The Federal Government has announced a $50 million MedTech incubator, funded by the Medical Research Future Fund. Seeking to ignite brilliance, this incubator is now eagerly accepting expressions of interest from those poised to shape the future of medical technology.
Advancing Australian Biomedical and Digital Health:
The CUREator+ BioMedTech incubator initiative, led by Brandon BioCatalyst and digital health accelerator ANDHealth, strives to assist in the advancement of Australian biomedical and digital health studies into the market.
This program offers approved candidates the opportunity to collaborate with research groups, gain coaching for building commercial skills, develop intellectual property, and receive professional guidance in governance, management, and financial operations.
Upon successfully achieving their commercial goals over a two-stage, four-year process, each selected company will be granted a total of $5 million in funding without any equity dilution.
Stepping Stones to Success:
The initial phase of funding, valued at a maximum of $2.5 million, provides projects with a two-year window to achieve their milestones. Successful completion of stage one milestones will qualify firms for the second phase of funding, where up to $5 million can be awarded across both stages, based on a competitive selection process.
The CUREator+ initiative targets Small and Medium Enterprises (SMEs) engaged in various stages of development for therapeutics, diagnostics, medical devices, and digital health technologies, according to program guidelines.
Dr. Chris Nave, CEO of Brandon BioCatalyst, expressed that this effort will contribute to enhancing Australia’s capacity for research translation and commercialization. He emphasized that the program’s expertise and networking opportunities could be just as valuable as the financial support in the long run.
Bronwyn Le Grice, CEO of ANDHealth, echoed the importance of access to local resources and sector expertise as crucial challenges. The CUREator+ funding, she noted, will support companies with the potential to expand both locally and globally, addressing significant global health issues while maintaining their base in Australia.
Timeline and Anticipated Impact:
Submissions for the program will be accepted until October 6, with notifications to successful applicants expected in late November. Funding distribution is anticipated in the second quarter of 2024.
The CUREator+ program is modelled after Brandon Biocatalyst’s CUREator BioTech incubator and ANDHealth’s Digital Health incubator, both of which received funding from the federal government’s Medical Research Future Fund (MRFF), totalling over $115 million across administered programs.
Notably, the governance and administration of the MRFF and the National Health and Medical Research Council’s Medical Research Endowment Account are currently under review for better coordination and alignment of grants, including potential models of reform such as merging funds or transferring MRFF responsibility to the National Health and Medical Research Council.
In a recent development, the second round of the CUREator program allocated $12 million to 19 firms, with the announcement of successful firms for the third round anticipated by the end of Q1 2024.
Additionally, Brandon BioCatalyst is aiding Cicada Innovations in establishing a $7.8 million biomedical incubator at the Westmead Health and Innovation District in New South Wales.
Should you need insights into the R&D sector or support in maneuvering its complexities, feel free to get in touch.We’re happy to share our expertise and comprehensive understanding of grants,R&D tax incentives, rebates, and various other opportunities available.