29 November 2021
A new impact report has been launched highlighting the progress of the first cohort of projects to complete the BioMedTech Horizons (BMTH) program, operated by MTPConnect for the Medical Research Future Fund (MRFF).
Delivered across four funding rounds, the BMTH program supports the development and commercialisation of cutting edge new medical technologies.
The first round – BMTH1 - opened in 2017 and focused on precision medicine and 3D anatomical printing. Of the 11 projects identified and funded as part of BMTH1, nine successfully completed their program of works, advancing their devices toward commercialisation objectives.
Through a series of case studies, this Impact report highlights the many successes these projects have had, developing exciting new medical products – from a 3D printed ceramic cervical spinal cage and a bioprinting treatment for cartilage injuries to next-generation CAR-T technologies to fight cancer and a microwearable sensor that reads body signals and biomarkers.
The BMTH program has a focus on commercial outcomes, supporting projects to reach the proof-of-concept stage and beyond so they are attractive for private capital or third-party investment.
By this measure, the projects funded through BMTH1 have been an outstanding success with 72 commercial outcomes realised and 58 new jobs created.
Notable achievements include:
- WearOptimo securing $30 million to manufacture its smart sensor technology at an advanced technology facility in Brisbane – for worldwide distribution
- Carina Biotech selling IP licences to the international biopharmaceutical company, Biosceptre
- Anatomics initiating a US commercial launch of their 3D printed facial implants
- The Garvan Institute of Medical Research selling the fully validated Oncomine Cancer Genomics platform to SydPath
- The Bionics Institute establishing a commercial relationship with a world leading audiology medical device company for their EarGenie product
- Indee Labs generating over $1 million in revenue from top tier pharmaceutical companies.
“Moving an idea to proof-of-concept is one of the most challenging parts of the commercialisation journey,” said MTPConnect Managing Director and CEO, Dr Dan Grant.
“Our congratulations to the teams behind these innovative medtech projects. They are the first to graduate from the BMTH program and have leveraged the MRFF funding to develop their groundbreaking innovations and I applaud their entrepreneurial spirit.
“Their achievements are even more impressive as they were achieved against a backdrop of COVID-19 lockdowns which at times restricted access to research facilities and limited their ability to conduct vital clinical trials.
“Australia is at the leading edge for research, diagnosis, management, prevention and treatment of diseases. Our MTP sector is rich with potential and reading about these innovations will convince you of the value of the BMTH program,” Dr Grant said.
The successful deployment of BMTH1 has formed the basis for BMTH Rounds 2-4 which are currently deploying an additional $35 million into Australia’s medical technology sector; funding that will help translate and commercialise additional medical technologies.
The Medical Technology Association of Australia (MTAA) has been a critical partner in delivering the BMTH program and we extend our thanks to CEO Ian Burgess and his team for their continued support.
Further details about the BMTH1 projects and the impact of the program are outlined in the report here.