Government grant to back development of WoundVue

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LBT Innovations (ASX:LBT) has been awarded a $2.513 million grant to advance the development of its WoundVue prototype device. 

WoundVue is a handheld portable device that takes 2D and 3D images of chronic wounds to monitor wound healing.

The funding grant has been awarded under the federal government's Cooperative Research Centre Projects (CRC-P) Grants Scheme.

The CRC-P application for funding was lodged jointly by the University of Melbourne and Planet Innovation who will collaborate with LBT on the development. 

Dr Steven Giglio, scientific director for LBT, led the application and review process. 

"The next steps will be to work through a detailed funding agreement plan, with funds then able to be drawn down over a three year period and spent on development of the WoundVue prototype device," said the company.

According to LBT CEO and managing director, Brent Barnes, “This is an exceptional outcome for LBT following a comprehensive business case submitted as part of the application. It is also pleasing that the Federal Government has assessed and recognised the necessity for this device in an environment which would benefit from a standardised approach to wound care. 

"Today, management of wounds is a multi-billion dollar industry impacting an ageing population and represents a significant economic burden on healthcare systems worldwide. We see our device offering the potential to become the standard of care and contribute to improved patient outcomes. 

“We are also pleased that we will be leading this project whilst working closely with the University of Melbourne, Department of Chemical and Biomolecular Engineering department, and HealthTech Innovation and Commercialisation company Planet Innovation. Participant contributions are a combination of cash and in-kind services, in addition to the awarded cash contribution of $2.513 million over three years from the Federal Government.”