LONDON (ShareCast) - (Sharecast News) - Medical technology company Inspiration Healthcare Group announced on Thursday that 'Project Wave', which is developing a novel technology for a respiratory device designed to be used in neonatal intensive care, has been awarded a grant towards the cost of trials.
The AIM-traded firm said the trials were expected to start this year on 20 babies at the Trevor Mann Unit of Brighton & Sussex University Hospital.

It said the 'Med Tech Trials Innovation Support Grant' (MTT-ISG) was awarded by the Academic Health Science Networks (AHSN), and part-financed by the European Regional Development Fund (ERDF).

The grant would contribute up to 50% towards the costs of the trials, up to a maximum of £50,000.

Inspiration said it was developing Project Wave after it entered into a licence agreement in 2019 with a "major university" in California.

In March, the technology behind Project Wave was granted a patent by the US Patent Office.

The AHSN was established by NHS England in 2013, in a bid to "spread innovation at pace and scale" in the UK, improving health and generating economic growth.

"We are delighted to receive this important grant which shows confidence in the technology and research in the important area of respiratory support of the newborn," said chief executive officer Neil Campbell.

"The trial will allow us to gather important data to validate the efficacy of this new and unique respiratory device.

"It's also a tremendous opportunity for our team to have worked so closely with the AHSN on this trial which ultimately will facilitate how we introduce the device into the UK and Internationally."

At 1323 BST, shares in Inspiration Healthcare Group were up 1.76% at 66.65p.

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