Elastagen and Endoluminal Sciences secure $4.5m funding from NSW Health Medical Devices Fund
Australian Technologies Park Innovations companies Elastagen and Endoluminal Sciences have scored a combined $4.5 million in funding from a NSW Government initiative called the Medical Devices Fund
Elastagen produces a human protein Elastin treatment called Elastatherapy™ which offers the chance to restore the levels of Elastin in human skin, with benefits anticipated in both cosmetic and medical dermatology applications. Elastatherapy is currently undergoing in human trials, Elastin can be stretched to over eight times its original length and snaps back without any deformation. Unfortunately as we get older the skin looses its elasticity and Elastatherapy hopes to help reverse that decline.
Elastin is built up from multiple cross-linked molecules of the protein tropoelastin. This cross-linked structure is incredibly durable and is formed into fibers that are distributed across the extracellular space in a variety of tissues, including the lungs, arteries and skin.
Endoluminal Sciences uses a combination of mechanical engineering and polymer science to repair abdominal aortic aneurysms which have a very high mortality rate due to catastrophic aortic rupture.
The Medical Devices Fund (MDF) is a $5 million per annum, competitive technology development and commercialisation program funded by the NSW Government, through the NSW Ministry of Health with $8 million available in its first year.
The key objective of the MDF is to promote new and innovative medical devices/technologies within NSW by providing support to individuals, companies, public and private hospitals, medical research institutes, universities, other public sector research organisations and the medical devices industry, to take local innovation to market and increase the uptake of devices that result in improved outcomes for patients.
Photo by Ian Sand http://www.flickr.com/photos/iansand/