Elastagen recipient of inaugural NSW Health Medical Devices Fund 2013
July 2013, Sydney: The NSW Government today announced the recipients of $10.3 million worth of funding in the first round of the NSW Medical Devices Fund at the Official Announcement of the NSW Medical Devices Fund held at Cochlear Limited, Macquarie University on Friday 19 July 2013.
Elastagen Pty Ltd, a clinical stage medical device company that is pioneering Elastatherapy™ using the human protein Elastin to naturally repair and augment the skin, secured $2 million of the fund to further develop Elastin-based wound repair technology.
Elastin is a critical component of the skin, being present as fibres which confer unique physical properties to skin tissue. Elastin enables the skin to endure constant stress, especially in areas requiring repeated stretch and recoil such as at the joints. Elastin also plays a critical role during the wound healing process where it contributes to reduced wound contraction and improved skin tissue regeneration.
Elastagen’s technology has been developed over the past twenty years by Professor Anthony Weiss and his Elastin Laboratory at the University of Sydney. Elastagen has acquired exclusive rights from the University of Sydney to a broad patent portfolio which covers the production, formulation and application of this unique biomaterial.
Elastagen is the first company globally to have succeeded in the scalable, commercial, clinical grade manufacture of the full length recombinant human elastin protein. In addition, the company has completed a broad range of preclinical and clinical studies and successfully demonstrated the potential of its elastin biomaterials to assist in skin repair and regeneration.
A major focus for the elastin technology is on the medical repair and regeneration of the skin. For example, following recovery from burn injuries, patients will often have severe scarring which requires surgical revision due to discomfort and a lack of skin mobility. The surgical revision involves the removal of the scar tissue and replacement with a skin template to encourage the growth of a more natural skin.
Elastagen has worked closely with Prof Weiss at the University of Sydney and leading burns surgeons to demonstrate that elastin has the potential to improve the performance of the skin template.
The inclusion of elastin may enable both a reduction in the required number of surgical interventions and result in a significant improvement in the quality and physical properties of the repaired skin. The company is now planning to undertake further clinical studies of this promising technology prior to seeking regulatory approval of the product.
Elastagen is located in Sydney, Australia and is a venture backed private company
For further information please contact:
Robert Daniels, CEO
+61 (0)2 9209 4054
About NSW Medical Devices Fund:
The Medical Devices Fund (MDF) is a $5 million per annum, competitive technology development and commercialisation program funded by the NSW Government, through the NSW Ministry of Health.
The key objective of the MDF is to promote new and innovative medical devices and technologies within NSW by providing support to individuals, companies, public and private hospitals, medical research institutes, universities, other public sector research organisations, and the medical devices industry, and to take local innovation to market. It also aims to increase the uptake of NSW medical devices by the health system where they are cost effective and contribute to improved patient outcomes.