Posted: 1 October 2024
Closes: 4 November 2024
Much-needed investment and support now available to accelerate new drugs and devices.
MTPConnect has opened Expressions of Interest (EOIs) for funding under the Targeted Translation Research Accelerator (TTRA) Drugs and Devices program.
An initiative of the Medical Research Future Fund (MRFF), this new program is open to Australian spin-outs, start-ups and small to medium enterprises (SMEs) keen to commercialise innovative medical products to reduce the burden of cardiovascular disease and the complications of diabetes (type 1 and type 2).
Companies can apply for up to $1.5 million in funding, starting with an initial expression of interest, with applications closing on 4 November 2024.
MTPConnect CEO Stuart Dignam said this timely injection of funding is critical to backing Australian innovations to tackle these significant chronic health problems and move Australia up the global innovation league table.
“Access to funding remains the biggest challenge for startups and innovators. The capital markets, especially when you’re at an early stage with your innovation, are particularly tough,” Mr Dignam said.
“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.
“Our new TTRA initiative, covering both drugs and devices, is designed to nurture these health and medical innovations to reach commercial proof-of-concept with the potential to attract further capital and support.
“We are asking applicants to provide a cash co-contribution for ‘skin in the game’ and to maximise the MRFF investment.
“In addition to funding, successful applicants will receive ongoing acceleration support through mentoring and access to specialist advice. They’ll also be connected with our Impact Partners, CSL and Roche Diagnostics so they can tap into the best of global industry expertise and support.
“MTPConnect’s tried and tested accelerator model has shown that pairing non-dilutive funding with access to industry knowledge, mentoring, market expertise and commercialisation skills is a powerful multiplier for start-ups and SMEs that truly boosts their chances of success.”
