Neurotech goes to market cheered by response to autism device

Neurotech goes to market cheered by response to autism device

The Australian12:00AM November 4, 2016

Neurotech, which is developing an at-home product to help children with autism, will list on the local market today with plans to expand its reach into the US.

The company’s first key product, Mente Autism, is a clinical-quality device that uses neurofeedback technology to help children with autism. Designed for home use, Mente Autism helps relax the minds of children on the spectrum, which in turns helps them to focus better and engage positively with their environment.

Company founder and key developer of the Mente technology, Adrian Attard Trevisan, said he was inspired to use his skills as a neuroscientist to develop the technology to help a friend’s child who suffered from Asperger’s syndrome.

“This is a big game changer for kids on the spectrum,” he said. “When I saw the first kid benefit from the therapy, I knew we were on to something that could have a good benefit for these kids.”
Neurotech, which is a subsidiary of a Malta-based company, raised $7 million to list and will issue 35 million new shares at 20c each, giving it a market capitalisation of $17.6m on listing.
Simon Trevisan, a non-executive director of Neurotech, said the Australian exchange was the leading public capital market for small caps and early stage capital.

He said in the eurozone, where Malta was based, capital markets were undeveloped for early stage capital. “Our advantage over the US is the lack of the very aggressive and uncapped litigation culture you have in the US, which makes Australia easier,” he said.

Mr Trevisan said that of the $10m put into the venture since it started, $9.5m was Australian sourced.
The product has EU approval, marketing has started and manufacturing of the first batch is under way. Plans are also in place to extend the availability of the product through other European nations, North America and Australia over the next two years.

“The important thing about this technology and the basis of it is we are basically providing clinical quality devices in a home environment, which for children on the ASD spectrum is important because of their
reaction to unfamiliar surroundings,” he said.

“From a commercial perspective, that’s a good space to be in.”

Neurotech chief executive Wolfgang Storf said the company believed there was an opportunity for the company to build a range of independently certified medical devices to target the $US169 billion ($220bn) medical neurotechnology and $US12bn medical home-based device markets.

“We start with autism but the potential is for so many additional areas, epilepsy, depression … unlimited potential,” he said.

Mr Storf said the company’s first product for autism created a new market.
“It’s very satisfying when you have a chance to speak to parents of kids with ASD and you see the impact of the product,” he said.

“Several weeks ago, Adrian and I were in Italy and spoke to parents of kids on the spectrum and it’s fantastic to hear the emotional side of what it changed, not only for the kid but the whole family.To be able to bring it on a bigger scale to patients is amazing.”