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Hospital tech transfer transformed: A quick history of Cleveland Clinic Innovations

5:12 pm by | 1 Comments

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With the news that Chris Coburn is leaving Cleveland Clinic Innovations comes the question who’s going to take over? The Clinic isn’t giving any clues,  but it’s going to be a huge undertaking for whoever that might be.

In the 13 years its been around, CCI claims to have spun out 50+ companies that have raised $700 million in investments and resulted in three exits. Here’s a quick look at some of the highlights (and lowlights).

2000 – Spins off one of its earliest companies, Atlanta-based CardioMEMS, which is commercializing implantable wireless sensors to aid in the management of chronic cardiovascular diseases.

2002 – Launches Arterial Remodeling Technology, a joint development between the Clinic, the Centre National de Recherche Scientifique and Necker University in France.

October 2003
– Hosts the first Medical Innovations Summit. The theme? “Healthcare Innovation.”

2006 - Creates regenerative medicine company Juventas Therapeutics, which has a drug candidate in Phase 2 trials in heart failure and critical limb ischemia patients.

June 2006
– Spinoff Cleveland BioLabs (NASDAQ:CBLI) goes public.

August 2006 – Board chair and CardioMEMS founder/CEO Dr. Jay Yadav is dismissed from the Clinic under allegations, later acknowledged to be false, that he failed to disclose certain conflicts of interest.

January 2007
– Spins off Tolera Therapeutics to commercialize an immunosuppressant drug that fights organ rejection in transplant patients.

July 2007
- Micrus Endovascular acquires technology from startup ReVasc Technologies for treatment of ischemic stroke.

2008 – Forms Cleveland Heart Inc. to develop a total artificial heart. This company recently raised the largest deal from a single investor for a Clinic spinoff, garnering $30 million from a private equity group in Korea.

2009
– Creates two of its most promising startup, cardiac testing firm Cleveland HeartLab and big data management company Explorys.

2010 – Hand surgeon Dr. Thomas Graham is appointed chairman.

Mid-2010 – The Global Cardiovascular Innovation Center, where some of the heart-focused companies are based, opens.

August 2010 – Portfolio company IntellisEPM sells its business intelligence software to Carefx Corp.

January 2011 – Boston Scientific announces it’s purchased Intelect Medical, a transaction that nets the Clinic $28 million.

January 2011
– Inks a commercialization deal with MedStar that anchors the Innovation Alliance, which has continued to expand to half a dozen other institutions.

April 2011 – Hires Tom Thornton, who was embroiled in controversy in Kansas, to expand those research and collaboration efforts.

May 2011 – Unveils imaging contract research organization ImageIQ and starts up NaviGate Cardiac Structures with transcatheter mitral valve technology from the Clinic.

December 2011
– CCI receives $10 million gift – its largest ever – from West Virginia entrepreneurs and philanthropists Jim and Cathy Justice.

2012 – Continues to develop its Innovation Alliance, adding half a dozen new partners.

2013 - Forms Talis Clinical to commercialize an anesthesia information management system developed in the clinic’s Anesthesiology Institute.

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Deanna Pogorelc

By Deanna Pogorelc MedCity News

Deanna Pogorelc is a Cleveland-based reporter who writes obsessively about life science startups across the country, looking to technology transfer offices, startup incubators and investment funds to see what’s next in healthcare. She has a bachelor’s degree in journalism from Ball State University and previously covered business and education for a northeast Indiana newspaper.
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