perform it better. Adelaide-based Kynetyka Technologies will use $795,000 to develop DVTect, which it describes as an easy early test for deep vein thrombosis. Western Australia's Navier Medical received $491,433 for an AI software platform that analyses arterial disease and aims to identify high-risk blood vessels that would otherwise go unnoticed.
Each company will also get commercialisation support alongside the grant money. Mr Dignam said the aim was to keep the companies growing in Australia.
"Working with our in-house specialists and industry partners, these companies will tap into local and international expertise giving them the best chances of building sovereign success to reach commercial proof-of-concept," he said.
"It's about backing Australian innovations to tackle significant chronic health problems and scale in our backyard rather than offshore."
Mr Dignam also highlighted the group's makeup.
"The diversity of the new cohort is also outstanding, with 60 per cent being female-led projects," he said.
The accelerator works with impact partners CSL and Roche Diagnostics Australia, which provide industry knowledge, market expertise and commercialisation experience.
