Fogarty Institute for Innovation Announces New Incubator Additions and Debut of New Lab Space
Women And Maternity Patients Expected To Benefit From Growing List Of Innovators
Mountain View, CA - June 26, 2013 -- The Fogarty Institute for Innovation, an educational non-profit that mentors, trains and inspires the next generation of medical innovators, today announced five medical start-up companies were selected to join their incubator program, joining four other companies already in residence.
The new businesses, most of which are focused on womens health and maternity health issues, will work closely with physicians and business professionals to reduce the timeframe needed to bring innovative new medical therapies to market.
"Each of these companies is passionate about bringing their innovative ideas to market. One of the problems with innovation in the health care industry today is that funding is scarce, the regulatory environment is hard to navigate and theres little to no connection between great ideas and the clinical settings they will eventually be used in, said Dr. Thomas J. Fogarty.
The new class of entrepreneurs will have access to funding resources, business plan development, research and development space and clinical collaboration that is difficult to get otherwise. They also have access to the mentorship of Dr. Fogarty who has been awarded 150 surgical patents and has founded or cofounded 40 medical firms over the course of the last 50 years.
Research and development will be done at the newly expanded workshop, which is located on the El Camino Hospital campus in Mountain View. The facility features 14,000 square feet of lab and office space.
One of the most important competitive advantages of the Fogarty Institute for Innovation is its close connection to a community hospital setting. New ideas can be refined with the real-time input of medical professionals and then moved into the clinical trial phase via The Taft Center for Clinical Research, a subsidiary of the Fogarty Institute. This combination of mentorship, support and clinical experience is unique to the Fogarty Institute.
The five new additions to the Fogarty Institute for Innovation include:
First Pulse Medical: Developing a novel technology platform to improve fetal monitoring during labor and delivery. The intrauterine technology utilizes a non-fetally invasive sensor to capture valuable fetal vital signs that will give obstetricians critical information related to fetal well-being.
InPress Technologies: Developing a single-use medical device to treat postpartum hemorrhage (PPH) by specifically addressing uterine atony. By avoiding the use of pharmaceuticals, hysterectomy, or other invasive surgical procedures, the InPress can dramatically reduce the cost of healthcare during childbirth and save womens lives.
Materna Medical: Working to reduce the incidence of childbirth-related injuries to women during vaginal delivery with a device designed to prevent vaginal tearing and pelvic floor damage during childbirth.
Medical Cue: The NeoCue System solves a major need in newborn monitoring and resuscitation by automatically sensing key physiologic data and offering decision guidance through neonatal resuscitation and rapid venous access.
Prescient Surgical Working on CleanCision, a platform that prevents surgical wound infections. The technology targets a patient segment that has the highest risk of infection: obese patients undergoing colorectal surgery.
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. To learn more, go to www.fogartyinstitute.org.
About Dr. Fogarty
- Respected by his peers for having revolutionized cardiovascular surgery with his invention of the Fogarty Balloon Embolectomy Catheter, the first minimally invasive medical device used in surgical suites. This invention increased survival rate among patients.
- Revolutionized treatment of abdominal aortic aneurysm with his invention of Stent-Graft used to treat this condition wherein a blood vessel is severely weakened. Stent-Graft's thin polyester tube is inserted into the blood vessel; then, inflated by a balloon to allow the stent to expand and fully reopen the vein, restoring normal blood flow.
- Conferred the 2012 Medical Design Lifetime Achievement Award from MD+DI Online and UBM Canon.
- Recipient of the Lemelson-MIT Prize, the world's largest single award for invention and innovation, awarded annually to a living American inventor-innovator who has significantly contributed to society through invention and who has shown a tireless commitment to stimulating invention and creativity.