The developers of a new diagnostic test for the early detection of prostate cancer are among 15 businesses to have received commercialisation grants from the federal government.
Minomic, which was founded in 2007 by a group of scientists, devised an in vitro diagnostic screening test – a simple blood test that has initially been found to be nearly twice as accurate as the current Prostate Specific Antigen (PSA) test.
According to the company, prostate cancer kills 3,300 Australian men each year and one in six will be affected by the illness in their lifetime – making it a bigger killer than breast cancer is in women.
The company was awarded a grant of $572,445 to help commercialise its MiCheck product globally.
In announcing the grants as part of the Australian government’s Entrepreneurs’ Programme, Assistant Minister for Innovation Wyatt Roy said the funds will go a long way to helping Minomic and other Australian innovators turn their ideas into reality.
“More Aussie innovators need to take their rightful place on the world stage, reaping the benefits of international exposure while creating a stronger economy for Australia based on creative thinking and entrepreneurial drive,” he said.
“These ideas are providing solutions to real-world problems in key industry areas such as medical technologies, advanced manufacturing and food and agribusiness.”
Mr Roy added: “Today’s announcement will put 15 more businesses on the pathway towards commercialising their products and launching them into local and global marketplaces.”
The grants ranged from $150,000 to $1 million. Under the terms of the scheme, grants must be matched dollar-for-dollar by the organisation.
Other grants included a $1 million injection into Southern Innovation Training for its application that instantly analyses ore quality for minerals processing and $572,000 for Agriwebb, which is developing software to transform the livestock industry, as well as a grant of nearly $350,000 to Concourse Golf for its smart wheels for golf buggies.