Radetec Diagnostics develops fast COVID19 test

With assistance from the Additive Manufacturing Hub at AMTIL, MedTech Actuator startup Radetec Diagnostics has developed an innovative device to facilitate fast and inexpensive testing of various infectious diseases – including COVID19.

Melbourne-based Radetec Diagnostics is a bio-nanotechnology company dedicated to developing a world-leading “platform technology” based on quantum dots – advanced luminescent nanoparticles that can be used as labels for imaging and sensing applications.

This has a wide range of clinical applications, particularly in the field of point-of-care rapid diagnostics, portable in-vitro diagnostic (IVDs) devices that are used for fast and inexpensive testing of various infectious diseases such as COVID19, sexually transmitted infections (STIs) or even cancer and Parkinson’s disease biomarkers.

The Additive Manufacturing Hub recently supported Radetec in developing the reader just in time for the roll-out of its first product – a COVID19 antigen point-of-care rapid test. The support allowed for a timely delivery of the entire set of diagnostics devices (reader and test strip) to US-based distribution partners for immediate live trial and evaluation.

Read more about Radetec’s game-changing technology in this recent case study from the Additive Manufacturing Hub.

Radetec has now opened equity financing to accelerate the execution of their go-to-market strategy.

The company is now:

  • revenue positive – through ancillary product sales
  • trialling their COVID19 point-of-care test in Indian hospitals, with regulatory approval underway
  • trialling their COVID19 point-of-care test in US hospitals, and working closely with a US distributor
  • developing a chlamydia point-of-care test – with the prototype ready by the end of 2021
  • building a product pipeline – with a suite of products at various stages of development.

To express interest in becoming a Radetec Diagnostics investor, reach out to Lee Xie – Radetec Commercial Director at l.xie[@]radetecdiagnostics.com.

Founders powering the next wave of health innovation.

Congratulations to founders on recently completing MedTech Actuator – Asia Pacific’s MedTech catalyst.

We are proud to support our fifth cohort in radically accelerating their medical, health or biological technology prototype or proof-of-concept to improve and save lives.

Thank you so much to every founder for being a part of the industry-led MedTech Actuator. We are delighted to have you on board in the MedTech Actuator™ innovation ecosystem for life and can’t wait to see where your journey takes you next.

Congratulations to our new MedTech Actuator alumni

Congratulations to all cohort five founders and teams including:

  • Beta Medtech – Edison Bellarmin, Thomas Ooi | Smart patch for the detection and monitoring of pressure ulcers.
  • ChezLeon – Cheryl Pollock | Passive massage wear for treatment of lymphoedema as a side effect of cancer treatment.
  • CPAP Buddy by Tasmanian Medical Innovations – Kathleen Lim, Lachlann McLeod, Cameron Keating, Peter Dargaville, Andrew Marshall | A continuous monitoring system that makes breathing support safer for preterm infants.
  • Diag-Nose Medical – Eldin Rostom, David Yen, Brian Wang, Josie Xu | Non-invasive diagnostics for better rhinology treatments.
  • EloCare – Mabel Nguyen, Fandi Peng | Innovating in the internet of medical things and AI technology to help people live longer and age gracefully.
  • Gabriel – Maria Crews, Nick Crews | Making it possible for seniors to live better for longer.
  • HiCura Medical – Cailin Ng, Yusong Leng | AI technology reducing risks and discomfort for patients during childbirth.
  • Medicsen | Needle-free smart patch for painless drug delivery.
  • Onward Health Research – Martin Lim | A digital health platform enabling world-class clinical research in emerging markets.
  • PhysiPal – Aaya Hakeem, Ahmed Hakeem | A device and app combination that allows patients to take charge of their physiotherapy rehabilitation at home.
  • Recovery App – Allan Molloy, Myles Coolican, Tony Nicol | Digital health platform to optimise outcomes and reduce costs associated with major orthopaedic surgery.
  • Repli-med – Zoe Keon-Cohen, Thomas Sutton | 3D printed models to train and help prepare surgeons and anaesthetists for eye and spine procedures.
  • TuCann – Maryam Soomro, Kenneth Wong, Santiago Beltran Diaz | Cannula solution, simplifying the cannulation process and decreasing likelihood of infection

Where to from here?

Founders can now tap into MedTech Actuator’s unrivalled network – including 85 partners and 75 mentors from some of the largest names in health innovation spanning multi-national corporations, hospitals and clinicians, investor groups and VCs, professional service partners, universities and research institutions, and product development firms.

They join an alumni network of the brightest emerging startups from across Asia Pacific, and our networks are their networks as they scale up, prepare for exit and beyond.

About MedTech Actuator

The MedTech Actuator’s specialised acceleration model surrounds startups with the ecosystem support they need to bring their MedTech, HealthTech or BioTech innovation to the patients and clinicians who need it most.

Through MedTech Actuator’s intensive mentorship, industry collaboration, up to AUD$200K initial capital injection and capital raising support, the founders can achieve in 15 months what can typically take 3 years or more.

Embedded in the MedTech Actuator™ ecosystem, founders radically advance their technology development, raise seed capital, and build critical business and management skills. They become primed and ready to grow their venture even further – including raising series A funding, commencing clinical trials, gaining regulatory approvals, and moving to at-scale manufacturing, and market launch.

More on MedTech Actuator, or subscribe below for news on upcoming intakes.

EloCare: Helping people age gracefully with IoMT technology.

MedTech Actuator startup EloCare Pte Ltd is innovating in the internet of medical things (IoMT) and artificial intelligence (AI) to develop connected and smart healthcare devices that help people live longer and age gracefully.

Dr Mabel Yen Ngoc Nguyen and Fandi Peng founded Singapore-based EloCare, bringing their strong medical research, engineering, and entrepreneurial backgrounds to the company – with a focus on chronic and aging care.

Mabel and Fandi discovered that there was no reliable tool to detect and monitor over 35 menopausal symptoms, and went on to build the first menopause tracker. The wearable and accompanying mobile app can serve as a personalised healthcare assistant to help women make more informed decisions, with the support of their physician, about how to manage menopause. Easy to use and secure, the solution monitors symptoms through biomarkers and self-assessments, and interprets this data to provide lifestyle and medical suggestions. The team is working closely with researchers and clinicians to develop this solution.

“Throughout the R&D process, we uncovered more healthcare problems in aging and chronic care that can be addressed with our IoMT infrastructure. We are now working with our clinical partners to deliver better care,” says Mabel, EloCare CEO and Co-Founder.

EloCare recently won the Open Innovation Challenge 2020 for Industry Track, delivered by Enterprise Singapore in partnership with five of Singapore’s leading healthcare providers. The award opens more opportunities for EloCare to co-develop, test, and deploy solutions using their IoMT infrastructure with healthcare providers.

 

MedTech Actuator x Elocare

Starting with an idea, preliminary research, and a raw prototype the team joined Asia Pacific’s MedTech catalyst MedTech Actuator in 2020 to develop their prototype and go-to-market, IP, and regulatory strategies – and to connect with industry experts and potential investors.

“The MedTech Actuator has a strong local and international support network that spans government, product development, corporate, clinical, research, investor, and VC partners,” says Mabel.

Being embedded in this ecosystem gave EloCare brand advantages and opportunities to connect with strategic partners and investors. The MedTech Actuator has helped EloCare to connect with the right individuals for feedback and advice in the health innovation ecosystem, and the founding team would not hesitate to recommend the program to emerging founders.

“Navigating a startup in the MedTech space has unique challenges with a longer time horizon compared to a typical startup. Being in the right network and getting professional support early from MedTech Actuator can help startups avoid costly lessons down the road and tap into many opportunities to connect with strategic partners and investors.”

Mabel says the team was fortunate to have Johannes Mang as a mentor to guide them during the program and refine company strategies.

“Johannes is very experienced in the different stages of a startup journey and willing to put himself in our shoes to work through problems and share his insights,” says Mabel.

Photo of road at dusk, pink sky, street lights, empty road in one lane, car light streak through lane travelling opposite direction.

EloCare tips for early-stage MedTech entrepreneurs

Mabel notes that early-stage startups share a common challenge to develop a clear vision of what can be achieved in the short-term and long-term.

“Founders can be ambitious in their startup vision to create a disruptive solution. However being an early-stage startup with time and resource constraints, it is important to have a balance of ambition and pragmatism and to be flexible with goals,” says Mabel.

Mabel recommends ensuring the long-term vision can be broken down into attainable and profitable milestones. She says that it is also important to maintain focus and ambition – always working towards creating impact and developing a competitive advantage.

“Within the EloCare team, we as founders have intense discussions about our mission and plans for the company every time that we assess our progress and challenges. While it is not an easy discussion, it is essential for the life and growth of the company,” says Mabel.

Mabel believes that founders and early team members need to remain resilient and passionate to overcome constant uncertainties and challenges in building a startup.

“Most people will tell you why an idea doesn’t work, and most of the time, they are right. But it is more important to think about how to make something work,” says Mabel.

“Be open-minded enough to accept if a solution or an idea doesn’t work in the end – but only after putting 100% effort into trying to make it work first. On another note, make sure you ask for feedback from the right audience!”

Learn more about EloCare.

Photos by Anton Maksimov juvnsky and Jack B on Unsplash