Not-for-profit medical products investor and accelerator MTPConnect has backed 14 Australian science companies with a combined $12.07 million to develop new devices and drugs.
The funding comes from MTPConnect’s Targeted Translation Research Accelerator (TTRA) Drugs and Devices program, which is backed by the federal government’s $24 billion Medical Research Future Fund.
The ideas span cardiovascular disease to complications of type 1 and type 2 diabetes for patients, carers, families and communities.
MTPConnect CEO Stuart Dignam said the non-dilutive funding backs innovations that tackle significant chronic health problems.
“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 – and now they have heightened global business uncertainty and tariff turmoil to contend with,” he said.
“Following an open and rigorous assessment process, we’re backing established SMEs, startups and spin-outs in New South Wales, South Australia, Tasmania, Victoria and Western Australia.”
The 14 new projects have attracted more than $17 million in additional contributions, Dignam said, adding that they want to see homegrown innovations scale in Australia first rather than offshore.
“MTPConnect’s investment, combined with the matching industry contributions, represents a near $30 million downpayment on the future of Australia’s brilliant life science innovators,” he said
“We’re particularly pleased that 50% of the funded SMEs are organisations led by women.”
The 14 startups will also receive ongoing mentoring and access to specialist advice from MTPConnect, as well as partners CSL and Roche Diagnostics.
“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 startups ,” Dignam said.
“We’ll be working with these companies over the next few years and making additional funding available on a competitive basis for those hitting their commercialisation milestones.”
The medtech startups backed are:
Anaxis Pharma, Victoria: $333,236, to target cell death in diabetic kidney disease
Argenica Therapeutics, Western Australia: $1 million, for a phase 2b/3 adaptive trial to determine the safety and efficacy of ARG-007 in reducing disability in acute ischaemic stroke patients
Aspecthera, Tasmania: $500,000, for novel eye-drop therapy for mild, moderate and severe non-proliferative diabetic retinopathy to prevent vision loss and disease progression
Atherid Therapeutics, WA: $750,000 for production of a biologic therapeutic for treating patients with atherosclerotic cardiovascular disease
Endo Axiom, NSW: $1.08m to evaluate a safe and smart oral insulin in type 1 diabetes
Inosi Therapeutics, Vic: $968,192 for the development of an IRAP inhibitor for the treatment of diabetic kidney disease
Nanomedx, NSW: $750,000 to focus on local regulation of inflammation for the treatment of peripheral arterial disease
ProGenis Pharmaceuticals, WA: $369,706 to develop PGP-011 as an effective RNA therapeutic for improving insulin sensitivity
CathRx Ltd, NSW: $1.1m for an electroPulse pulsed field ablation system to treat atrial fibrillation (irregular heartbeat
I D & E, NSW: $1.2m for an ocular (eye) drug delivery system
Theia Medical, South Australia: $1m for a hybrid 3D-printed intravascular imaging device for accurate detection of high-risk coronary artery disease
Venstra Medical, NSW: $1m for the world’s lowest profile and most powerful temporary heart pump to save the lives of patients in cardiogenic shock
Wavewise Analytics (formerly Cyban), Vic: $996,995 for clinical and product development of its ARGUS stroke monitoring and detection system: Real-time continuous non-invasive blood flow monitoring
ZiP Diagnostics, Vic: $1.02m to develop a low-cost, rapid, point-of-care lateral flow test for prediction and early diagnosis of preeclampsia
MTPConnect designed and has delivered the inaugural $47 million TTRA program for diabetes and cardiovascular disease on behalf of the MRFF since 2020. The new TTRA Drugs and Devices initiative builds on the existing program with a further $28.5 million from the MRFF.
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