Published on the 05/04/2017 | Written by Newsdesk
Local company raises capital to develop ‘Bionic Eye’ for global markets…
For those fearing the robots, another demonstration of their potential to change humanity for the good. This comes as Australian retinal implant maker Bionic Vision Technologies (BVT) reports a capital raise of $23.5 million from Hong Kong-based China Huarong International Holdings and State Path Capital Limited, to develop and commercialise devices aimed at restoring vision to the blind.
If you haven’t heard of BVT, that’s because it has just popped into being thanks to securing this financing, transitioning from R&D to a commercial business. To date, the development of Australia’s ‘bionic eye’ has been funded through a five-year $50 million Special Research Initiative grant administered by the Australian Research Council.
BVA consortium members (and now shareholders with the new investors) include the University of Melbourne, the University of New South Wales, the Bionics Institute, Centre for Eye Research Australia, CSIRO’s Data 61, The Royal Victorian Eye & Ear Hospital, Western Sydney University and the Australian College of Optometry.
BVT said it will use the capital raised to manufacture devices and begin a human clinical trial of its ‘bionic eye’ implant in patients with degenerative eye condition retinitis pigmentosa. The condition is the most common cause of inherited blindness and affects more than 1.5 million people worldwide.
BVT’s work in developing bionic vision technologies has resulted in a successful clinical trial of a prototype device in three patients, the company said. The bionic eye includes vision processing software that potentially improves the patient’s experience.
State Path Capital Limited chairman Alastair Lam said the technology has the potential to transform the lives of millions of people. “Our investment support will help move the current product closer to market and the communities who will benefit.”
BVT chairman Robert Klupacs added that the company is looking to make a positive impact on global health. “These new funds will help create an innovative solution to potentially help improve the lives of blind people [and] propel this Australian technology into clinical trials in coming months as we work towards securing regulatory approval and a commercial launch in key markets where loss of vision is a significant medical burden.”
The National Eye Institute, US, estimates that 1 in 4,000 people have retinitis pigmentosa worldwide with a higher number of cases in China and India compared to other countries in the developed world. There is presently no treatment for the condition.
The implant BVT has created is placed at the back of the eye where it stimulates surviving nerve cells in the retina with electrical signals created from images collected by an externally worn camera. Next stage clinical trials are scheduled to start in coming months in Melbourne.
Based on the results of the initial trial in 2012-2014, further patients will be recruited and monitored for up to two years. Patients will be surgically implanted with a permanent device to wear in their everyday activities.
It might be a slightly long bow to draw, but this further demonstrates that advanced technology, which in this case impinges on robotics and naturally invites comparisons to The Terminator’s glowing red orbs, has definite benefits to humanity. What value does one place on the ability to see?
