EMVision receives $5m grant to advance brain scanning technology for stroke management
Stroke care experts Dr Angela Dos Santos and Professors Geoffrey Donnan and Stephen Davis have joined EMVision’s clinical advisory board to facilitate the company’s commercialisation of its stroke imaging products.
Australian medtech EMVision Medical Devices (ASX: EMV) has been awarded $5 million in non-dilutive cash funding under the Australian Federal Government’s modern manufacturing initiative (MMI).
The company is one of four businesses in New South Wales to take a share of the $23 million pool available under the MMI’s integration and translation stream.
This grant will assist EMVision is establishing manufacturing capabilities at a commercial scale, and enable it to be ready for global sales of its portable brain scanning units following future regulatory clearances.
Commenting on the grant, EMVision executive director Scott Kirkland told Small Caps the company has “an enviable track record” in securing non-dilutive funding to accelerate commercialisation of its technology.
“The company has previously won a successful federal CRC-P grant with partners UQ, Metro South Health and GE Healthcare, and, more recently, was part of a winning $40 million MRFF bid with the Australian Stroke Alliance. The Australian Stroke Alliance is a powerful collaboration dedicated to improving the care of the growing number of people suffering stroke.”
EMVision aims to be a global leader in medical imaging, and this latest funding is expected to be instrumental in establishing its local manufacturing base.
The company is on a fast-track to commercialising its brain scanning technology which is set to transform stroke diagnosis and care for patients around the world.
EMVision has noted mounting interest in its technology and is in ongoing discussions with large imaging and accessory companies worldwide to develop long-term commercial relationships.
The federal government launched its $1.3 billion MMI program in 2020 to help Australian manufacturers scale up, collaborate and commercialise their ideas.
Funding is provided on a co-investment basis and is available for up to 50% of eligible project costs.
Keysight deal
Earlier this month, EMVision entered into a deal with US-based Keysight Technologies to adapt its portable brain scanning technology for environments which are not able to accommodate a full-sized unit.
The original equipment manufacturer agreement follows a three-year collaboration between the companies in which a personalised and smaller healthcare-focused VNA (vector network analyser) solution was developed.
Under the agreement, EMVision will retain exclusivity over the supply of Keysight’s “fast sweep” VNA, enabling its brain scanner to be miniaturised for intensive care units, road and air ambulances and other applications where space is at a premium.
Keysight is listed on the New York Stock Exchange and has an estimated market cap of $26 billion.
It is considered a world leader in radiofrequency test and measurement technology and claims to have the strongest portfolio of VNA, which are core to the sensors being used inside EMVision’s portable brain scanner.
Future trials
EMVision is progressing its in-hospital and pre-hospital device development and preparing for future expanded, multi-centre clinical trials.
The trials will occur across a number of states and are intended to support future regulatory clearances from authorities in Australia, the US and Europe.