September 11, 2012
Cleveland Clinic Innovations, the corporate venturing arm of Cleveland Clinic, has been selected as the world’s fourth most influential healthcare corporate venturing division by Global Corporate Venturing, a business venture capital magazine and website. Cleveland Clinic is the only academic center or hospital in the top tier of the list. Rounding out the top 5 were Novartis, Johnson & Johnson, the Wellcome Trust and Eli Lilly.
“We’re honored by this recognition and feel it’s a reflection of the commitment that Cleveland Clinic has to improving and extending the lives of patients,” said Thomas Graham, MD, Chief Innovations Officer at Cleveland Clinic.
Cleveland Clinic Innovations is responsible for company creation, business development and commercialization of all medical technology throughout Cleveland Clinic and its Innovation Alliance partners. Since it was founded in 2000, Cleveland Clinic Innovations has filed over 1,600 patents, has more than 300 active licenses and has 52 spin-off companies that have received more than $620 million in equity investment. Nearly 1,000 jobs have been generated as a result of Cleveland Clinic Innovations and its spin-offs, having a significant impact on the economic growth in Northeast Ohio.
Cleveland Clinic Innovations has developed a national Innovation Alliance network to help commercialize medical innovations. The Alliance forms collaborations with health systems to rapidly commercialize medical innovations. Through the Alliance structure, organizations can leverage the experience and expertise of their partners to streamline the process of getting life-saving technologies to patients.
The Innovation Alliance system currently includes MedStar Health, the largest medical care provider in the Baltimore/Washington area; Toledo-based ProMedica; North Shore-Long Island Jewish Health Systems; and the University of Notre Dame.
“As the U.S. healthcare system adapts to the enormous changes underway, innovation and extra-regional collaboration will be critical to ensuring that patients have access to the best and most effective technologies. We believe our Alliance program is unique and a major new development in U.S. healthcare and are thankful to Global Corporate Venturing for recognizing our efforts,” said Chris Coburn, Executive Director of Cleveland Clinic Innovations.
In July, Cleveland Clinic Innovations entered a collaborative agreement with The Ohio State University’s Technology Commercialization and Knowledge Transfer Office to accelerate and commercialize medical innovations. The collaboration is focused on improving and extending the lives of patients and is the largest medical commercialization network in Ohio.
Several Cleveland Clinic Innovations spin-off companies have received major investments over the last few months. In August, Cleveland Heart, Inc., received a $30 million Series A investment that will fund further development and clinical trials for a total artificial heart. Juventas Therapeutics, which is developing a drug that recruits stem cells to repair tissue, closed a $22 million Series B financing round in July.
About Cleveland Clinic
Cleveland Clinic is a nonprofit multispecialty academic medical center that integrates clinical and hospital care with research and education. Located in Cleveland, Ohio, it was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. Cleveland Clinic has pioneered many medical breakthroughs, including coronary artery bypass surgery and the first face transplant in the United States. U.S.News & World Report consistently names Cleveland Clinic as one of the nation’s best hospitals in its annual “America’s Best Hospitals” survey. About 2,800 full-time salaried physicians and researchers and 11,000 nurses represent 120 medical specialties and subspecialties. Cleveland Clinic Health System includes a main campus near downtown Cleveland, eight community hospitals and 18 Family Health Centers in Northeast Ohio, Cleveland Clinic Florida, the Lou Ruvo Center for Brain Health in Las Vegas, Cleveland Clinic Canada, and opening in 2013, Cleveland Clinic Abu Dhabi. In 2010, there were 4 million visits throughout the Cleveland Clinic health system and 167,000 hospital admissions. Patients came for treatment from every state and from more than 100 countries. Visit us at www.my.clevelandclinic.org. Follow us at www.twitter.com/ClevelandClinic.
Joe Milicia, 216.636.5873, firstname.lastname@example.org