2020 has been a truly remarkable year that has brought with it both challenges and opportunities. The team at Navi is proud of the significant progress and milestones achieved over this period, putting the company in a strong position for an even more successful 2021.
Below are some of the highlights of key achievements and milestone events that have taken place over the last year:
Grants & Funding
In collaboration with our partners, Navi has been successful in obtaining funding from a number of high-profile grants both from Australian State and Federal initiatives, and even the US FDA.
A list of notable grants awarded to Navi in 2020 are:
Accelerating Commercialisation Grant (Department of Industry, Innovation and Science) ~$396,000
Funding important commercialisation activities
https://www.minister.industry.gov.au/ministers/karenandrews/media-releases/help-critically-ill-newborns-among-47-million-grants
VMRAF Grant (Victorian State Government) ~$100,000
In collaboration with the Royal Women’s Hospital, this grant funding will assist the completion of clinical research activities that will broaden the Neonav’s indication for use across multiple procedures in the neonatal patient group
https://www2.health.vic.gov.au/about/clinical-trials-and-research/victorian-medical-research-acceleration-fund/round-4-vic-med-research-fund-recipients#lp-h-0
NHMRC Development Grant (Australian Federal Government) ~$879k
In collaboration with The University of Melbourne, the Royal Children’s Hospital and the Royal Women’s Hospital, this grant funding will support the development and commercialisation of the Neonav
https://www.nhmrc.gov.au/sites/default/files/documents/attachments/grant%20documents/development-grants-commencing-in-2021.pdf
City of Melbourne - Small Business Development Grant (Melbourne City Council) ~$20,000
Funding to support business operations and commercialisation activities
https://magazine.melbourne.vic.gov.au/melbournes-medical-innovators-from-baby-steps-to-success/
NCC-PDI, Pediatric Innovation Grant (US FDA) - USD$50,000
Contribute towards US-based clinical and product development activities
https://medtechinnovator.org/ncc-pdi-announces-winners-2020/
These grants not only provide our team with funding that will create enormous value through important R&D and commercialisation activities, but will also provide important validation on both the clinical and commercial aspects of the Neonav® ECG Tip Location System (Neonav).
Navi Chief Medical Officer, A/Prof Christiane Theda, operating the first Neonav ECG Tip Location System clinical prototype in Melbourne, Australia.
In addition to a string of successful grants, Navi also closed a funding round in mid-2020 to support ongoing clinical research activities and provide additional runway in light of delays brought on by COVID-19 restrictions.
Strengthened our intellectual property & intangible assets
The patent that protects the Neonav’s ECG Tip Location technology is now in the national phase of patent application process in 6 key markets globally.
Additionally, our team has been busy working on some exciting new product IP that will further enhance the Neonav’s functionality and usability.
Navi has also been working with a leading industry consulting group to identify sources of value in intangible assets and develop a robust IP & intangible strategy as we progress further into the future.
Pictured: Neonav Tip Location System first clinical prototype in NICU crib
Significantly progressed clinical research activities
2020 was a challenging year for clinical activities, with the COVID-19 pandemic causing a temporary suspension of clinical research activities in hospitals across the globe.
That being said, work performed by our engineering team during this period allowed for significant gains in product development and research once restrictions were lifted.
In collaboration with the Royal Women’s Hospital, our team completed the first phase of our observational clinical study which involved collecting crucial real-world patient data that is being used to train and develop the Neonav’s proprietary machine-learning software. In addition, we commenced the next phase of our clinical study which included the use of the Neonav clinical device in the clinical setting. Early results are promising, and we look forward to continuing our research and collaboration with the Royal Women’s Hospital.
It is worth noting that the use of the Neonav clinical prototype in a clinical setting is a major milestone in the medical device development pathway, which is something the Navi team is personally proud of.
Completed Health Economic Project
Navi has engaged a world-leading vascular access research group, AVATAR, who conducted an independent preliminary health economic assessment of the potential of the Neonav ECG Tip Location System in Australian NICU’s. The report confirmed that there could be considerable cost savings for NICU’s who would use the Neonav for placement & monitoring of umbilical venous catheters in newborn patients.
ExpAnded ouR team
Throughout 2020 Navi has welcomed 6 new team members, which included 5 interns and an associate data analyst. Despite the challenges of working remotely, the Navi team have worked closely to maintain a strong positive culture achieve critical clinical and commercial milestones.
Navi team working remotely during the 2020 COVID-19 pandemic
Established A USA entity
Navi has recently created a wholly-owned US-based subsidiary, Navi Medical Technologies Inc., which will be used as a base to further develop our US-based network and interests as we prepare for the roll out of Neonav devices in the future.
Elevated our BRAND PRESENCE
Developing the Navi brand within national and international markets is an important part of our commercialisation strategy.
Navi has therefore taken part in a number of high-profile technology competitions to help further develop our network, and obtain critical feedback and validation from industry experts and advisors.
Below is a list of competitions we were involved with in 2020:
Australian Technology Competition - Finalist, Healthcare & Pharma category
The Australian Technologies Competition is Australia's premier platform to spotlight and mentor technology scaleups with the greatest global potential.
MedTech Innovator - Finalist
The MedTech Innovator is the medtech industry's global competition and accelerator, accelerating the growth of companies that are transforming the healthcare system
NCC-PDI - Make Your Medical Device Pitch for Kids! - Winner
Prestigious national pediatric medical device competition funded by the Food and Drug Administration (FDA) to support the advancement of pediatric medical devices
Extreme Tech Challenge (XTC) - Global Finalist (ongoing)
The Extreme Tech Challenge is the world’s largest startup competition for entrepreneurs addressing the globe’s most serious challenges
Navi Medical Technologies featured in the MedTech Innovator Vascular Solutions Showcase Panel.
Looking forward to 2021
We have big plans for 2021 and are determined to continue the momentum we have generated from a challenging but successful 2020.
The Navi team would like to thank everyone who have supported us through this past year, and we look forward to working with our partners to help children everywhere live brighter, healthier futures.