Joint Venture created

RNS Number : 2667U

Seeing Machines Limited

15 October 2014

 



Seeing Machines and Australian National University Sign Truefield Joint Venture

New entity created to commercialise ophthalmic-research IP

15 October 2014

Seeing Machines Limited (AIM: SEE), the AIM listed technology company with a focus on operator monitoring and intervention sensing technologies and services, is proud to announce the formation of a new joint venture, NuCoria Pty. Ltd., with The Australian National University (ANU) to commercialise TrueField Analyzer (TFA) Intellectual Property. Leveraging Seeing Machines' patented IP, technical expertise, and ANU's technology transfer & commercialisation successes, NuCoria will be dedicated to bringing revolutionary medical devices to market.

The TrueField Analyzer was originally developed collaboratively between ANU and Seeing Machines, and each of them has licensed their relevant existing intellectual property to NuCoria.  NuCoria is a strategic arrangement that allows Seeing Machines to focus on core opportunities and competencies, including its alliances with Caterpillar Global Mining and TK Holdings (part of the Takata Group) and other rapidly emerging transport sector opportunities.  ANU, following its own successful sale of Lithicon for A$76m, will take the lead in managing, staffing, and funding NuCoria. Seeing Machines will have an initial interest of 18% of NuCoria, will nominate a non-executive director and will receive royalties from any future licensing deals the new Company enters into.

NuCoria will become the primary vehicle for emerging ophthalmic-technology IP from ANU research centres. Professor Ted Maddess, TFA inventor and Director of the ARC Centre of Excellence in Vision Science, said: "We have been working with Seeing Machines to produce a rapid non-contact objective way of mapping the visual fields of both eyes at the same time. We have now published 17 studies showing that the new method has utility for the top three blinding diseases: glaucoma, macular degeneration and diabetic retinopathy, and also for some neurological disorders. The method continues to evolve and improve."

Ken Kroeger, CEO of Seeing Machines, said: "This is a fantastic outcome for all parties. Our company's DNA & legacy is closely tied with the ANU, hence I firmly believe that they are the right partners to move forward with this exciting technology. While the core focus of Seeing Machines is to save lives with our Driver Safety System (DSS) in the mining and road-transport industries, being able to work with strategic partners in exciting applications of our core-technology is part-and-parcel of how we operate."

Michael Cardew-Hall, ANU Pro-Vice Chancellor of Innovation and Advancement, said: "This is an exciting development in commercialisation of the TrueField Analyzer technology. The ANU has been committed to partnering with Seeing Machines in the development of the TrueField IP which was originally generated from research at the University. We believe that it has the potential to have significant benefits in the area of ophthalmology. The links between ANU and Seeing Machines are long standing, with it originally being a start up from the University itself. The NuCoria collaboration brings the expertise of Seeing Machines and ANU together to take this technology to market."

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Enquiries:

Seeing Machines Limited	www.seeingmachines.com
Ken Kroeger, Managing Director and CEO	[phone] [e-mail]
James Walker, Finance Director	[phone] [e-mail]
finnCap Ltd, Broker for Seeing Machines
Ed Frisby / Ben Thompson Corporate Finance	[phone]
Victoria Bates Corporate Broking
Newgate Threadneedle, Investment Communications for Seeing Machines
Robyn McConnachie Josh Royston	Tel: [phone] Mob: [phone] [e-mail] Tel: [phone] Mob: [phone] [e-mail]

About Seeing Machines

Seeing Machines, (AIM: SEE), is an AIM-listed technology company that specialises in operator monitoring and intervention technologies and services. Its software and engineering services are used in products and applications that range from devices that improve driver safety and save lives to assessing trainees in simulators and simplifying the relationships between people and technology. Seeing Machines technology is used worldwide across the automotive, mining, transport and aviation industries; as well as many of the leading academic research groups and transportation authorities. Seeing Machines is headquartered in Australia, and has offices in Tucson, Arizona and Mountain View, California. The Company counts Caterpillar, Takata and Eye Tracking Inc as its partners and BHP Billiton, Freeport McMoran, Teck, Toll Holdings amongst its customers.

About The Australian National University

The Australian National University was established in 1946 to support the development of national unity and identity, to improve Australia's understanding of itself and its neighbours, and to contribute to economic development and social cohesion. ANU is a celebrated place of intensive research, education and policy engagement - setting the standard on issues of national and international importance. Its body of students is drawn from across the nation and around the world. ANU is a global university that consistently ranks amongst the world's finest educational institutions, and is a centre of unparalleled intellectual talent and research excellence. The University's research has been involved in the creation of a number of successful spin-off companies, including Seeing Machines, Beta Therapeutics and Lithicon.

 

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