Heading: EverEdge supports MTPConnect’s BioMedTech Horizons programme

EverEdge is proud to have played a role in supporting the $A45 million BioMedTech Horizons (BMTH) programme delivered by Australian innovation accelerator MTPConnect which supports early-stage medical technology (MedTech) companies.

The BioMedTech Horizons (BMTH) programme is an initiative of the Medical Research Future Fund (MRFF) and has the objective of supporting SMEs to develop and validate innovative health technologies that address areas of unmet need as well as maximise idea potential. 

Calls for expressions of interest were directed to priority health areas in ophthalmology, cardiovascular disease, orthopaedics, neonatal care, oncology and trauma.

To qualify, a company needed to have a project in the proof-of-concept stage. About 285 companies tendered expressions of interest, of which 93 turned into full applications that were eligible for funding.

A total of 36 companies with 38 projects were selected through the strict grant application process to receive up to $A1 million in non-diluting funding for each project which allowed each firm to retain equity.

MTPConnect engaged EverEdge as part of a value-add programme to provide support to BMTH awardees seeking to understand their intangible asset position.

EverEdge was engaged by 15 of the 36 companies to help them understand what intangible assets were driving their competitive edge, along with how to commercialise, protect ideas (including patent and rights protection), value their intangible assets and assist in preparation for funding.

EverEdge Managing Director – Global Markets Joel Hanrahan was impressed by the technologies and said each company has huge potential for revenue growth over the next five to ten years.

“However, as is the case with many start-ups, we noted that several are still relying on grant funding to survive. This can create a business culture that focuses too much on chasing capital and not enough on the development and commercialisation of core assets.

“We highlighted the need for each company to find secure sources of operating capital and a clear strategy or route to market,” Hanrahan said.

EverEdge worked closely with the 15 awardees to develop strategies for risk mitigation, intangible asset protection, innovation management, R&D stage-gating and branding concepts to ensure their innovations would be market-ready at the conclusion of their testing, trials or approvals.

Two stand-out exemplars with which EverEdge had the pleasure of working were:

Enlighten Imaging: Enlighten has repurposed NASA satellite imaging methods to create a specialised eye camera with rainbow-coloured flash to capture high-resolution images of the human retina. The system then uses complex algorithms to analyse the images and predict the likelihood of a range of eye and brain diseases, including Alzheimer’s disease.

The company is in the final stages of securing patent protection.

EverEdge assisted Enlighten Imaging in articulating the value and potential of its intangible assets so it can prepare robust investment memoranda for keen capital providers.

Bionic Vision Technologies: This company has created eyeglasses fitted with cameras that feed real-time images to an implant which then sends those signals directly to a sight-impaired patient’s optic nerve.

Bionic Vision has also developed an alternative to traditional sight aids – such as guide dogs and walking canes – in the form of a wearable vest that vibrates when it detects an object.

Because clinicians need to trust a product before they will consider recommending it to patients, MedTech startups must build reputational brand value early.

While Bionic Vision Technologies prepares to conduct clinical trials, EverEdge advised the team on a branding strategy to support its commercialisation efforts.

MTPConnect Chief Executive Stuart Dignam said in the BMTH Impact Report that the supported companies have “captured the interest of investors” by securing at least $A479 million of further flow-on and external investment.

About 92% of this funding will be secured from non-grant funds such as seed, angel, private investments or series A, B or C financing.

Hanrahan said EverEdge was proud to be included in MTPConnect’s BMTH programme to work alongside such “incredible innovation” in the MedTech sector.

“This technology will bring real solutions to patients suffering from a range of medical conditions and we look forward to watching these companies grow.”