The success of Cleveland Clinic Innovations has triggered a puzzling dilemma for the world-renowned health system: how to manage the windfall of its leader. Innovations’ Executive Director Chris Coburn gets 3 percent from the sale of spinoff companies, according to several sources familiar with Coburn’s contract – including one who has personally reviewed Coburn’s deal. […]
It’s no wonder that Cleveland Clinic has placed an increased emphasis on commercializing medical innovations by its doctors. Cleveland Clinic CEO Toby Cosgrove revealed in a recent interview that the $78 million sale of Clinic neurotechnology spinoff Intelect Medical to Boston Scientific (NYSE: BSX) in January returned an impressive $28 million to the health system. […]
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A company that was once the poster child for the joys of living and doing business in Ohio now may have become a cautionary tale about a weakness in the state's much-celebrated Third Frontier program.
IntElect Medical, developing new innovative medical devices in the neuromodulation space, will be sold by early 2011, according to several sources familiar with the deal. Investors in the Cleveland Clinic spinoff include devicemakers Boston Scientific and Greatbatch. But it's unlikely that either is the buyer. IntElect's exit would also be a gigantic win for Cleveland Clinic Innovations, the hospital's commercialization arm, as well as anyone at Innovations who might have a stake in the company.