“Our aim is to commercialise up to 20 U.S medical technologies and to create 10 spin-out companies in Ireland from collaboration with one of theworld’s leading medical institutions” Enterprise Ireland
A collaboration between Enterprise Ireland and Mayo Clinic, USA will see the commercialisation of up to 20 novel medical technologies in Ireland over the next 5 years with the aim of creating several high value medical technology spin-out companies.
Taoiseach Enda Kenny T.D. witnessed the signing of the agreement by Jeff Bolton, Vice President Mayo Clinic and Dr. Keith O’Neill, Director Lifesciences Commercialisation, Enterprise Ireland in Dublin today (10th April 2014).
Welcoming the collaboration the Taoiseach said “this agreement between Mayo Clinic U.S and Enterprise Ireland is highly significant from an economic perspective and builds on an Irish connection with Mayo Clinic extending back to the 19th century when the founders of the Mayo Clinic, brothers Will and Charlie Mayo, attended the Royal College of Surgeons of Ireland”.
“Ireland is delighted to support the work of Mayo Clinic to develop medical technologies that will benefit patients worldwide and this project fits well with the medical technology strategy supported by the Government’s Action Plan for Jobs. There is great potential for job creation in 10 ‘spin-out’ companies Enterprise Ireland aims to create from this collaboration”.
The Irish Government will provide up to US$16M (€11.7M) through Enterprise Ireland’s Commercialisation Fund for the co-development and licensing of novel medical technologies developed at Mayo Clinic U.S. into Ireland where they will be commercialised. This will involve further development and validation of the technologies by research teams in Irish Higher Education Institutes, and introductions to investors to bring the technologies to market. Enterprise Ireland’s aim is to create 10 spin-out companies in addition to licensing/commercialisation relationships in Ireland for each medical technology.
The first project is under way in NUI Galway, internationally recognised for its expertise in Biomedical Science and Engineering. The device patented by the Mayo Clinic is for the treatment of acute pancreatitis. A team led by Dr Mark Bruzzi of NUI Galway aims to design and develop a prototype device for human clinical use, build on animal studies conducted thus far and advance the therapeutic technology towards a ‘first in man’ clinical investigation.
On the commercial side, NUI Galway will validate the market and reimbursement model for the device and support the exploitation of the commercial potential of the technology in Ireland.
Investors Aisling Capital, New York and ACT Venture Capital are currently advising the team at NUI, Galway on the establishment of a spin-out company around this technology.
Speaking at the announcement Jeff Bolton, VP Mayo Clinic said “Mayo is committed to improving medicine throughout the world for the benefit of patients everywhere. This collaboration with Enterprise Ireland provides a unique way of furthering the research and development of novel technologies that have high potential to make a difference in patient care, alleviating the burdens of human disease. We expect that this collaboration will pay dividends in the United States as the commercialized technologies will be sold in the US for the benefit of patients. We also expect that many of these companies will create a US presence in and around one or more of Mayo’s practice sites.
Welcoming today’s announcement, Richard Bruton T.D., Minister for Jobs, Enterprise and Innovation said “One of the key aims of the Government’s Action Plan for Jobs is to put in place measures aimed at making it easier to commercialise and ultimately create jobs from ideas developed through publicly-funded research. Today’s announcement was made possible through State-funded research. This welcome agreement between the Mayo Clinic and Enterprise Ireland will further enhance Ireland’s reputation as a venue for commercialising advanced medical technologies with the aim of encouraging more high-value companies to establish in Ireland and creating high value jobs for this economy”.
Signing the agreement between Enterprise Ireland and Mayo Clinic, Dr. Keith O’Neill, Enterprise Ireland said, “this deal is a win-win as it will seed as many as 10 spin-out companies in Ireland whilst bringing advanced medical technologies to patients and providing a revenue stream back to Mayo Clinic to enhance its mission. We look forward to working with Mayo Clinic to create new companies around these world-class technologies some of which may, in time, establish a presence in Minnesota U.S, close to Mayo Clinic, benefiting the local economy there as well as in Ireland.”