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Kyriacos A. Athanasiou

This proposal outlines a novel approach for commercialization through the establishment of a research institute in Cyprus. The objective is to create Centers of Excellence in Applied Research that focus on biomedical research, with areas of concentration including Orthopaedic and Musculoskeletal Tissue Engineering, Cardiovascular, and Diabetes. The institute aims to change the perception of Cyprus as lacking innovative biomedical industry and attract investors to support the growth of the biomedicine sector.

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Kyriacos A. Athanasiou

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  1. 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.

  2. 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

  3. Technology transfer paradigmMODUS OPERANDI New technology Academic research New company

  4. University-based research leads to an orthopaedic company

  5. Applied research leads to a diabetes company

  6. VidaCare Corporation University-based research leads to an emergency care medical company

  7. A company with anti-cholesterol product (natural cocktail of statins)

  8. Technology transfer paradigmPROPOSED Development Corporation Centres of Excellence in Applied Research New technology New companies

  9. INSTITUTE What do I propose? Centre of Excellence non-profit Development Corporation business

  10. The underlying principles • 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

  11. Cyprus Biomedical Institute • 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

  12. The Institute: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)

  13. The 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

  14. Engineered articular cartilage

  15. Scaffolds for meniscus regeneration

  16. The 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

  17. BIOMEDICAL INSTITUTE (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

  18. Success criteria • 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

  19. THE PLAN • 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

  20. Musculoskeletal Bioengineering

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

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