MDI awarded up to $1.5M in funding for next generation device for acute pain
Medical Developments International Ltd (ASX: MVP) is pleased to announce it has been awarded up to $1.5M in funding from the Clinical Translation and Commercialisation Medtech (CTCM) program, a Medical Research Future Fund (MRFF) initiative delivered by MTPConnect. The funding will support the development of the company’s next generation Penthrox device.
The next generation Penthrox device is a portable, self-administered, inhalation device that contains a fixed dose pain relieving drug in a pre-assembled configuration. This novel all-in-one device combines the three major components of the Penthrox “Green Whistle” into one integrated device able to be administered rapidly.
MVP CEO, Brent MacGregor said, “We are pleased to have been one of only a few companies to have received funding under this government initiative. It is testament to the innovation we are driving from our base here in Australia out to global markets.
“As well as being an exciting prospect for existing markets – where Penthrox is currently being used as an effective product for the treatment of moderate to severe pain in trauma patients – the next generation Penthrox device will play a crucial role in the Company’s ambition to bring Penthrox to the US market.
“With the funding and support provided by MTPConnect CTCM program, MVP will be able to progress the next generation Penthrox device by providing the resources required to complete the development phase of the project. It will further support the running of a Human Factors (Device usability) study, together with the development and execution of a local clinical trial to show safety and efficacy of the Device”.
The funding award was announced on 24th July 2023 by the Minister for Health and Aged Care, the Hon Mark Butler MP.
MTPConnect CEO, Stuart Dignam, said the CTCM program identifies and nurtures high quality medical device projects that have commercial potential and supports their translation through early clinical trials.
“We are backing homegrown Australian innovation, such as MVP’s next generation ‘Green Whistle’ device and helping to bring new Medtech products to market to improve the health and wellbeing of Australians,” Mr Dignam said.