Signostics has been awarded a $1.96 million grant from the Australian Government to commercialise its next-generation handheld ultrasound device.
As the major beneficiary of grants awarded by the Government through its Commercialisation Australia program – which will see 19 companies share in almost $8 million – Signostics will use the funding to further develop its pocket-sized ‘Signos’, which is the smallest, most affordable ultrasound device in the world.
Signostics Chief Executive Officer Dr Neil Bartlett says the funding is a major boost for the Adelaide-based company, which is targeting global markets with its handheld ultrasound products.
“This funding announcement is a fantastic result for Signostics and will greatly assist us to develop and commercialise our next-generation handheld ultrasound device in markets around the world,” said Dr Bartlett.
“The initial response we’ve had from medical practitioners in Australia and overseas for our handheld ultrasound products has been excellent and this funding will help us create new opportunities in the global $5 billion ultrasound market.”
In announcing the funding grants, Federal Innovation Minister Senator Kim Carr said the Government is working with innovators to turn research into reality.
“This funding will help smart companies commercialise their products, delivering a wealth of benefits for Australians,” said Senator Carr.
“For example, Signostics Limited will use the funding to commercialise its new handheld ultrasound device with the hope of getting it into medical centres around the country. This device could alleviate the need for patients to travel long distances to hospitals for this type of procedure.”
Signostics was established in Adelaide, South Australia, in 2005 with a vision to be the world leader in fast and affordable point-of-care medical devices. After opening its sales and marketing office in Palo Alto, California, the company launched its first product into the veterinarian market in 2009 before gaining regulatory approvals to enter the human medical device market in Australia, the United States and Europe.
The company’s award-winning Signos has been designed to streamline health services and extend the range of care offered by physicians to help put patients at ease via accurate on-the-spot ultrasound procedures.