Commercialisation Australia has awarded the project a $50,000 Skills & Knowledge grant to bring in expert advice for help with developing a robust business plan.
The grant is in addition to the $20,000 Lachesis recently received from the NSW Department of Trade and Investment, Regional Infrastructure and Services as part of a pilot grant scheme for market validation. This funding has been used to gather direct market insight into how the new invention will be received.
The Lachesis technology is one of six medical devices within a portfolio of 50 new concepts UniQuest will be promoting at this year’s BIO Convention, the largest annual biotechnology industry meeting in the world.
Developed at the UTS School of Electrical, Mechanical and Mechatronic Systems, Lachesis is a wireless vital signs monitor that provides an overall view of cardiac health monitoring.
Lachesis has the ability to derive blood pressure without the need for an inflatable cuff. Its simple yet robust measurement technique is combined with sophisticated analytical algorithms to provide real-time, long term monitoring of blood oxygen, heart rate, systolic, diastolic and mean arterial blood pressures.
According to Associate Professor Adel Ali Al-Jumaily, who led the research project, Lachesis is the first wireless device that can accurately monitor a patient’s vital signs.
“While wireless monitors have been developed in the past, they have struggled to return accurate results for blood pressure without the use of an inflatable cuff. However, in the early stages of testing at UTS, we’re already seeing some really positive results with Lachesis,” said Professor Al-Jumaily.
“One of the most innovative aspects of Lachesis is its ability to measure blood pressure without the need for an inflatable cuff. This is particularly exciting given that traditional blood pressure monitoring methods have varying degrees of success.
“One-off blood pressure readings at a visit to the doctor don’t tend to be terribly informative. These readings aren’t always representative of actual blood pressure, based on a range of factors from whether you’re nervous about having your blood pressure taken, to whether or not the cuff has been placed in the correct position on your arm.
“Patients who require longer-term monitoring, or who need to monitor their blood pressure at home, can do so using Lachesis without having to stop, apply the cuff and take the reading every hour.
“The final design of the product is intended to provide accurate monitoring of vital signs without significantly impacting on the user’s lifestyle,” he said.
The grant funding will allow Professor Al-Jumaily and his team to continue developing the product, with help from UniQuest’s UTS-based Manager of Innovation and Commercial Development, Martin Lloyd.
“We’re developing an investment-ready business plan, with the aim of forming a start-up company early next year,” Mr Lloyd explained.
“The results of our market research so far have produced an overwhelmingly positive response from the American cardiology community. We’ll also be conducting a clinical study at UTS in the coming months.
“Lachesis has the potential to radically change the way we monitor our vital signs, leading to health benefits and cost savings to the healthcare sector.
“Support from Commercialisation Australia and the NSW Government has provided a real boost to the project and is an endorsement of the innovative research and of the wider impact that UTS research can have.”
The Lachesis name is derived from Greek mythology, meaning ‘measurer of life thread’.
UniQuest Pty Limited
Established by The University of Queensland in 1984, UniQuest is widely recognised as one of Australia’s largest and most successful university commercialisation groups, benchmarking in the top tier of technology transfer worldwide. From an intellectual property portfolio of 1,500+ patents it has created over 60 companies, and since 2000 UniQuest and its start-ups have raised more than $400 million to take university technologies to market. Annual sales of products using UQ technology and licensed by UniQuest are running at $3 billion. UniQuest now commercialises innovations developed at The University of Queensland and its commercialisation partner institutions: the University of Wollongong, University of Technology Sydney, James Cook University, University of Tasmania, Mater Medical Research Institute, and Queensland Health. UniQuest also provides access to an expansive and exclusive network of independent academics to tailor a consulting or project R&D solution to meet the diverse needs of industry and government, facilitating some 500 consulting, expert opinion, testing, and contract research services each year.
UniQuest is also a leading Australasian provider of international development assistance recognised for excellence in technical leadership, management and research. Working with agencies such as AusAID, NZAID, the Asian Development Bank and the World Bank, UniQuest has developed and implemented more than 400 projects in 46 countries throughout the Pacific, South-East Asia, the Indian sub-continent and Africa.
P: +61 7 3365 4037
M: +61 0 409767199