Pharmacy academics ignite interest in innovative medical technology
24 October 2013
A medical technology start-up company led by academics from the Faculty of Pharmacy has opened for business after being selected for a lucrative business development program.
The company, De Motu Cordis, Latin for 'The Heart Circulates,' was one of only four chosen nationally and the only one from the University of Sydney to benefit from the Ignition Labs accelerator program, an initiative of Australian Technology Park (ATP) Innovations.
With funding from the University of Sydney, the University of New South Wales, the University of Technology Sydney and the Australian National University, ATP Innovations provides promising tech start-ups tailored programs and a wealth of resources to help them succeed. Profits made are contributed toward assisting more start-up companies.
De Motu Cordis was founded by Professor Hak-Kim Chan, Associate Dean of Research at the Faculty of Pharmacy, University of Sydney and Professor John Fraser, Director of Intensive Care Unit at St Andrews War Memorial Hospital Brisbane.
Dr Patricia Tang, a researcher from the Faculty of Pharmacy, is also a key member of the young company.
The company was conceived after research conducted within the faculty led to the development of an advanced drug delivery system for critical care patients.
The primary objective for De Motu Cordis is to further develop and commercialise the technology, which has the potential to save lives and significantly reduce the long-term health costs of Australian patients following cardiac arrest.
"Being selected for the Ignition Labs program is a real blessing for our company, it will give us the best opportunity to introduce our technology to the industry and secure its success in the market," said Professor Kim Chan.
"We are confident from our research and development that we have an innovative solution that can provide significant health benefits for patients and financial benefits for the Australian healthcare system," he said.
As recipient of the Ignition Labs program, De Motu Cordis will receive startup capital, experienced mentors, office and lab spaces inside the Australia Technology Park (ATP) Innovations incubators, an intensive business development program, and access to a network of venture and corporate investors.
With these resources at its disposal, the company will be able to achieve in six months what would normally take a business 18 months.
"The businesses selected for this year's Ignition Labs program represent the creativity, depth and experience of Australia's medical entrepreneurs. The accelerators 24 mentors, who are all investors in the program, selected each business on the basis of the founding teams experience and the health impact of their technologies. We were very impressed with the quality of this years applicants and look forward to working closely with the portfolio." said Ben Wright, Co-Founder of Ignition Labs and Director of Commercial Development at ATP Innovations.
The success of De Motu Cordis could pave the way for more commercial opportunities for faculty researchers via partnerships in Linkage Grant applications.
"We are very excited to get moving on this project, and would like to thank ATP Innovations for providing this opportunity for us," said Professor Kim Chan.
Contact: Rachel Gleeson
Phone: 02 9351 4630