Posted: 3 September 2024
MTPConnect will inject much-needed funding and support for Australian small to medium enterprises (SMEs) to commercialise innovative medical products to better treat cardiovascular disease and diabetes when it rolls out new investment through its Targeted Translation Research Accelerator (TTRA).
An initiative of the Medical Research Future Fund, this program will accelerate promising drugs and devices focused on cardiovascular disease (CVD) and the complications of diabetes (type 1 and type 2).
MTPConnect CEO Stuart Dignam said the new investment will open for expressions of interest later this year.
“Our new TTRA initiative, covering both therapeutics and devices, is designed with translation and commercialisation in mind, making all the difference for SMEs with moonshot ambitions,” Mr Dignam said.
“Supporting translation of research into the clinic will also develop domestic research and development (R&D) talent skilled in commercialisation, improve healthcare options and create more jobs in our life sciences sector.
“Our experience running similar accelerator programs has revealed that the value of non-dilutive funding – along with access to industry knowledge, mentoring, market expertise and commercialisation skills – is a powerful multiplier for SMEs that truly boosts their chances of success.
“That’s why we’re delighted to bring industry giants CSL and Roche Diagnostics into the program to ensure our home-grown innovators can tap into the very best of industry expertise and support.
“While Australia is recognised as a global research leader, ranking in the top 10 of the Global Innovation Index, we slip down to 30th for outputs from that research.
“By backing Australian SMEs with access to leading industry expertise, as well as funding, we’re maximising chances for commercialisation success and working to lift Australia up the global innovation league table.
“And at the same time, by tackling chronic health problems like cardiovascular disease and diabetes complications, we are building Australia’s medical industry capability to make more medical products, here in Australia,” he said.
Victorian medtech startup Nirtek is a recipient of MTPConnect accelerator support, receiving TTRA backing in 2021 for its groundbreaking device that can identify unstable coronary plaque in arteries and help cardiologists prevent future heart attacks.
Nirtek CEO Matthew Hoskin says the support made all the difference.
“With funding and advisory support from MTPConnect’s accelerator, our company has made enormous progress in developing and testing a prototype device and we’re now seeking the next stage of investment to enable us to build and test a complete trial-ready system and conduct our first in-human clinical trial,” said Mr Hoskin.
Professor Bronwyn Kingwell, Research Portfolio Strategy and Therapeutic Area Lead at CSL explains the company’s support for the initiative.
“CSL’s support of this research commercialisation Accelerator dovetails nicely with our long-term commitment to supporting Australia’s biotech ecosystem. With the Accelerator’s support, we hope to see increased therapeutic development in cardiovascular disease and diabetes to benefit patients in Australia and around the world,” said Professor Kingwell.
Kenny Lean, Head of Access and Innovation (Interim) at Roche Diagnostics Australia says Roche Diagnostics is proud to collaborate with MTPConnect in the Targeted Translation Research Accelerator (TTRA) program.
“By leveraging our expertise in diagnostics and partnering with Australian SMEs, we aim to drive innovation and commercialisation in the field of cardiovascular disease and diabetes. This initiative aligns with our commitment to advancing healthcare through innovative solutions and emphasises our dedication to supporting local talent and improving patient outcomes,” said Mr Lean.
The TTRA program will call for expressions of interest from SMEs developing drugs and devices by late September 2024.
