An Taoiseach Enda Kenny present at the signing of US$16m (€11.7m) collaboration between Mayo Clinic and Enterprise Ireland
NUI Galway has signed an agreement with the Mayo Clinic to bring intellectual property (IP) to Ireland allowing the development and commercialisation of a novel medical technology. The agreement, supported by Enterprise Ireland, ACT Capital in Dublin, Ireland and Aisling Venture Capital New York will be launched by An Taoiseach Enda Kenny in Dublin this morning. (9am)
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 with the aim of exploiting the commercial potential of the technology in Ireland.
The NUI Galway pancreatitis project is the first project in 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.
An Taoiseach Enda Kenny TD 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).
Acute pancreatitis is an increasingly prevalent condition worldwide with substantial hospitalisation costs, but with no widely accepted therapies or practises for proactive management of the disease. Associated healthcare costs are estimated at €3 billion in the US alone.
Professor Vijay Singh at the Mayo Clinic in Rochester, Minnesota developed the device and conducted the initial laboratory testing NUI Galway’s expertise in medical device development presented an opportunity to clinically develop and validate the proposed therapy towards a human clinical study.
NUI Galway President Dr Jim Browne said “This exciting agreement builds on the many links between NUI Galway and the Mayo Clinic. It’s a significant endorsement of NUI Galway’s acknowledged strength as a centre for medical device development and commercialisation. I would hope that the support of Enterprise Ireland, ACT Capital and Aisling Venture Capital for this agreement will pave the way for further investment in biomedicine, a priority for NUI Galway, in Galway, one of five global medtech hubs.”