Nedlands medical technology company Advanced Ocular Systems today announced it had secured a $1.4 million Commercial Ready grant from AusIndustry for its work in treating eye disease.
The grant will match company funding and be used specifically on developing compounds for the treatment of exudative eye conditions like conjunctivitis, corneal swelling and retinal diseases.
The compounds to be developed through the grant will also be used to treat the rapidly increasing number of age related eye complaints, and complications arising from diabetes.
Over 500,000 Australians are affected by age-related macular degeneration and it is the most common cause of loss of sight in the country. The Government has declared diabetes, and associated conditions - including diabetic retinopathy and blindness - a national health priority.
There is no current treatment for these conditions.
The work from the grant will enhance AOS's portfolio of intellectual property in ophthalmic diseases and it is hoped, help attract a major industry partner to drive the project in the future.
The Federal Industry Minister Ian Macfarlane congratulated the company on being awarded the grant and highlighted the project's potential benefits to vision impaired.
The Commercial Ready grant program is a competitive merit-based scheme designed to promote the commercialisation of innovation in small to medium sized businesses.
