Enterprise Ireland’s aim is to commercialise up to 20 U.S medical technologies and to create 10 spin-out companies in Ireland from collaboration with one of the world’s leading medical institutions.

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.

Taoiseach Enda Kenny T.D. 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 recently.

The Irish Government will provide up to US$16M (€11.7M) through Enterprise Ireland’s Commercialisation Fund for the co-development and licensing of novel medical technologies developed at Mayo Clinic U.S. into Ireland where they will be commercialised. This will involve further development and validation of the technologies by research teams in Irish Higher Education Institutes, and introductions to investors to bring the technologies to market. Enterprise Ireland’s aim is to create 10 spin-out companies in addition to licensing/commercialisation relationships in Ireland for each medical technology.

The first project is under way in NUI Galway, internationally recognised for its expertise in Biomedical Science and Engineering. 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 and support the exploitation of the commercial potential of the technology in Ireland. Investors Aisling Capital, New York and ACT Venture Capital are currently advising the team at NUI, Galway on the establishment of a spin-out company around this technology.

Signing the agreement between Enterprise Ireland and Mayo Clinic, Dr. Keith O’Neill, Enterprise Ireland said, “this deal is a win-win as it will seed as many as 10 spin-out companies in Ireland whilst bringing advanced medical technologies to patients and providing a revenue stream back to Mayo Clinic to enhance its mission. We look forward to working with Mayo Clinic to create new companies around these world-class technologies some of which may, in time, establish a presence in Minnesota U.S, close to Mayo Clinic, benefiting the local economy there as well as in Ireland.”