Two of Ohio’s medical research powerhouses are forming an alliance to bring new medical technologies to the market faster.
Cleveland Clinic Innovations and Ohio State’s technology transfer office announced today they will share their service infrastructures to develop and commercialize new medical products – anything from medical devices to software systems to services – and form new startup companies.
A joint assessment of their technologies and needs will generate a list of 20 medical technologies that will become their first priorities for commercialization, the institutions said in a press release. Initially, they have identified neuromodulation and medical software as areas of focus.
That’s no surprise, as the Clinic’s neuromodulation spinoff Intelect Medical sold to Boston Scientific last year, bringing in $28 million to the clinic. With its own designated Neuromodulation Research Center, the clinic could be looking to get a leg up in the region’s growing neurotechnology sector.
In 2009, the Clinic lost one its top neurosurgeons, Dr. Ali Rezai, whose research was the basis of Intelect and two other companies’ products, to Ohio State. He’s now the director of the university’s Center for Neuromodulation.
In medical software, the Clinic has had success with a spinoff called IntellisEPM, whose software was acquired by Carefx. Ohio State has also spun off medical data software startup Health Care Dataworks.
Cleveland Clinic Innovations has formed a total of 48 spinoffs that have raked in more than $600 million in equity investment.
Ohio State, meanwhile, is growing its technology commercialization program after a reorganization effort last year but has struggled generating income from technology licenses and patents. The school recently partnered with Ohio University to create a venture capital fund aimed at commercializing research and says it’s on target to have its best year yet in terms of new revenue, licenses and inventions received.
[Photo from Ohio State University]