Tuesday, July 30, 2013
Cincinnati Children’s Hospital Medical Center is investing in six technologies nurtured through its research programs that show potential for near-term patient benefit and commercial development.
Ranging from prospective new therapies to technologies designed to more quickly and accurately diagnose disease, the projects will collectively receive a total of $500,000 over one year as part of the medical center’s Innovation Fund. The fund – now in its second year –is a source of early stage bridge funding to further develop technologies until they are medically and commercially viable and ready for outside investment.
“The Innovation Fund allows the medical center to select promising projects developed by its researchers and accelerate their bench-to-bedside transition and entry to the patient care market,” said Niki Robinson, Ph.D., assistant vice president of the medical center’s Center for Technology Commercialization (CTC). “This funding provides crucial financial support at a critical time to projects that otherwise might not continue their development.”
One of the largest pediatric research institutions in the nation – and the second largest recipient of research funds from the National Institutes of Health – Cincinnati Children’s researchers discover dozens of potential medical innovations every year. Be they prospective molecular targets for treating or diagnosing disease or concepts for new medical devices, many discoveries enter a critical funding gap after basic research funding drops off and prior to outside commercial investment.
The CTC and the Innovation Fund are designed to help bridge this gap and provide promising discoveries an improved chance to reach full potential – both for the benefit of patients and to achieve optimal commercial success. As part of its role to support the medical center’s mission, the CTC focuses on accelerating technology development that benefits patients and supports high-tech economic development in the region.
This year’s Innovation Fund submissions were reviewed by a local volunteer advisory board composed of high-technology venture capital executives and high-technology economic development experts (see addendum below).
Additionally, the Greater Cincinnati Foundation provided a grant of $100,000 for this year’s round of funding. The non-profit foundation serves an eight-county region in Ohio, Kentucky and Indiana by supporting philanthropy and providing grants and leadership in arts and culture, community and economic development, education, environment, health, and human services.
“The CTC relies heavily on Greater Cincinnati’s considerable expertise in healthcare, product development, venture capital and regional cooperation to get the most out of the Innovation Fund,” Robinson said. “These leaders volunteer their time to review applications and provide invaluable input, making this a true community effort to improve health outcomes for kids around the world.”
Recipients of this year’s Innovation Fund awards include:
Volunteer members of the Innovation Fund Advisory Board include: Bob Beech, entrepreneur-in-residence, CincyTech; Mark Collar, independent, previously with Procter & Gamble (P&G); Rich Kiley, independent, previously with P&G; Ken Kozak, vice president, Meridian Bioscience; Carter McNabb, managing director, River Cities Capital Fund; John Rice, partner, Triathlon Medical Ventures; Jan Rosenbaum, director, CincyTech; Dov Rosenberg, director, Allos Ventures; Justin Thompson, senior analyst, CincyTech; Mike Venerable, director, CincyTech; Jeff Weedman, director, CintriFuse; Molly Katz, past president, Academy of Medicine and current member of The Greater Cincinnati Foundation Governing Board.
Cincinnati Children’s Hospital Medical Center ranks third in the nation among all Honor Roll hospitals in U.S.News and World Report’s 2013 Best Children’s Hospitals ranking. It is ranked #1 for cancer and in the top 10 for nine of 10 pediatric specialties. Cincinnati Children’s is one of the top two recipients of pediatric research grants from the National Institutes of Health, and a research and teaching affiliate of the University of Cincinnati College of Medicine. The medical center is internationally recognized for improving child health and transforming delivery of care through fully integrated, globally recognized research, education and innovation. Additional information can be found at www.cincinnatichildrens.org. Connect on the Cincinnati Children’s blog, via Facebook and on Twitter.