Queensland University of Technology's medical device start-up company, ImpediMed Limited, has listed on the Australian Securities Exchange (ASX) with one of the most successful technology stock market floats this year.
The company, which had an initial market capitalisation of $18 million, issued an offer of 25 million shares to new investors.
Established seven years ago to commercialise technology developed by researchers from QUT and the University of Queensland, ImpediMed designs and produces medical devices for diagnosing and monitoring human disorders and diseases.
QUT researchers Associate Professors Bruce Cornish and Brian Thomas, in collaboration with UQ's Professor Leigh Ward, were instrumental in the research that led to the development of these devices.
"These devices will have a very positive impact on many people's lives. It is great to see research deliver benefits to the society on a global scale," Professor Cornish said.
The company's range of bioimpedance devices enable the detection of secondary lymphoedema in cancer survivors much earlier than existing clinical methods.
Securing recent FDA approval of its lead ImpXCA device, ImpediMed boasts the first device with regulatory clearance in the United States for the clinical assessment of secondary lymphoedema in the arm.
ImpediMed CEO and Managing Director, Mr Greg Brown said ImpediMed's products would help patients survive cancer without compromising their lifestyle.
"ImpediMed is committed to improving the quality of life of cancer survivors globally."
"Our devices - which provide fast, accurate data to help clinicians diagnose and treat secondary lymphoedema much earlier than traditional methods - can help patients prevent the progression of lymphoedema," he said.
"This represents an obvious breakthrough for cancer sufferers worldwide, as early detection and treatment of lymphoedema is paramount to improving quality of life."
ImpediMed has enjoyed successful early sales of products in Australia, generating sales of $1.2 million for the year ended June 30, 2007.
Funds from the ASX float will be used to support the launch of its suite of devices into the United States and European markets - estimated at a value of at US$4.4 billion for device sales and approximately US$500 million in annual consumables.
Michael Finney, former ImpediMed non-executive Chairman, and now Chief Executive Officer of QUT's technology transfer company, bluebox, said the successful float was an important success story for the commercialisation of QUT research.
"To see the hard work of QUT researchers making an impact in the billion dollar global cancer medical devices market is a fantastic achievement for the university," he said.
"At bluebox, we take QUT research from the lab to the real world. ImpediMed is an excellent example of cutting-edge QUT research taking that leap to the community and helping people worldwide."
"bluebox is looking to build QUT's research commercialisation product portfolio with similar success stories from QUT researchers," Mr Finney said.
Media enquiries to: Michael Finney, CEO qutbluebox, on 07 3138 9413 or m.finney@qut.edu.au
About Lymphoedema
Characterised by excess protein and oedema in the tissues, lymphoedema is an amassing of lymphatic fluid that causes painful swelling and inflammation in one or both arms or legs.
A common complication among cancer patients (particularly breast cancer patients) who have had surgery or radiation therapy, lymphoedema may be extremely debilitating, and can not be cured.
Treatments involving exercise, compression bandaging and massage can help control the condition, making both early detection and early treatment critical to providing the best patient outcome.
It is estimated that approximately 300,000 people in Australia currently suffer from some form of lymphoedema.