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Kyriacos A. Athanasiou. The road ahead must forge through research & commercialization Cyprus Entrepreneurship Competition , Nicosia, Cyprus December 17 , 2003. President, Biomedical Engineering Society Professor, Bioengineering, Rice University

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Kyriacos A. Athanasiou

The road ahead must forge through research & commercialization

Cyprus Entrepreneurship Competition, Nicosia, Cyprus

December 17, 2003

President, Biomedical Engineering Society

Professor, Bioengineering, Rice University

Adj. Professor, Orthopaedics, Univ. of Texas Houston

Adj. Professor, Oral & Maxillofacial Surgery, Univ. of Texas Houston

Founder, OsteoBiologics, Inc.

Founder, Xilas Medical, Inc.

Founder, VidaCare, Corp.

Founder, CyTex, Ltd.


Outline
OUTLINE

  • Traditional technology transfer paradigm (e.g., OsteoBiologics, Xilas, VidaCare, CyTex)

  • A novel approach for commercialization

  • Proposal for establishment of a research institute in Cyprus


Technology transfer paradigm modus operandi
Technology transfer paradigmMODUS OPERANDI

New

technology

Academic

research

New

company




VidaCare Corporation

University-based research leads to an emergency care medical company



Technology transfer paradigm proposed
Technology transfer paradigm statins)PROPOSED

Development Corporation

Centres of Excellence in Applied Research

New

technology

New companies


What do i propose

INSTITUTE statins)

What do I propose?

Centre of Excellence

non-profit

Development Corporation

business


The underlying principles
The underlying principles statins)

  • Each centre should be based on the pursuit of applied research with commercializable potential

  • Centres should be created around particular people – not areas

  • The human factor should be the underpinning of this effort


Cyprus biomedical institute
Cyprus Biomedical Institute statins)

  • A Centre of Excellence in biomedical research – applied research

  • Along with a Development Corporation for technology commercialization

  • Areas of concentration: Orthopaedic, Musculoskeletal Tissue Engineering (orthopaedics and maxillofacial), Cardiovascular, and Diabetes

  • Disclaimer


The institute a highly focused effort
The Institute: statins)A highly focused effort

Examples of new technologies:

  • Biodegradable materials used in orthopaedic applications

  • Regeneration of articular cartilage and the meniscus

  • Devices related to the prevention of diabetes effects on the lower extremity

  • Reduction of blood lipids (e.g., cholesterol and triglycerides)


The statins)Centre of Excellence

  • A traditional, not-for-profit conduit of applied research in few biomedical areas

  • Members as research associates – Centre’s key leaders joint academic appointments

  • Attract outstanding graduate students and fellows from all over the world – primarily from the University of Cyprus

  • Studies: publishable in prestigious, peer-reviewed journals

  • Competitive and vigorous pursuit of research grants




The statins)Development Corporation

  • Business direction; investment fund

  • Evaluation of research results with commercialization in mind

  • Small team (2-3 people) with deep understanding of entire process

  • Clear exit strategy aimed at maximizing returns to investment

  • 5 years: financial benefits, if mature technologies selected

  • Arduous and failure prone process -- one or two success stories… Success breeds success


BIOMEDICAL INSTITUTE statins)

(President, management team)

Centre of Excellence

non-profit academic organization

Lab 4

Lab 1

Lab 3

Lab 2

Scientific Advisory Board

Board of Directors

Development Corporation

business entity


Success criteria
Success criteria statins)

  • Dual mission of Institute:

  • Act as a repository of research projects at the cutting edge of applied biomedicine

    • Few, well-respected, outstanding, pre-selected people

    • Only a few biomedical areas

    • Active laboratories

    • Competitive grants

    • Work presented at international forums

  • Be a financial success

    • Self-sustained

    • One financially and commercially viable company


THE PLAN statins)

  • People-centred Institute

  • Focused & sustained effort

  • Applied research in Cyprus recognized to be on par with that of best centres in the world

  • Change perception of Cyprus as lacking innovative, biomedical industry

  • Convince investors that Cyprus is a suitable place for investment in biomedicine

  • Be a financial success

  • Diversification of the Cyprus economy



Funding from statins):

National Institutes of Health, NHTSA, Binational Science Foundation, Arthritis Foundation, Whitaker Foundation, Industrial sources (Arthrex, OsteoBiologics, DePuy, Nutramax, VidaCare, Xilas)