MTPConnect announced the opening of a $28.5 million funding opportunity aimed at accelerating the development of new drugs and devices for heart disease and diabetes.
The initiative, part of the Medical Research Future Fund’s (MRFF) Targeted Translation Research Accelerator (TTRA) program, invites Australian spin-outs, start-ups, and small to medium enterprises (SMEs) to apply for financial support to commercialise innovative medical products addressing these critical health issues.
Eligible companies can apply for up to $1.5 million in funding through an initial expression of interest (EOI), with applications closing on 4 November 2024, the organisation said in a news release.
Stuart Dignam, CEO of MTPConnect, highlighted the importance of this funding in supporting Australian innovations and helping the country advance in the global innovation landscape.
“Access to funding remains the biggest challenge for start-ups and innovators, particularly in the early stages of development,” Dignam said.
“While Australia ranks highly in research globally, we need to improve in translating that research into commercial outputs.”
The TTRA initiative covers both drug and device innovations and aims to help projects reach commercial proof-of-concept, increasing their chances of attracting further investment.
Applicants are required to provide a cash co-contribution to demonstrate their commitment to the project and enhance the value of the MRFF investment.
Successful applicants will also benefit from mentorship, access to specialist advice, and connections with industry experts through MTPConnect’s Impact 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 start-ups and SMEs that truly boosts their chances of success,” Dignam added.
EOIs are open from 1 October 2024 and will close at 4:00 p.m. AEDT on 4 November 2024.
Detailed funding guidelines and application information are available on the MTPConnect website. A webinar to provide more information will be held on 8 October 2024 at 12:30 p.m. AEDT.
For more details, visit the MTPConnect website.
