Bionic Enterprises awarded Victorian Government funding
Health Market Validation Program funds will allow the critical first step in developing a deep brain stimulation device for the treatment of chronic pain.
The Victorian Minister for Technology, the Honourable Gordon Rich-Phillips, recently announced awards of up to $100,000 to ten Victorian companies to undertake feasibility studies as part of the Health Market Validation Program (HMVP) – a $15 million competitive grants program designed to encourage innovation in healthcare. This program supports collaboration between the public health sector, researchers and companies, and aims to capitalise on Victoria’s strength as the leading state for medical research and innovation.
Bionic Enterprises, working with the Peter MacCallum Cancer Centre as clinical host, was one of the Victorian companies selected through a competitive process. Bionic Enterprises, an initiative of the Bionics Institute, was established in 2011 to integrate innovative technologies and reduce the cost of medical device development. The study funded through HMVP will investigate the feasibility of a simple and more cost-effective pain alleviation device to address intractable pain in palliative care patients.
Linda Peterson, CEO of Bionic Enterprises, said, “Bionic Enterprises is committed to fast tracking the development and reducing the cost of bringing new, safe and effective medical device products to the market within the next 5 years.
We are delighted to receive the HMVP funding that will allow us, in collaboration with the Peter MacCallum Cancer Centre, to undertake the critical first step in developing a relatively simple, short-term deep brain stimulation device for the treatment of pain and improve the quality of life for palliative care patients for whom conventional therapies are inadequate.”
The feasibility study stage is to investigate whether new technologies can solve healthcare challenges identified by Victorian hospitals and health services.
“Once successfully completed, the feasibility studies will be assessed for further funding for the validation stage to undertake R&D to develop solutions over two years,” Mr Rich-Phillips, Minister for Technology, said.