Magnetica Limited: Achievements, Grants, Awards
Grants
• Queensland Government Smart Futures Research Industry Partnerships Program - awarded grant of $1,000,000, April 2010.
• Queensland Government National and International Research Alliances Program - awarded grant of $598,500, April 2006 (grant completion date Mar 2009).
• Federal Government Researcher in Business Grant awarded 2011 (subject to contract finalization).
• Federal Government Export Markets Development Grants (EMDG) for 2006/07, 2007/08 and 2008/09.
Achievements
• Magnetica’s first product, developed in partnership with Jastec, is now proven and selling in the marketplace. This product, a specialist high field MRI magnet images human extremities much more efficiently and cheaply than standard whole body MRI scanners. Globally, there is no comparable competing product.
• GE Healthcare, one of the major participants in the global MRI market, purchased the business assets of our original client, ONI Medical Systems, including the supply contract for this magnet, as part of a strategic move to develop a significant extremity imaging market presence. Magnetica believes that GE’s purchase of ONI is a powerful external validation of our technology and strategy.
• Magnetica received its first revenues in 2010.
Investment
• Raised over $6.5 million from investors since the Company was restructured in January 2005, including in 2006 a $250,000 investment by teQstart, the Queensland Government initiative supporting emerging businesses.
Awards
• Queensland Premier’s Smart State Rising Star Award, 2006.