$12 million to develop Australian-made heart disease and diabetes medical supports

The Australian Government announced on Monday it would invest $12 million to develop new Australian-made medical devices and medicine for people with cardiovascular disease and diabetes.

Fourteen Australian start-up and innovator companies will receive funding and commercialisation support to develop improved treatment for management of cardiovascular disease and complications of type 1 and 2 diabetes.

Over 1.3 million Australians live with diabetes and 1.3 million Australian adults are living with one or more conditions related to heart, stroke or vascular disease. Cardiovascular disease is the second leading cause of death in Australia and diabetes is among the top 10.

The biotech and medtech companies were selected through a competitive process by MTPConnect's Targeted Translation Research Accelerator program.

Companies developing devices for the targeted conditions include CathRx in New South Wales, which received $1.1 million for atrial fibrillation treatment, and Theia Medical in South Australia, which received $1 million for high-risk coronary artery disease.

Other device companies receiving funding include I D & E in New South Wales ($1.2 million for ocular drug delivery), Venstra Medical in New South Wales ($1 million for cardiogenic shock), Wavewise Analytics in Victoria ($997,000 for stroke) and ZiP Diagnostics in Victoria ($1.019 million for preeclampsia in pregnancy).

Companies developing new drugs or treatments include Argenica Therapeutics in Western Australia, which received $1 million for acute ischaemic stroke, and Endo Axiom in New South Wales, which received $1.079 million for type 1 diabetes.

Health and Ageing Minister Mark Butler said the funding would support new treatment and management options for Australians with cardiovascular disease and diabetes.

“Our government is expanding the Australian-made medtech and biotech sector as part of our vision of a future made in Australia,” Butler said.

The funded projects have attracted more than $17 million in additional contributions from industry.

Picture: credit www.markbutler.net.au