AUSTRALIAN scientists racing to develop a bionic eye expect they will need about $100 million in private funding to commercialise the device.

The Bionic Vision Australia consortium, which last year received a $42m federal government grant to develop a bionic eye, said it had already established a shelf company and would be ready to start looking for venture capital late in 2013.

BVA spokesman Professor Tony Burkitt said the group -- which includes the University of Melbourne, University of NSW, Nicta, the Bionic Ear Institution and the Centre for Eye Research Australia -- would become equal shareholders in the new company, Bionic Vision Technologies.

Professor Burkitt said it was too early to start discussions with commercial investors. "I think there are a lot of companies that are keeping their eye on what's going on, but . . . they'll want to see some substantial results from clinical trials before they invest in it," he said.

The association last week unveiled a prototype of the bionic eye, which will be implanted in patients in clinical trials expected early in 2013.

The device is aimed at restoring sight to people suffering advanced retinitis pigmentosa, a degenerative disease that can cause blindness..

The prototype device is expected to help restore the ability to sense simple shapes and objects. It will help researchers develop the commercial version to restore vision sufficiently for patients to see faces and more complex images.
From: http://www.theaustralian.com.au