Visiomed awarded $40,000 in WA government funding initiative

Perth-based biomedical devices developer, Visiomed Group (ASX:VSG) has been awarded two Business Development and Skills Training Scheme (BDSTS) grants, worth a total of AUD$40,000 from the Western Australian Department of Industry and Resources.

The BDSTS grants match up to 50 per cent, or up to $20,000, of the expenditure outlaid for international business development activities undertaken by the company.

The first grant, awarded to Visiomed's wholly-owned subsidiary Infamed, will be used in the design simplification and improved assembly of its Children's incentive asthma spacer Funhaler. The grant is aimed at reducing production costs in preparation for the large scale manufacturing of the device for commercialisation in overseas markets.

Dr William Dolphin, CEO of Visiomed is pleased with the consumer response to the Funhaler, "The Funhaler has been accepted readily in Australia, since it became available at the end of April we have sold at lest 1500 units. With the help of the grant we plan to enter the US and European market within the next six to 12 months."

The second grant will be used for the product development training and regulatory application required for Visiomed's ophthalmic imaging system, microEYE, to be sold in major markets.

"We currently have a functional prototype for the Australian market and plan to step into manufacturing in the next 10-12 months if we receive sales and marketing approvals," said Dolphin.

The portable camera system enables the front and back regions of the eye to be imaged using one device - an advantage over current technology, which requires a number of devices to do this. It is used for the diagnosis and monitoring of eye pathologies, such as diabetic retinopathy, glaucoma and macular degeneration, trachoma and cataracts, as well as the fitting of contact lenses.

Visiomed was one of nine companies to receive first round funding as part of the Biotechnology Industry Initiative's Program which was launched by the former Minister for State Development, Clive Brown in November 2004. The BDSTS is aimed at improving the international competitiveness of Western Australia, by improving the performance of viable businesses within the biotechnology industry. Funding is awarded annually.