Commercialization Revenue Nears $5 Million
The CTC generated over $4.9 million in commercialization revenue this year from a variety of sources, up nearly 25 percent over the previous year. Revenue from the CTCs licensing activity totaled roughly $2.4 million, with industry-sponsored research totaling $1.2 million. Approximately $900,000 was received for patent reimbursement from current licensees and $400,000 was received in commercialization grants. These included a $100,000 grant for the CTCs Innovation Fund from The Greater Cincinnati Foundation and grants from the Third Frontiers Technology Validation and Start-Up fund, as well as CincyTechs Imagining Grant program.
Rare Disease: Big Opportunity, Big Impact
Our rare disease research expertise, coupled with strong interest from industry, led the CTC to actively pursue rare disease collaborations. This year, the CTC partnered with four other leading pediatric research institutions to host the first ever Rare Disease Partnering Summit at the Biotechnology Industry Organizations international conference. The Summit, sponsored by Shire, brought together leading investigators from Cincinnati Children’s, Boston Children’s, LA Children’s, Toronto SickKids and Chicago Comer Children’s who have active research in the rare disease arena. The Summit resulted in several collaboration opportunities being pursued by the CTC.
Funding Programs Drive Innovation and Collaboration
Two internal funding programs managed by the CTC, the Innovation Fund and the Ben-Gurion Cincinnati Childrens Collaborative (BG3C), awarded funding for a total of nine new projects and six existing projects for a combined investment of $1.3 million.
The Innovation Fund was created to advance promising early stage research towards commercialization. The Fund, now in its second year, can provide up to $200,000 in funding per project over the course of two years. The BG3C program is focused on developing pediatric specific medical devices by joining the clinical and surgical expertise at Cincinnati Children’s with the engineering and product development expertise of Ben-Gurion University of the Negev in Israel. The BG3C funded three innovative projects in its first round and launched a second round to identify additional unmet needs. Projects funded through the Innovation Fund and BG3C must meet specific commercial milestones to continue to receive funding.