New boost in Australia’s race to create world-leading medical devices
Australia’s race to create world-leading medical devices suitable for human trials and early-stage manufacturing is being boosted by the Morrison government’s health technology fund. Health Minister Greg Hunt has announced grants of $3.2 million for new partnership projects to development innovative medical devices and technology, part of the Coalition’s $45 million BioMedTech Horizons initiative.
Professor Mark Kendall, CEO of WearOptimo, which produces wearable sensors that give patients and doctors early warning of heart attacks, heat stroke and other life-threatening medical emergencies. Janie BarrettWell-developed projects that can be completed within 12 months are eligible for the latest funding round, designed to help creators progress towards commercialisation of Australian-developed ideas.Mark Kendall, founder and chief executive of microwearable device company WearOptimo, has received funding to help manufacture the next generation of wearable sensor health technology.Smaller than a 5-cent coin, the devices give patients and doctors early warning of heart attacks, heat stroke and other life-threatening medical emergencies. Taxpayer support will also help develop products for monitoring of dehydration and cardiac health.The company believes it can manufacture the tiny devices at a unit cost of just a few dollars.Professor Kendall said the funding had helped WearOptimo’s early development.Last week the company signed a $30 million deal with Australian National University and the Queensland government. It also has a deal with Canberra-based Aspen Medical to export products overseas.Important role“The first grant laid the foundation for our technology and allowed us to build our IP stakes and strengthen our commercial position,” he said.“The second has allowed us to start moving along that specific product domain.”WearOptimo is building a plant to manufacture up to 26 million products in Brisbane.“One thing leads to the other,” Professor Kendall said. “This scheme has played an important role in helping us build this Australian technology.“I think you need to have your eyes wide open as you do this kind of stuff. You need to have a very strong team and have strong domain knowledge in your area.“The government has its responsibility to take decisions well and assess on a competitive basis. There’s no handouts anywhere, so things need to be competitive to fly.”He said the funding rounds had a demonstrated record in helping accelerate innovative companies.Mr Hunt said Australian researchers had the support of the federal government, the research community and industry leaders.“Our researchers are world-class innovators and we are committed to ensuring their research can lead to new treatments, drugs and devices which address our biggest health challenges,” he said.“The BMTH program is improving health outcomes for Australians, while also bolstering the biomedical and medical technology sector, boosting employment and growing business.”National priority areas.
The program is funded through the $20 billion Medical Research Future Fund, the government’s long-term investment vehicle established to support Australian health and medical research.Non-profit MTPConnect delivers the program, part of its work to drive innovation, collaboration and commercialisation in the medical technology, biotechnology and pharmaceutical sectors.The fund is a capital preserved fund, which matured at $20 billion in July 2020. An independent committee advises government about national priority research areas every two year.Established in 2015, it is designed to back local health and medical research projects which help to improve lives, build the economy and contribute to the sustainability of the nation’s health system.About $1.4 billion is budgeted for research missions over 10 years, with another $1.3 billion set aside for patients initiatives.
Hopefully MEM applies for this, would be very disappointed if they didn't. Not taking up Kochie's invite to go on ****** was disappointing, this is real funding that they could do with.
- Forums
- ASX - By Stock
- MEM
- General Chat
General Chat, page-920
-
-
- There are more pages in this discussion • 62 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add MEM (ASX) to my watchlist
|
|||||
Last
1.1¢ |
Change
0.000(0.00%) |
Mkt cap ! $15.21M |
Open | High | Low | Value | Volume |
1.1¢ | 1.1¢ | 1.0¢ | $14.25K | 1.342M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 407270 | 1.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
1.1¢ | 400000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 407270 | 0.010 |
2 | 1400000 | 0.009 |
3 | 2766664 | 0.008 |
6 | 5377999 | 0.007 |
6 | 2395583 | 0.006 |
Price($) | Vol. | No. |
---|---|---|
0.011 | 400000 | 1 |
0.012 | 771782 | 3 |
0.014 | 188890 | 4 |
0.015 | 26002 | 3 |
0.016 | 339406 | 1 |
Last trade - 16.10pm 16/08/2024 (20 minute delay) ? |
Featured News
MEM (ASX) Chart |