Queensland company wins business shoot out in San Francisco

Brisbane medical device company ImpediMed has won the G’Day USA Innovation Shoot Out in San Francisco with its revolutionary technology designed to help cancer survivors worldwide.

Trade Minister John Mickel and Tourism, Regional Development and Industry Minister Desley Boyle congratulated the company for beating five other Australian finalists to win the annual Innovation Shoot Out.

“ImpediMed represented Queensland in this prestigious event and did the State proud as part of the G’Day USA Australia Week 2009 celebrations in the United States. The company’s participation in this event was strongly backed by Trade Queensland’s US office,” Mr Mickel said.

“This innovative Queensland company received $115,000 from the Government to help develop and then obtain regulatory approval from the United States Food and Drug Administration for the L-Dex ™U400 device,” Ms Boyle said.

“It has been demonstrated in the scientific literature to accurately detect early the painful condition lymphoedema, or fluid build-up in the arms of breast cancer survivors.

“It does this by passing a low frequency current through the limbs to measure the extracellular fluid levels.

“Medical professionals are using this device to assess and detect this unfortunate side-effect of breast cancer surgery at the earliest possible stage.

“The condition can be treated if detected early enough which is fantastic news for women recovering from both the physical and emotional effects of breast cancer.

“Lymphoedema currently affects more than 100 000 women recovering from breast cancer in Australia alone and millions of women and men worldwide,” Ms Boyle said.

Mr Mickel said the Innovation Shoot Out was sponsored by the State Government with support from Trade Queensland’s office in Los Angeles to help Queensland businesses crack the US market.

“ImpediMed has developed very clever technology which will help deliver a better quality of life for thousands of people. They deserve all the credit in the world for their smart solution and also for their determination to bring it to market.

“It is the third year Australian companies have taken part and been judged before a panel of US venture capitalists and private equity business leaders,” she said.

“For taking part in the Shoot Out, ImpediMed and the five other Australian finalists will receive direct assistance from Austrade to help open doors to the lucrative US market. Additionally, ImpediMed will continue to receive full export assistance services from Trade Queensland,” he said.

“As the winner, ImpediMed will also have the opportunity to take-up a three-month ‘Accelerator Track’ with the Plug and Play Tech Centre in Silicon Valley which specialises in helping start-up companies.

“This will include three months of rent-free office space for up to four members of the company who will work closely with Plug and Play to raise funding from investors and to advance its corporate and business development in Silicon Valley. “

ImpediMed CEO Greg Brown said the company was both humbled and thrilled to win the Innovation Shoot Out for Queensland.

“Winning this prestigious honour demonstrates to the world just how innovative Queensland science is and will hopefully encourage other Queensland companies to go that extra mile to focus on our states ability to consistently deliver innovative solutions,” he said.

Mr Brown said the win would provide ImpediMed with many more opportunities to market its important new technology.

“We recently received clearance from the United States Food and Drug Administration for the L-Dex ™U400 which paves the way for us to directly launch the device into the US market,” he said.

“We are looking forward to a very busy and successful year.”

Media contact: Minister Mickel 3237 1944

Minister Boyle 3224 2007 or 3225 1005