Melbourne-based Medtech startup awarded $1.2M government funding to develop device that helps safely deliver life-saving medications to preterm babies.
The Navi team is pleased to announce that it has successfully secured $1.2 million in funding from the Australian Government’s Clinical Translation and Commercialisation Medtech (CTCM) Program.
Delivered by MTPConnect, the funding is part of the Medical Research Future Fund initiative that identifies and nurtures high quality medical device projects that have commercial potential and support their translation through early clinical trials.
This funding demonstrates a strong level of confidence in the potential of Navi’s technology, which will enable clinicians to safely deliver life-saving medication to premature babies through its novel catheter tip location system, the Neonav®.
Navi co-founder and CEO Alex Newton said his team is focused on addressing a really important but often overlooked challenge in the care of sick kids.
“Misplacement and movement of central catheters can have devastating impacts on critically-ill patients. The Neonav® ECG Tip Location System solves this problem by giving doctors and nurses the real-time data they need to place and monitor the position of central catheters, making it safer and easier to deliver life-saving treatments to their patients”.
Navi was founded in 2017 and has raised over AUD$6 million to date to develop its ground-breaking Neonav® catheter surveillance technology. This funding will support the expansion of pilot study clinical activities, and the finalisation of device design and manufacturing, as well as execution of core commercialisation activities.
Navi co-founder and CTO Mubin Yousuf, who has spearheaded the development of the Neonav’s proprietary tip location algorithm, said the successful CTCM grant application provided further validation of Navi’s product development and commercialisation strategy,
“Funding through the CTCM Program is highly competitive, with only a handful of the most promising applications being successful. The whole team is delighted with the outcome, and we’re looking forward to completing our project milestones and bringing this important device to market as soon as possible”.
The company’s recent string of successful grant applications and funding over the past year, along with a successful capital raise, brings Navi closer to achieving its vision of helping children everywhere live brighter, healthier futures.
Read the Australian Governments official announcement at https://www.health.gov.au/ministers/the-hon-mark-butler-mp/media/169-million-for-cutting-edge-medical-innovations
About Navi:
Founded in 2017, Navi’s vision is to give children everywhere brighter, healthier futures through medical innovations.
Navi is developing a catheter tip location technology called the Neonav®, which will allow clinical staff to quickly and safely place catheters inside critically-ill preterm and pediatric patients so they can deliver life-saving medications, nutrients and fluids.
Navi has already commenced in-human clinical studies of its catheter surveillance technology and is working towards finalising the device.
Source: https://www.navitechnologies.com/blog/2022/10/6/navi-awarded-12-million-ctcm-funding
