Australia, July 21 2005: Visiomed Group Ltd (ASX:VSG) has been awarded two Business Development and Skills Training Scheme (BDSTS) grants, worth a total of $40,000, from the Innovation and Emerging Industries Branch, Business Development Division, Department Of Industry And Resources, Government of Western Australia.
The BDSTS Grants match up to 50 per cent, or up to $20,000, of the expenditure outlaid for business development activities by the Company.
The first grant, awarded to Visiomed’s wholly-owned subsidiary InfaMed Ltd, will be used in the design simplification and improved assembly of the FunhalerÒ asthma device, aiming to significantly reduce production costs in preparation for the large scale manufacturing of the device for commercialisation in overseas markets.
The second grant will used for the product development, training and regulatory application required for the microEYE ophthalmic imaging system to be sold in major markets throughout the world. Approvals from the US Food and Drug Administration, the Australian Therapeutic Goods Administration, Japanese Ministry of Health and CE marking in Europe are necessary preconditions for sales and marketing of the microEYE system in the respective countries.
"The awarding of the BDSTS confirms the validity and value of our FunhalerÒ asthma device and microEYE ophthalmic imaging system on a number of levels, primarily enabling us to aggressively pursue the development and commercial potential of our products throughout the world," said Dr William Dolphin, CEO of Visiomed.
The funding is part of the Biotechnology Industry Initiatives Program launched by the former Minister for State Development, Clive Brown in November 2004. The BDSTS is aimed at improving the international competitiveness of Western Australia, by improving the performance of viable businesses within the biotechnology industry. The BDSTS supports a range of services that are used by businesses to enhance performance including skills training, enterprise planning, quality assurance and design consultancy.