SMEs developing drugs and devices are encouraged to prepare for the call for expressions of interest. Credit: THICHA SATAPITANON / Shutterstock.

Australian organisation MTPConnect has announced an A$28.5m ($19.27m) investment to support small and medium enterprises (SMEs) in the commercialisation of medical products aimed at treating cardiovascular disease and diabetes.

The investment through MTPConnect’s Targeted Translation Research Accelerator (TTRA) programme forms part of the Medical Research Future Fund.

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This fund aims to support SMEs in the commercialisation of innovative medical products aimed at treating cardiovascular disease (CVD) and diabetes, including both type 1 and type 2.

One beneficiary of the TTRA programme is Nirtek, a Victoria-based medtech startup.

In 2021, Nirtek received support for its device that can identify unstable coronary plaque in arteries.

MTPConnect CEO Stuart Dignam said: “Our new TTRA initiative, covering both therapeutics and devices, is designed with translation and commercialisation in mind, making all the difference for SMEs with moonshot ambitions.

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“Supporting translation of research into the clinic will also develop domestic research and development (R&D) talent skilled in commercialisation, improve healthcare options and create more jobs in our life sciences sector.

“Our experience running similar accelerator programs has revealed that the value of non-dilutive funding – along with access to industry knowledge, mentoring, market expertise and commercialisation skills – is a powerful multiplier for SMEs that truly boosts their chances of success.”

CSL and Roche Diagnostics will also be part of the programme.

As the TTRA programme gears up for its next phase, SMEs developing drugs and devices are encouraged to prepare for the call for expressions of interest, which is expected to be announced by late next month.