Australian Innovation Shoot Out Finalists TASMANIA Autech Software & Design: Colortrend-e Autech InnovationTraditional systems of in-store colour selection are expensive, outdated and inefficient.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 development. 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 industry. Autech opportunities 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. SOUTH AUSTRALIA In The Chair® (ITC) is a music technology company that makes playing music fun and easy! Pain: 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! Opportunity: 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. Solution: 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. Business Strategy: 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. Product: 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. Competition: Competitors include: 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 workshoplive.com 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. Status/Outlook: 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 StarPlay users. QUEENSLAND BSD-RELATED OPPORTUNITY INTEGRATED BIO-SAMPLE COLLECTION AND HANDLING SYSTEMS. The Opportunity. 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 media include: . Human Identity analysis and databasing, . Agricultural Identity, . Pharmacogenomics, . Molecular Diagnostics, . Genomics. Conventional Approaches 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 BioDisk. 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 February 2007. 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. Financial 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. Capabilities 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. Company Strategy 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. Technology alliances 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. Product portfolio 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. WESTERN AUSTRALIA Opportunit y 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. The Team 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. Strategy 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 manner. Investment History 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. VICTORIA 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 markets. 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. Technology 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. Markets 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). Products 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 applications. Management Iatia has a team experienced in Technology Development and Commercialization, Research (including the technology inventor), Software Projects and Finance. Competitive Advantage Iatia has a lean structure, low costs, patented intellectual property and a validated business model which is succeeding and generating opportunities. Technology Commercialization 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. Market Development 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. US Market 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.
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