From lab to life: Backing start-ups spurs new medtech breakthroughs

MedTech & Diagnostics News: The second phase of the BioMedTech Horizons (BMTH) program draws to a triumphant close, revealing the extraordinary outcomes of the 38 pioneering medtech innovations nurtured through the initiative.

Launched in May 2017, the BMTH program stands as an embodiment of the forward-looking vision of the Medical Research Future Fund (MRFF), executed by MTPConnect. With its keen focus on ushering early-stage medical innovations into practical application, the program has allocated a staggering $30.3 million in funding across its second, third, and fourth rounds. This investment has subsequently snowballed into an additional $36 million from industry stakeholders.

Stuart Dignam, CEO of MTPConnect, stated “Companies supported through this phase of BMTH have really captured the interest of investors, taking the $30.3 million in program funding and going on to secure at least $479 million of further flow-on and external investment.”

A staggering 79% of the projects have successfully secured post-program funding, 92% of which originates from sources encompassing seed, angel, private investments, or series A, B, and C financing rounds. Demonstrating a commitment to tangible outcomes, the program’s contributions are underscored by the creation of 306 new job opportunities, the advancement of 87 medical technologies towards commercial fruition, the initiation or completion of 27 human clinical studies and trials, and the granting of marketing approval to eight pioneering technologies.

“These outcomes show what can be achieved by backing start-ups, entrepreneurs and SMEs to bring life-saving medical products from research labs to market: stronger companies, a more resilient economy and healthier communities,” Mr Dignam added.

Ian Burgess, CEO of Medical Technology Association of Australia (MTAA), echoed this sentiment, highlighting the pivotal role of MRFF’s commercialisation initiative in propelling transformative medical technologies forward.

“MTAA was a strong advocate for the usage of the MRFF commercialisation initiative funding to support the translation of promising, transformative medical technologies. I was pleased to be a founding member of the Steering Committee that provided direction for BMTH and provide advice and governance support through each of the four rounds of funding.

“I offer my congratulations to each of the teams awarded funding in this program and I am pleased to see the significant advancements they have achieved in developing their projects. Finally, I offer my congratulations to the team at MTPConnect for delivering a highly effective program,” Mr Burgess stated.

Among the shining stars of this transformative journey are eight projects that have already made their mark. 3DMorphic, for instance, has revolutionised patient-specific 3D-printed titanium implants for spinal fusion, boasting an unprecedented five-day turnaround time from design to manufacture.

Reflecting on the program’s success, Chloe Amaro, Quality Assurance and Regulatory Engineer at 3DMorphic, expressed her excitement.

“This project has allowed us to gather the data and give weight to the notion that patient-specific implants really do perform better than off-the-shelf devices. It’s something that hasn’t really been done before in the industry, and that’s really exciting to be part of,” she explained.

Artrya’s cloud-based, AI-powered Salix software has gained regulatory nods across multiple continents, while Neuromersiv’s Ulysses virtual reality rehabilitation system is aiding post-stroke and brain injury recovery.

Artrya’s Chief Scientific Officer, Professor Girish Dwivedi, highlighted the profound impact of the program on their AI-driven Salix software.

“This remarkable technology not only identifies arterial narrowing, but also targets challenging imaging biomarkers that often go unnoticed and aren’t reported. Our internal studies have demonstrated Salix’s immense promise, positioning it as a true game changer in the field of cardiac CT scans,” Professor Dwivedi commented.

Patients at Sydney’s Enable Exercise have benefited from Neuromersiv’s Ulysses virtual reality rehabilitation system, according to the company’s CEO, Kwan Leung.

“We have been able to witness a remarkable level of client engagement using the Ulysses virtual reality-based rehabilitation,” he said. “The innovative approach has effectively challenged our clients’ functional capacity and developed promising outcomes in their rehabilitation journey.”

ZiP Diagnostics has harnessed DNA/RNA-based molecular diagnostics for COVID-19 testing with unparalleled accuracy, and Seer Medical has pioneered the world’s first epilepsy risk forecasting tool through its TGA registered Seer Health App.

Dr Jack Richards, infectious disease physician and ZiP Diagnostics Founder, emphasised the critical importance of their DNA/RNA-based molecular diagnostic technology.

“Hospital ICUs, GP clinics and aged-care homes need highly accurate COVID-19 testing, which is low cost, easy and quick to administer, so they can keep people safe and their services operational. This is not something that was available in Australia before ZiP,” Dr Richards said. “Rapid Antigen Tests, have their place, but they are not usually designed to screen asymptomatic people and do not deliver the accuracy these workplaces need to ensure they remain COVID-safe.”

Seer Medical’s CEO and Co-Founder Dr Dean Freestone said “Being able to translate our seizure forecasting IP into a patient-facing feature has cemented Seer as global scientific leaders in epilepsy. Most importantly, seizure risk forecasting is already improving the lives of people with epilepsy and reducing the social and economic costs of the disease.”

In its unswerving commitment to fostering growth, the BMTH program has injected up to $1 million per project (with up to $800,000 in Round Four), all without compromising equity or ownership.

As the program reaches its crescendo, the BMTH Impact Report unveils the full gamut of the 38 projects’ accomplishments and paints a vivid picture of innovation, resilience, and transformation.

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