Ventracor, Agenix grab grants

Sydney artificial heart company Ventracor (ASX:VCR) scooped up AUD$1.2 million in funding today, when the second round of Australian Research Council (ARC) linkage grants were announced.

And Agen Biomedical, the wholly-owned subsidiary of Brisbane-based biotech Agenix (ASX: AGX, NASDAQ OTC:AGXLY), has been awarded a $1.13 million federal government R&D Start grant.

Ventracor's grants -- worth $787,000 and $440,000 respectively -- are earmarked for clinical research and product development work to be undertaken with the University of NSW and the University of Technology, Sydney.

The University of NSW grant will help fund the development of a pump control algorithm for the non-invasive prediction of pump flow, automatic detection of pumping states and adjustments to the metabolic demands of the body. The algorithms will undergo simulated bench testing of the VentrAssist heart pumps as well as in humans.

UTS researchers will be aiming to devise a way to get electrical power to devices implanted in the human body.

"This project, which has received funding of over the next three years, will research a novel, provisionally patented method of inductively transmitting power and signals across the skin, exploiting new ferromagnetic materials, biocompatible coatings and software controlled electronic circuits," said Ventracor CEO Colin Sutton.

"This important work will bring us another step closer towards a pump that does not require a lead that penetrates the recipient's skin."

"This method should be efficient, secure and infection-proof, with world market potential for all powered medical implants."

Agenix

Agen's grant will be used to further fund the development of the company's ThromboView blood clot diagnostic imaging technology, which will enter Phase II clinical trials late this year.

An independent report last month predicted that Thromboview's peak sales could reach $570 million within eight years of launch, and increased the value of the technology to $180 million.