Project seeks $6m injection

RENOWNED for its volatility worldwide, the biotechnology sector has again been enjoying a sustained pick-up over the past two months.

Local company Eastland Medical Systems is of the view that while the market remains tough, recent signs show the timing is right for new ventures.

The biotech sector has accounted for a significant proportion of recently announced market floats in the US and Eastland is also prepared to brave the times.

Eastland has announced an initial public offering, hoping to raise $6 million in time to list on the Australian Stock Exchange in January.

The company already has 70 per cent of the capital it needs to bring to market three retractable injection, infusion and blood-drawing devices, for which it has obtained exclusive production licences for Australasia.

The products are fully developed and contracts for outsourcing large-scale manufacturing are almost in place.

Eastland believes it has a strategic market advantage in that its add-on products are complementary to existing syringes and canulas.

The company is also convinced the products are more affordable, safer and easier to use than other products designed to prevent needlestick injuries.

Existing retractable syringes costing three times the value of the Eastland product have failed to prevent injury in some instances and are limited in application.

The company has welcomed Federal Government recognition and promised support for the introduction of safer products to prevent needle stick injury.