The Innovation Institute and Bone-Rad Therapeutics Sign Agreement to Accelerate Development of Revolutionary New Bone Tumor Treatment
La Palma, Calif. (PRWEB) July 03, 2014 -- The Innovation Institute announced today that it has signed an agreement with Bone-Rad Therapeutics, Inc. aimed to accelerate development of a revolutionary treatment paradigm for cancer in bone, specifically Spine-Rad™ Brachytherapy Bone Cement, which locally targets spinal tumors with radiation, and simultaneously restores bone strength to the affected vertebrae. The Spine-Rad procedure will also alleviate the pain associated with vertebral tumors.
This more precise radiation delivery minimizes collateral damage with fewer side effects, is less costly, and will ultimately be more readily available than other treatments. The product concept is analogous to other brachytherapy techniques for cancers such as breast and prostate, which also use internally targeted radiation delivery to treat tumors.
“I am very excited about the potential for Spine-Rad™ Cement to improve the care of patients with primary or metastatic bone disease,” said Harry B. Skinner, M.D., Ph.D., orthopaedic surgeon and co-founder of Bone-Rad Therapeutics, Inc. “This technology promises to significantly enhance the quality of life of these patients, and we hope ultimately to find a positive impact on life expectancy as well.”
“This agreement with The Innovation Institute is an important milestone in the development of Bone-Rad Therapeutics,” said Craig Fortier Bone-Rad president and CEO. “The Institute has the expertise, resources, and hospital affiliations needed by early stage medical device companies to greatly facilitate movement through the product development, regulatory and clinical evaluation stages that we all must navigate. Our team at Bone-Rad is thrilled to have the opportunity to work with The Innovation Institute."
“Partnering with Bone-Rad to support their mission to extend the quality of life of cancer patients through more effective, less painful and less costly treatments is an important part of carrying out our own mission,” said Joe Randolph, president and CEO of The Innovation Institute. “Our hope is to make this innovative treatment available to all who would benefit from it, as quickly as possible," added Randolph.
The Innovation Institute, a for-profit LLC, was launched in January 2013 by the St. Joseph Health system in Irvine, California, its first member owner. It was established to serve as a collaborative of seven non-profit health systems focused on innovation and growth. To date, system shareholders have invested $50 million. Bon Secours Health System in Marriottsville, Maryland joined as a member owner in October 2013. The Institute has a global focus and is authorized to allow a maximum of seven principal health care systems to participate, although outside investors will be able to invest in its investment funds.
The Innovation Institute works with physicians, employees, and industry business partners to seek new products, ideas, and concepts that can be commercialized. Their goal is to bring together providers and industry to discover new ways to reduce costs and transform care delivery. In its first full year of operation, The Innovation Institute is profitable and growing.
The Innovation Institute also has an alliance agreement with Cleveland Clinic Innovations, designed to advance innovation and support the commercialization process. Cleveland Clinic Innovations has demonstrated a track record in developing intellectual property. Cleveland Clinic brings their experience in new product development, as well as a team of people who support The Innovation Institute.
To date, The Innovation Institute has received nearly fifty (50) innovations into its pipeline, which are in various stages of evaluation and development. These range from medical devices, IT, apps, wearable devices, and patient consumables.
About Bone-Rad Therapeutics
Bone-Rad Therapeutics, Inc. is a Delaware corporation whose objective is to develop and market Spine-Rad™ Cement as an innovative, improved, and cost-effective treatment paradigm in the management of tumors in bone. For more information, visit http://www.bone-rad.com.
About The Innovation Institute
The Innovation Institute is an independent, for-profit LLC structured to cultivate innovative solutions to transform healthcare delivery. The Innovation Institute is authorized for a maximum of seven principal health care systems to participate as member owners, although outside investors will be able to invest in its investment fund. Physicians and employees within member-owner systems, as well as and industry business partners, will be tapped for ideas and solutions that show promise for commercialization. Comprised of three distinct elements – an innovation lab, an investment fund, and a shared services group (Enterprise Development Group), the Institute strives to “do more, with less, for more people.” For more information, visit http://www.ii4change.com.
Francine Marlenee, The Innovation Institute, http://www.ii4change.com, +1 714-735-3767, [email protected]
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