Expressions of interest are now open for grants of up to $1 million to support development and commercialisation of cutting-edge new medical devices to address unmet clinical needs.
The funding is being made available through the third round of the $45 million BioMedTech Horizons (BMTH) program, an initiative of the Medical Research Future Fund, operated by MTPConnect.
Managing Director & CEO, Dr Dan Grant, says the new funding round provides a unique opportunity for Australian life science innovators to accelerate the advancement of their projects.
“The BioMedTech Horizons program supports new medical technologies to reach proof-of-concept, or beyond, so they are attractive for private capital investment and commercialisation,” Dr Grant said.
This third tranche of funding under the BMTH program is targeting innovative solutions to address unmet clinical needs in three key focus areas:
- Digitally enabled medical devices in mobile health, health information technology, wearable devices, telehealth and telemedicine, and digitally enabled personalised medicine
- Digitally enabled implantable medical devices addressing unmet needs in any therapeutic area
- General medical devices in the areas of regenerative medicine, women’s health, cardiovascular, orthopaedics, neuroscience, general surgery and oncology
“Funding is available for small to medium sized enterprises (SMEs). These firms can have up to 200 staff but must be at a stage of development equivalent to Level 3 or beyond on the Technology Readiness Level Scale and have preliminary data demonstrating Technical Proof of Concept.
“We’re looking for innovative projects that have the potential to impact healthcare outcomes while demonstrating real commercial opportunities so we’re keen to support SMEs that hold rights to the patent(s) or other IP related to the technology being developed.
“The projects we back through BMTH will lead to new technologies, medical devices and preventative interventions to improve the health of Australians, and with an underlying commercial imperative, they’ll also boost employment and grow business in the Australian medtech sector,” he said.
Round One of the BMTH program saw $10 million successfully deployed to 11 projects in 3D anatomical printing and precision medicine, while applications for Round Two, which closed in July this year, have been shortlisted with funding announcements to be made before the end of the year.
Dr Grant encourages the Australian research community to take advantage of the substantial funding being offered as part of Round Three.
“The BMTH program is a great opportunity for early-stage medtech innovators to secure significant financial support to take their research to the next stage along the translation and commercialisation pathway,” Dr Grant said.
“The program allows us to identify high quality, early-stage projects and support their translation to proof-of-concept stage and we’re pleased to be working with the Medical Technology Association of Australia and AusBiotech to deliver this program.”
Expressions of Interest for funding under Round Three of the BMTH program close on 16 December 2019 and details on how to apply can found here.