MTPConnect is set to provide a significant boost to Australian small to medium enterprises (SMEs) focusing on innovations in the treatment of cardiovascular disease and diabetes through its newly launched $28.5 million Targeted Translation Research Accelerator (TTRA). This initiative, part of the Medical Research Future Fund, aims to fast-track the development of promising drugs and medical devices targeting these critical health issues.
The TTRA program is designed to support both therapeutic and device-based solutions, with MTPConnect CEO Stuart Dignam highlighting the initiative’s potential to transform research into tangible clinical applications. “Our new TTRA initiative, which encompasses both therapeutics and devices, is crafted with a focus on translating research into commercialization, providing SMEs with the resources needed to realize their ambitious projects,” Mr. Dignam stated.
The program will open for expressions of interest later this year, with the goal of enhancing Australia’s research and development capabilities, improving healthcare options, and creating job opportunities within the life sciences sector. According to Mr. Dignam, the value of non-dilutive funding, coupled with industry insights, mentoring, and market expertise, significantly increases the likelihood of success for SMEs.
To further bolster the initiative, MTPConnect has enlisted industry leaders CSL and Roche Diagnostics to contribute their extensive expertise and resources. This partnership is expected to provide participating companies with unparalleled industry support and guidance.
Despite Australia’s strong position as a global research leader, ranking within the top ten on the Global Innovation Index, the country falls to 30th place in terms of research outputs. MTPConnect aims to address this disparity by equipping Australian SMEs with the necessary tools for successful commercialization and enhancing the country’s position in global innovation.
Nirtek, a Victorian medtech startup, has already benefited from MTPConnect’s accelerator program. The company, which received TTRA support in 2021, is developing a revolutionary device to detect unstable coronary plaque and help prevent heart attacks. Nirtek CEO Matthew Hoskin credits the program with significant progress in their research and development efforts, noting the impact of the funding and advisory support on their ability to advance to clinical trials.
CSL’s Professor Bronwyn Kingwell expressed support for the initiative, emphasizing its alignment with CSL’s commitment to fostering Australia’s biotech ecosystem. “We anticipate that this Accelerator will catalyze the development of new therapies for cardiovascular disease and diabetes, benefiting patients globally,” she said.
Roche Diagnostics Australia’s Kenny Lean also voiced enthusiasm for the program, highlighting Roche’s dedication to advancing healthcare through innovative diagnostics and local talent support. “Our collaboration with MTPConnect in the TTRA program underscores our commitment to driving innovation in cardiovascular disease and diabetes, ultimately improving patient outcomes,” Mr. Lean remarked.
The TTRA program is expected to open for applications from SMEs focusing on drugs and devices by late September 2024.
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