UNM Science and Technology Corporation Crafts Innovative Agreement with Advanca Medical Devices
Advanca Medical Devices (AMD), an Albuquerque-based company, has signed an exclusive licensing agreement with the University of New Mexico Science and Technology Corporation to develop medical technology from the UNM Health Sciences Center (HSC).
"We are excited about the opportunities created by pioneering medical technology being developed at the university's Health Sciences Center, AMD's talented entrepreneurial founding team, and the assistance from Science and Technology Corporation's new venture development efforts," relates Lisa Kuuttila, STC president and chief executive officer. "We believe that AMD has excellent prospects for substantially impacting physician-to-patient care, as well as creating economic growth for New Mexico."
Advanca Medical Devices currently is focused on the design, development and commercialization of "improved" medical procedure syringes, a family of safety needles and syringes, and enhanced medical consumables. These products will provide increased functionality, safety, patient comfort and health care professional satisfaction.
Practicing physician Wilmer L. Sibbitt Jr., M.D., professor of Internal Medicine at UNM and co-founder of AMD, will serve as chairman, while co-founder Kathleen L. Kelleher will serve as the company's president and chief executive officer.
The licensing agreement gives AMD the exclusive right to several patents developed at the Health Sciences Center. Advanca Medical Devices is working with Duopross Meditech in Farmingdale, NY, to finalize prototype development of its first two products, obtain necessary FDA approval and co-promote the product in the U.S. It is anticipated that the first product, the Reciprocating Safety Syringe, will be commercially available in 2005.
"Our first product, the Reciprocating Safety Syringe, is an all-purpose, one-handed syringe with great stability and control," remarks Sibbitt. "Our test systems demonstrated markedly decreased perforation rates, which should dramatically reduce the complications of syringe procedures, including decreased rates in organ perforation, pneumothorax, hemorrhage and failed procedures. The use of this new syringe should decrease in-hospital, patient-care costs and improve patient outcomes."
UNM Science and Technology Corporation is a non-profit corporation founded by the University of New Mexico to license technology developed by university faculty, staff and students and to accelerate the development of that technology in the commercial marketplace.
The University of New Mexico Health Sciences Center provides added value to health care through leadership in providing innovative, collaborative education; advancing frontiers of science through research critical to the future of health care; delivering health care services that are at the forefront of science; and facilitating partnerships with public and private biomedical and health enterprises. For more information on the UNM Health Sciences Center, visit www.hsc.unm.edu.
Contact: Luke Frank, 272-3322