$2.5m grant awarded to WoundVue™ development
Australian medical technology company LBT Innovations Limited (ASX:LBT) has been awarded a $2.513 million grant to advance the development of LBT’s proprietary WoundVue™ prototype device. The funding grant has been awarded under the highly competitive Cooperative Research Centre Projects (CRC-P) Grants Scheme, which is overseen by The Hon Craig Laundy MP.
The CRC-P application for funding was lodged jointly by the University of Melbourne and Planet Innovation who will collaborate with LBT on the development of the WoundVue™ device. Dr Steven Giglio, Scientific Director for LBT, led the application and review process. The next steps will be to work through a detailed funding agreement plan, with funds then able to be drawn down over a three-year period and spent on development of the WoundVue™ prototype device.
“This is an exceptional outcome for LBT following a comprehensive business case submitted as part of the application. It is also pleasing that the Federal Government has assessed and recognised the necessity for this device in an environment which would benefit from a standardised approach to wound care,” said LBT CEO and Managing Director Brent Barnes.
“Today, management of wounds is a multi-billion dollar industry impacting an ageing population and represents a significant economic burden on healthcare systems worldwide. We see our device offering the potential to become the standard of care and contribute to improved patient outcomes,” he said.
“We are also pleased that we will be leading this project whilst working closely with the University of Melbourne, Department of Chemical and Biomolecular Engineering, and health tech innovation and commercialisation company Planet Innovation. Participant contributions are a combination of cash and in-kind services, in addition to the awarded cash contribution of $2.513 million over three years from the Federal Government.”
WoundVue™ is a hand-held portable device that takes 2D and 3D images of chronic wounds to objectively monitor wound healing. The technology behind WoundVue™ originates from the principles behind LBT’s FDA Cleared APAS® platform, where the core machine learning algorithms have been adapted to interpret tissue types and automatically provide surface area, volume and depth measurements. A prototype device is currently in use at the Central Adelaide Local Health Network (CALHN) Vascular and Endovascular Services as an adjunct to the clinical trial, “predicting outcomes in patients with diabetic foot ulcers and effectiveness of interventions to improve outcomes”.
More than 50 million people globally are affected by chronic wounds, with many being treated by multiple care practitioners. The use of manual and subjective tools to monitor the healing or degradation of wounds often leads to inconsistent therapy for patients. A device such as WoundVue™ could significantly reduce assessment time and assist in improving patient outcomes by having an accurate, frequent and reproducible assessment of chronic wounds.