The final round of a clinical translation and commercialisation program for SMEs delivered by federal government’s MedTech and pharmaceutical growth centre MTPConnect will open for expressions of interest on September 9.
Funded through the federal government’s long-term $20 billion Medical Research Future Fund, the Clinical Translation and Commercialisation Medtech (CTCM) Program will provide funding between $250,000 to $1.5 million for projects over a maximum of 24 months.
Successful recipients must also provide co-contributions which will depend on the total CTCM funding requested. Round one of the programs requires recipients to co-contribute to the value of 50 percent of the CTCM funding request.
Eligible expenditure includes prototype development and product testing, clinical trial activity, and regulatory support. The funding is available to small and medium sized enterprises, defined as firms with 199 employees or less.
If more than 10 per cent of the project’s total expenditure would be on international activities, approval must be obtained from the Department of health. This process will be managed by MTPConnect. The Medical Research Future Fund is managed by the Department of Health and Aged Care.
Funds will target projects focused on medical devices for human use that diagnose, prevent, monitor, treat, or alleviate a disease or injury, or modify or monitor anatomy or physiological functions of the body. Only projects where the device’s capability has already been validated with research and/or preclinical studies will be funded.
CTCM is a $19.75 million program. Successful applicants to round one are still being considered. An in-person and online information session will be held in Brisbane at QIMR Berghofer at 1pm on August 23. Expressions of interest for round two will close on October 7.
Following the expression of interest, successful applicants must complete a consultation phase with an assigned CTCM partner from the Medical Technology Association of Australia, Medical Device Partnering Program, or Cicada Innovations.
Finally, full proposals will be reviewed by the CTCM Investment Panel. According to the CTCM round two guidelines, this is “an independent, national and international panel of research, industry and investment experts”. Further details can be found here. Applications will be made through SmartyGrants.
MTPConnect chief executive officer Stuart Dignam said the funding round presents another opportunity to support Australia’s growing medical products sector.
“We are looking to provide funding and support to projects where the device’s capability has already been validated with research and/or preclinical studies,” Mr Dignam said.
“Applicants will also be required to provide a cash co-contribution dependent on the total CTCM funding request, with additional in-kind or cash contributions above this threshold viewed favourably.
“The CTCM program was designed uniquely to leverage a national alliance of experts in the medtech sector. We are delighted to work closely with medtech partners: Medical Technology Association of Australia (MTAA), Cicada Innovations and Medical Device Partnering Program (MDPP), as well as infrastructure partner, Therapeutic Innovation Australia (TIA), and educational partner, QUT – The BridgeTech Program.
“So, in addition to financial support, applicants will be supported throughout the 24-month period with valuable educational support, consultation and access to critical engineering, fabrication and prototyping facilities to help accelerate translation of their medical device.”
Do you know more? Contact James Riley via Email.