BioMedTech Incubator program to support health discoveries

Brandon BioCatalyst and ANDHealth have been selected by the Australian Government to deliver the $50 million BioMedTech Incubator (BMTI) program. The investment, from the $20 billion Medical Research Future Fund (MRFF), increases the grant funding available through existing Brandon BioCatalyst and ANDHealth programs to more than $115 million.

The BMTI program will leverage the highly specialised selection, assessment and growth capabilities which have been built through CUREator — the Brandon BioCatalyst-managed national biotech incubator — and the ANDHealth-managed national digital health accelerator, ANDHealth+. The program, which commences later this year, aims to accelerate the commercialisation of promising Australian biomedical and digital health discoveries, resulting in new jobs, attraction of private capital and ultimately positive impact for patients.

“I applaud the federal government for trailblazing a new model for how innovation and translation are supported in this country,” said Brandon BioCatalyst CEO Dr Chris Nave. “In under two years they have provided funding to establish a national incubator of global scale, accessible to any researcher or innovator in the health and medical arena wanting to develop products that have the potential to transform patient outcomes.

“Australia sits in the top handful of countries for our biomedical capabilities and discoveries, but we have traditionally performed poorly at translating this research into new medicines to improve patient health. Under this new government-supported model, this collaborative program will provide grant funding like an investor, providing expertise and hands-on support, setting clear development milestones that must be met to receive subsequent funding tranches. This is a powerful new way to fund research translation and, if successful, may become an important component of how we fund research in Australia.”

Under BMTI, companies will be able to access up to $5m in non-dilutive funding over a five-year period to support the translation and commercial development of their biomedical and digital health technologies. In addition to funding, the BMTI grant aims to provide hands-on support to progress Australian innovations to the point where they are commercially attractive to investors or partners.

“We’re delighted to be partnering with Brandon Capital to deliver this new grant funding program,” said ANDHealth Managing Director and CEO Bronwyn Le Grice. “Having worked with over 650 digital health companies across Australia, access to finance and digital health domain expertise remain some of the most pressing challenges for our innovators and entrepreneurs. Non-dilutive funding, such as that available under the CUREator and ANDHealth+ programs, and now available on a larger scale through the BMTI, can be critical in supporting companies to navigate the viability gap and succeed in getting their product into the hands of patients and healthcare providers.”

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