Australian Government Offers Matching Funding to Accelerate COVID-19 Drug & Diagnostic Development Efforts

May 19, 2020 | Australia, Coronavirus, COVID-19, Funding, Investor Watch, Life Sciences, News

Australian Government Offers Matching Funding to Accelerate COVID-19 Drug & Diagnostic Development Efforts

Australia’s MTPConnect will match $1m of funding for COVID-19 related research efforts, reports the industry growth centre set up to champion Australian medtech sector. Now with the third round of its Biomedical Translation Bridge (BTB) program aiming to support small and medium enterprises, medical research institutes and universities conducting COVID-19 related research projects.

The Need for Speed Imperative with COVID-19

As time to market is critical when it comes to most life-saving drugs, COVID-19 adds a couple exclamation marks to the statement. Now an application to participate with MTPConnect “will only be open for two weeks from Monday 18 May via a straightforward expression of interest process,” reports MTPConnect Managing Director, Dr. Dan Grant. Dr. Grant continued, “Our program will support medical devices and diagnostics research, prophylactic development—such as vaccines—and therapeutic approaches that will make an impact in 12-months or less.”

MTPConnect

MTPConnect, Australia’s growth center for medical technologies, biotechnologies and pharmaceuticals sector. Recent funding was raised to help “turbo charge” Australian COVID-19 research. A not-for-profit organization, they aim to accelerate the rate of growth of the medical technologies, biotechnologies and pharmaceuticals sector to achieve greater commercialization and establish Australia as an Asia-Pacific hub for MTP companies. It was formed in November 2015 as part of the Federal Government’s Industry Growth Centres Initiative.

What is the BTB Program?

An initiative of the Australian Government’s Medical Research Future Fund that is operated by MTPConnect and delivered in partnership with pre-eminent Australian organizations engaged in the translation and commercialization of health and medical research including: BioCurate (University of Melbourne and Monash University),  UniQuest (University of Queensland through its drug discovery initiative QEDDI), the Medical Device Partnering Program (MDPP, led by Flinders University), and QUT’s Bridge and BridgeTech programs (Queensland University of Technology). 

About the Medical Research Future Fund

The Australian Medical Research Future Fund is a $20 billion long-term investment supporting Australian health and medical research. The MRFF aims to transform health and medical research and innovation to improve lives, build the economy and contribute to health system sustainability.

Lead Contact

Dr. Dan Grant, MTPConnect Managing Director

Call to Action: If you are in Australia with ideas for new drugs, treatments or devices, reach out and connect with MTPConnect. Expressions of Interest opened Monday, May 18, 2020 and closes Monday June 1, 2020. Follow the link to the website for more information.

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