Australian Innovation Shoot Out Finalists
Autech Software & Design: Colortrend-e
Autech InnovationTraditional systems of in-store colour selection are expensive, outdated and
inefficient. And as the colours printed in catalogues and colour chips do not match mixed paint colours
under differing light sources, they are also inaccurate.
Autech Software & Design‟s Colortrend-e is a new type of in-store colour selection for the paint and
decorating industry that overcomes these problems. Not only does the system use a new patented
process to overcome colour mismatch issues, but it also uses plasma screens, software and special
printer systems to print samples on demand, thereby replacing traditional racks of paint-store colour
chips. The ability to print on demand has the potential to generate significant cost savings for industry
by addressing the inefficiencies of colour chip production, transport, display, obsolescence and
wastage. The new delivery process will equate to faster introduction of new product in decorating
markets across the globe, enabling paint suppliers to offer rich media content and delivery processes
that will allow sales to be faster and more efficient to the end customer. The system also allows paint
suppliers to offer a series of value-add services such as advanced colour selection, colour scheming,
colour advice through a more intuitive, infotainment-based service.
Autech at a glance Multi award-winning Autech Software & Design is a world-leading design house
devoted to supplying the international paint manufacturing community with innovative marketing
solutions to help promote and sell paint and build products. Autech has been developing and
commercialising innovative technology for the past 13 years – a lifetime in the world of software
Located on Australia‟s island state of Tasmania, Autech Software & Design products are custom
designed and sent around the globe. Industry leaders worldwide regard Autech as the global expert in
developing and presenting new ways to promote and communicate colour to their customers in this
rapidly changing marketplace. Autech‟s colour programs are now the most widespread colour
visualisers in the international paint market.
A dynamic company always on the hunt for new growth opportunities, Autech recently opened its new
technical resource facility in Launceston, Tasmania, as a showpiece of Autech operations. Going
forward, Autech intends to continue its drive into online education in the colour and decoration
Degussa Corporation, a multinational corporation and market leader in speciality chemistry, has
invested in Autech technologies and is working with Autech to offer this technology to its customer-
base in the future. Degussa is the world‟s largest colorant supplier to the international paint market
and supply paint manufacturers with a set range of colour systems and paint colorant formulas.
Globally, Degussa has thousands of paint manufacturing companies as clients. Paint manufacturers
basically make white paint – buying their colorants and formulas to tint paint from suppliers such as
Degussa. Paint manufacturers dictate how their retailers present their colours. Together, Autech and
Degussa are developing a printer to print Colortrend-e samples on demand. Degussa will roll out the
product through their global sales arm over the next few years.
In The Chair® (ITC) is a music technology company that makes playing music fun and easy!
Everyone who picks up a musical instrument dreams of becoming a star but less than 1/5 of one
percent of all musicians in America are full-time professionals. StarPlayTM by ITC is for the rest!
112 million people play a musical instrument in the US alone. American parents spend $12.5B per
annum on music lessons. Their children won‟t practice because it‟s boring. They‟d rather play video
games, contributing to the $28.5B interactive entertainment industry.
Imagine if, instead of practicing alone, those 112 million people could learn to play music with a
professional band or orchestra that encourages them to fix their mistakes and challenges them to beat
their best performance – just like a video game.
They can with StarPlay.
The key, like iTunes, is content. Customers download free software and subscribe to a basic content
package. Additional revenue is generated from live and premium content.
End users of StarPlay are music students from K-12, frequent web users, accustomed to interactive
learning tools and comfortable with paying to download music. Purchase decision makers are parents,
schools and music teachers.
StarPlay is ASP.Net software, available for orchestra and band students. Products for karaoke and
guitar are in prototype. ITC‟s patent pending technology provides StarPlay the unique ability to:
1. Assess a musical performance of any instrument (including singing).
2. Synchronize with a musical score and a live or pre-recorded performance, remotely across the
Internet or locally.
3. Provide feedback on pitch, dynamics (loudness), timing and tone.
A key advantage is our technology‟s ability to work across networks, such as the internet, allowing for
on-demand streaming – even live events. Rather than sitting in the audience and listening, users will
buy tickets to play with their favorite band, live from their living room.
SmartMusic by MakeMusic (MMUS)
o Q2 2006 $472k, up 49% on 2005
o SmartMusic users can only play with MIDI music
o StarPlay has a far superior user experience
o Startup raised $3.25m, July 2006 from GIV VP
o Video and sheet music only, no feedback whatsoever
Singstar by Sony
o 5m units @ $50/unit = $250m revenue
o Singstar‟s user experience closer to StarPlay
o Our advantage is on-demand content and live events
ITC‟s products are superior to competitors‟ and IP is protected worldwide.
In August 2005, ITC raised an Angel Round, successfully hitting all milestones, including: releasing
version 1.0 in November 2005, demonstrating guitar chord recognition in January 2006 and
successfully testing a guitar prototype in March.
In January 2006, ITC subsequently signed a co-development and distribution deal with Sibelius (an
Avid company) to develop version 2.0, StarPlay.
StarPlay beta was launched at O‟Reilly‟s Web2.0 Conference on November 7th, incorporating Sibelius‟
industry standard sheet music file format, enabling user generated content. The format has over
180,000 users including the world‟s top publishers, dramatically increasing the content available to
INTEGRATED BIO-SAMPLE COLLECTION AND HANDLING SYSTEMS.
Until October 2006, there has been no system available worldwide whereby bio-samples, such as
buccal swabs (from the inside of the mouth) could be effectively taken and automatically processed.
BSD Robotics, and its new sister company –BioSpot- have now successfully developed and
prototyped such a system, incorporating new styles of bio-sample collection and storage devices, and
the associated preparation instruments that can automatically handle these devices. The prototype
systems were well received at international exhibitions held in the US in October 2006. All
components in the system are the subject of patent applications. The components themselves have
other broad applications.
The market size for these new seamless systems and components is in excess of $US 500 Million.
An equity investor is now sought to assist in consolidating the two businesses, and expanding the
product range and productive and sales capacity, to fully exploit the potential of the concepts.
Background re BSD.
BSD Robotics is the world market leader in the design, manufacture and supply of laboratory
instruments used in the preparation of bio-samples dried on media. Approx. 80% of children in the
USA aged 14years or less have had their neonatal blood samples prepared using BSD equipment. In
2001, BSD started to supply automation worldwide into a DNA-processing application – Forensic
Databasing. BSD‟s client/distributor base includes GlaxoSmithKline, Roche Diagnostics, PerkinElmer,
Whatman, and the FBI.
Applications for Dried Bio-Samples.
Apart from forensic databasing, some of the other applications for the use of bio-samples dried on
. Human Identity analysis and databasing,
. Agricultural Identity,
. Molecular Diagnostics,
The conventional approaches to the taking of buccal samples on swabs is to use either a foam-based,
lollipop-type swab, or a cotton/poly-tipped swab.
a. Lollipop swabs.
The swab is moved manually inside the cheek, and is then manually pressed onto treated or
untreated filter paper to transfer the sample to the paper ( treated filter paper is used where the
sample is to be stored for long periods). BSD instrumentation is typically used to punch small pieces
of the sample from the filter paper, and create the output data file. Many millions of these samples are
taken annually, but on 25% of occasions, insufficient DNA material is collected / transferred to allow
the DNA profile to be prepared, and the process must be repeated. Every failure is estimated to cost
approx $US 25.
b. Cotton/poly tipped swabs.
These tips are typically cut from the stem by hand eg blade. The processing has been manual. The
use of lasers to cut swab tips has been developed, and BSD acquired a world-wide licence for this
technology in 2005.
New BSD-BioSpot Systems / Approaches.
1. For applications requiring long-term storage, samples are collected using a VibraSwab Type 1,
and are transferred to a BioDisk, using a purpose-designed Transfer Station. BSD has
developed instruments for punching small segments of the sample from BioDisks, both fully
automatically and semi-automatically.
2. For other applications, samples are collected using the VibraSwab Type 2, and BSD has
developed instruments for punching directly from the VibraSwab.
3. For laboratories requiring cotton-tipped swabs, the BSD LaserCutter has been developed,
together with the SwabGrip – a new consumable – to allow for full automation of processing.
4. The VibraSwab has application in much broader medical and laboratory fields, as does the
Initial validation of the effectiveness of the systems has been undertaken in Australia and in USA,
demonstrating very low failure rates, with a view to a release of the first production-level systems in
NEW SOUTH WALES
EvoGenix Ltd (ASX:EGX)
Company overview EvoGenix focuses on the rapidly growing field of antibody therapeutics – a high
demand area for development of new pharmaceuticals. Extensive product licensing and M&A activity
seen in recent times together highlight the intense interest of the pharmaceutical industry in the
antibody sector. This interest provides an environment of great opportunity for EvoGenix.
The company has proven, advanced technology capabilities, generating a growing proprietary
pipeline of exciting antibody and protein products to address large therapeutic markets in cancer,
osteoporosis and viral infections.
EvoGenix also partners its technology through collaborations with world-leading companies, earning
near-term revenues and building a portfolio of royalty interests to support internal product
development and future company growth.
EvoGenix completed an IPO in 2005 and is listed on the Australian Stock Exchange (ASX:EGX).
Current market capitalization is AU$70 million (US$ 55 million). Cash available (end September
2006) is US$ 3.5 million with a quarterly burn rate of US$0.9 million. EvoGenix expects the company
to grow significantly in the next 12 months as it develops further products through its pipeline to out-
licensing stage, and prepares its first antibody product for clinical testing.
EvoGenix has a powerful, proprietary technology platform for conversion of research-stage antibodies
to high activity products ready for human development (antibody humanization and protein
optimization). This is a key value-creating step in the pathway from fundamental medical discovery to
successful marketed product.
The company focuses R&D activities in Australia, with headquarters in Sydney, while activities at our
Mountain View, California site are concerned with strategic expansion of the company‟s base through
alliances and developing product opportunities.
Application of the technology platform to provide an internal pipeline of new antibody therapeutics
for early out-licensing to meet current high demand in the pharmaceutical industry, with selected
opportunities developed further to provide proof of activity in patients.
Application of the technology platform with partners, to provide high potency clinical candidates for
the partner and short-term and ongoing revenues for EvoGenix, including milestones payments
and royalties on products marketed.
EvoGenix has entered multi-product technology alliances with GlaxoSmithKline and CSL Ltd,
Australia‟s largest pharma company. The first project under the GSK alliance is complete, meeting
set targets, with the first CSL project to be finalized before the end of the 2006. The company expects
to complete 6 collaborative projects under current and pending agreements over the next 2 years,
with revenues underpinning future company operations.
EvoGenix has an exciting portfolio of protein/antibody therapeutics, developed using our technology
platform. Most will be out-licensed at pre-clinical stage, with selected products advanced to clinical
testing by EvoGenix. Current products are
EGX-010, a variant of natural bone regulator protein OPG, modified by EvoGenix to eliminate
cancer-promoting side effects. OPG had previously undergone substantial successful clinical
testing. EGX-010 retains all of the benefits of OPG in reducing bone erosion in animal models
for osteoporosis and bone cancer, and is currently the subject of out-licensing discussions.
EGX-220, a high potency antibody for preventing respiratory infections in the elderly. This
product is completing optimization and will be available for out-licensing from late 2007
EGX-150, an antibody for treatment of lung cancer. The hamster version of this antibody, in-
licensed from the University of Massachusetts, shows high potency in pre-clinical cancer
testing. Generation of a humanized and optimized version of the antibody is being fast-
tracked by EvoGenix, with triggering of a clinical development program expected by late 2007.
EvoGenix has a number of additional product opportunities under evaluation. Most recently we have
announced a collaboration with the US National Cancer Institute to explore antibody targeting of a
novel and potentially high value target in cancer.
iCeutica’s Encapsulated Organic Nanoparticle (EON™) Platform addresses two key problems facing
the global pharmaceutical industry:
the prospect of some US$60 billion worth of drugs coming off patent in the next decade;
solubility and other bioavailability hurdles with 40% of new chemical entities, limited in their
development by poor water solubility, and up to 20% of approved drugs in the market place
having sub-optimal performance in relation to solubility.
The EON Platform produces nano-sized drug particles. The term „nano‟ in this context refers
compound less than 100 nm in diameter – or 1/500th the width of a human hair.
Nano sized pharmaceuticals enhance drug performance by achieving clinically significant drug levels
faster, with lower doses. Nano drugs produced with the EON Platform offer wider flexibility in delivery,
access to alternative delivery mechanisms and the potential to reduce side effects caused by dosage
levels or toxic carriers.
The EON Platf orm
iCeutica‟s technology utilizes solid state chemistry (that is, chemistry in the absence of liquid) to
synthesize nano-sized drug particles in a controlled manner. The particles are synthesized into a
carrier phase, which can optionally be removed to leave the dispersed nano drug. The technology is
environmentally friendly as unlike many other processes is solvent free, and is protected by several
patent applications under prosecution.
An experienced Board, scientific and commercial management team has been assembled.
The board includes: Mr Osagie Imasogie, Chairman, who conceptualised and established GSK
Ventures and previously held senior roles at GSK and Endo Pharmaceuticals Inc; Mr Lou Vollmer, a
co-founder and executive of Endo who brings significant experience in strategic product positioning,
and co-founder Ms Liddy McCall, who brings a law and finance background, in addition to extensive
biotechnology start-up experience.
The scientific advisory board comprises Dr. James Williams (Executive Advisor, who conceived the
EON concept), Dr Trevor Payne (co-inventor and 30 years industry experienced medicinal chemist
with Novartis), Dr Eugene Cooper (inventor of Elan Pharmaceutical‟s nano-technology for
reformulations) and Dr Dennis Langer (former CEO of Dr Reddy‟s USA who has guided more than 60
compounds into clinical development and to market).
Matt Callahan is the CEO of iCeutica, and is an experienced entrepreneur and co-founder of three
venture capital backed companies. The technical team is led by Dr Raffaele Cammarano, with strong
experience in nano-technology and biomedical materials engineering.
iCeutica is completing head-to-head comparison studies between some large pharma “blockbuster”
products and EON™ reformulated drugs. Data packages, including appropriate patent filings, are
currently being assembled for partnership discussions.
Data demonstrating iCeutica‟s reformulated compounds data is compelling. The primary challenges
facing the company are executing appropriate comparative studies in a timely and appropriate
iCeutica Inc and its wholly owned Australian subsidiary have raised over US$1.62 million from US and
Australian industry angels and government grants since June 2005. iCeutica has exceeded
expectations to date and has established that the EON Platform can reformulate different classes of
pharmaceuticals. iCeutica has currently at a first close of a US$2 million capital raising.
Iatia Limited (ASX: IAT)
Iatia Ltd is a provider of technology software that enables materials and items to be seen with
unprecedented depth and clarity. Its software-based phase imaging and wavefront sensing solutions
are focused on the biopharmaceutical, medical, nanotechnology, defense and homeland security
Iatia‟s unique, globally patented Quantitative Phase Imaging (QPI) technology was invented by
internationally renowned scientists from the University of Melbourne and its customers include
General Electric Healthcare.
Iatia is based in Melbourne and was listed on the Australian Stock Exchange (ASX) in 2002.
Iatia‟s QPI technology enables phase and wavefront measurements to be taken using conventional
digital cameras. QPI provides significantly enhanced shape and depth information. Applications are
incredibly diverse and include:
cell imaging for automated pathology and drug discovery cell-assay equipment;
examining eyes for ophthalmology applications;
watching atoms move under an electron microscope; and
reducing the number of hiding places for camouflaged weaponry – a task critical to the
success of military and homeland security applications.
In each of its markets, Iatia has established customers and profitable uses for QPI.
Biopharmaceutical: QPI is distributed with GE Health Care‟s InCell1000 high
throughput cell assayers used in drug discovery.
Medical: QPI is in a prototype testing stage for an auto-refractor to
measure eye quality. This new product, currently being trialed,
is the first in a range of ophthalmic instruments for eye/vision
care in a growing market (related to aging population).
Nanotechnology: QPI is sold with software for electron microscopes.
Defense, Iatia has a technology transfer contract with the Australian
Homeland Department of Defense for operations in Intelligence,
Security: Surveillance, Target Acquisition and Reconnaissance (ISTAR).
Iatia applies its scientific and innovation talent to achieve proof-in-principle solutions that address
capability gaps within these markets; and then seeks out suitable partners to support these through
product development to market. Iatia licenses the rights to use its QPI technology for OEM imaging
Iatia has a team experienced in Technology Development and Commercialization, Research
(including the technology inventor), Software Projects and Finance.
Iatia has a lean structure, low costs, patented intellectual property and a validated business model
which is succeeding and generating opportunities.
Iatia is a six-year old technology micro-enterprise. In introducing its technology, Iatia has overcome
technology acceptance and credibility issues with ongoing research for scientific validation and
application development (over 50 refereed publications), and market education.
With limited resources, Iatia has to focus its resources in-line with the desired Risk:Reward ratio. It
does so via an OEM Strategy to mitigate risks, to access valuable expertise and diverse markets, and
achieve technical communication at an appropriate level. All this allows Iatia to concentrate on its
core areas of expertise.
In essence, Iatia‟s technology is a product of the digital age. The capability and performance of its
technology will continue to improve in-line with advances in digital technology. Similarly, the digital
world has enabled the company to overcome its geographic isolation from international markets.
Iatia believes that as much as 75% of its market will be in the United States, in particular on the West
Coast. Iatia seeks OEM partners to gain effective penetration in the US and other markets.