Fogarty Institute for Innovation Announces New Company Portfolio
and Recent Milestones
Selects New Wave of Medical Device Start-Ups to Serve in Residence
Mountain View, CA – April 30, 2012 – The Fogarty Institute for Innovation today announced the selection of five unique medical start-up companies to join three other innovators already in residence. This selection represents one of several recent milestones for the Fogarty Institute, including the launch of its first training fellowship, the Advanced Endovascular Training Fellowship for postgraduate physicians. In addition, HeartFlow, one of the first companies to launch out of the Fogarty Institute, has successfully established independent offices in Redwood City, CA. The company is now commercializing its non-invasive diagnostic test to guide the treatment of patients with coronary artery disease.
"Given the chilly funding climate in the United States for medical device companies, there is a need for a new innovation model that goes beyond the incubator approach. The Fogarty Institute is uniquely suited to provide multifaceted support to entrepreneurs working on promising new medical technologies," said Thomas J. Fogarty, M.D., chairman of the Fogarty Institute. "If medical device start-up companies like the ones in our portfolio are successful in bringing new products to marketing, it would have a significant and positive impact on the patients who may benefit substantially from these innovations."
"The United States has the potential to fall behind as the leader in medical innovation due to regulatory and political uncertainties which are creating a more challenging environment for entrepreneurs and venture capital investment. Fresh ideas, such as the Fogarty Institute, are necessary to counteract this risk," said Sam Colella, a venture capitalist with Versant Ventures. "The Fogarty Institute serves as an important model that we hope others follow so that we do not lose our competitive edge. It has already had a positive impact by providing early-stage innovators and entrepreneurs with a nurturing, supportive, not-for-profit environment in which to flourish and conceptualize new medical solutions that are game changing."
Five Newly Selected Companies in Residence
The Fogarty Institute selected BioParadox, InterVene, VidaSystems, Clear Ear and Mitre Medical to join its portfolio of companies currently in residence, including Medical Sewing Solutions, Niveus Medical Inc., and PQ Bypass Inc.
In 2011, the following companies were added:
- BioParadox – A regenerative medicine company pioneering point-of-care biologic treatments for cardiovascular disease, BioParadox is innovating the use of Platelet-Cell Therapy (PCT) for the treatment of cardiovascular disease.
- InterVene – Developing a unique solution for deep venous pathology that involves the in situ creation of new venous valves. It could serve as potential breakthrough therapy for the more than 20 million patients who suffer from venous ulcers worldwide.
- VidaSystems – Developing a Web-based, multi-dimensional anatomy and physiology for medical education, that would provide capabilities beyond simulation and offer surgical and procedural training for remote locations.
In 2012, two additional companies have been added:
- Clear Ear – Developing a novel ear-wax removal technology that would facilitate next-generation hearing aid placement and serve as a possible cure for hearing loss in under-resourced global settings.
- Mitre Medical – Creating innovative solutions to treat structural heart disease in humans and companion animals, Mitre's lead program The Mitral Touch® is an elegant, less-invasive surgical solution to treat functional mitral regurgitation and potentially prevent the onset of congestive heart failure.
As a non-profit organization located on the Mountain View campus of El Camino Hospital, the Fogarty Institute for Innovation provides innovators with an environment conducive to constant interaction between engineers and physicians and the guidance and expert mentorship they need to develop medical treatments and technology that reduce healthcare costs and meet the unmet needs of patients. In addition, it provides the entrepreneurs with direct, sustained support in the form of facilities, ongoing mentoring by Fogarty Institute leadership and/or technology development costs. The companies in residence have access to lab/engineering space, financial support and other resources in order to mature and develop nascent ideas and advance to the next step of funding and move into commercialization. They also have access to clinical experience and clinical trial management services not available elsewhere through El Camino Hospital and the Taft Center for Clinical Research.
About The Fogarty Institute for Innovation
Located on the campus of El Camino Hospital in Mountain View, Calif., the Fogarty Institute for Innovation is a non-profit 501(c)3 organization that serves to energize the process of medical technology innovation. Its educational activities involve teaching the skills and methodology necessary for medical innovators to translate their ideas into new patient therapies. Companies affiliated with the Institute have access to the clinical experience and clinical trial management services available through the collaboration between the Institute, El Camino Hospital and the Taft Center for Clinical Research