Backing Victorian Medtech Boosts Brain Health, Grows Jobs
Critical investment is accelerating the commercialisation of world-first Victorian technology to treat brain injuries, creating jobs at home and potentially benefiting patients around the globe.
Minister for Economic Growth Tim Pallas today announced a $2 million investment by the Allan Labor Government’s independent innovation fund Breakthrough Victoria to support medtech company Cyban’s drive to win US Food and Drug Administration (FDA) approval for its patented Brain Pulse Monitor.
Cyban’s technology enables brain oxygen monitoring without the need for invasive surgery to insert probes, reducing the risk of further injury to the patient by delivering reliable and continuous data to treating clinicians.
Founder Dr Barry Dixon is an intensive care specialist and his experience at hospitals including St Vincent’s Hospital in Melbourne has been crucial in development of the monitor, which uses sensors placed on the patient’s head.
Cyban is in the process of completing its FDA submission with use expected at major US hospitals in 2024 following FDA clearance.
The company is also conducting clinical trials at St Vincent’s, The Alfred, Royal Melbourne Hospital and Ballarat Hospital, Scotland’s Royal Edinburgh Infirmary and Cleveland Clinic Ohio, US.
There are 27 million cases of traumatic brain injuries around the world every year. The device aims to enable early detection of brain hypoxia to improve mortality rates and minimise damage such as long-term disabilities.
Traumatic brain injury is the second most costly health condition globally behind cardiovascular disease and reducing the need for surgery, as well as accelerating time to treatment and shortening hospital stays, will cut costs for hospitals while improving patient outcomes.
Breakthrough Victoria’s investment is part of an investment round with Significant Early Venture Capital and InterValley Ventures totalling around $6.3 million, which will help Cyban expand its workforce in Victoria from 13 to an estimated 50 by 2027.
Medtech is booming in Victoria with some 660 medtech-related companies employing more than 9,000 workers.
Quote attributable to Minister for Economic Growth Tim Pallas
“This investment will take next-generation medical technology made in Victoria one step closer to breaking into international markets, giving countless more brain injury patients access to this exciting device.”
Quote attributable to Minister for Medical Research Ben Carroll
“Victoria’s medical researchers are changing and saving lives – and we’re proud to back them in their vital work.”
Quote attributable to Cyban founder Dr Barry Dixon
“The investment from Breakthrough Victoria will help bring our brain monitoring technology to market faster and achieve our goal of advancing the way brain injuries are detected and managed all around the world.”
Quote attributable to Breakthrough Victoria CEO Grant Dooley
“We believe Cyban has the potential to scale globally with its breakthrough medical device that helps save lives and reduce the cost of hospital care around the world.”