Kyriacos A Athanasiou President Biomedical Engineering Society e

Kyriacos A. Athanasiou President, Biomedical Engineering Society e g r o f t s u m d a e Professor, Bioengineering, Rice University h a d a o r e h T & Adj. Professor, Orthopaedics, Univ. of h c r a e s e r h g u Texas thro. Houston ization l a Adj. Professor, Oral & Maxillofacial i c r e m m o c Surgery, Univ. of Texas Houston , n o i t e p m o C p i h s r u e n e r p e r t prus En y s C u r p y C , Founder, Osteo. Biologics, Inc. Nicosia Founder, Xilas Medical, Inc. 003 2 , 7 1 r e b Founder, Vida. Care, Decem Corp. Founder, Cy. Tex, Ltd.

OUTLINE • Traditional technology transfer paradigm (e. g. , Osteo. Biologics, Xilas, Vida. Care, Cy. Tex) • A novel approach for commercialization • Proposal for establishment of a research institute in Cyprus

Technology transfer paradigm MODUS OPERANDI Academic New research technology New company

University-based research leads to an orthopaedic company

Applied research leads to a diabetes company

Vida. Care Corporation University-based research leads to an emergency care medical company

A company with anticholesterol product (natural cocktail of statins)

Technology transfer paradigm PROPOSED Centres of Excellence in Applied Research New technology New companies Development Corporation

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

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

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

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)

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, peerreviewed journals • Competitive and vigorous pursuit of research grants

Engineered articular cartilage

Scaffolds for meniscus regeneration

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

Scientific Advisory Board of Directors BIOMEDICAL INSTITUTE (President, management team) Centre of Excellence non-profit academic organization Lab 1 Lab 2 Lab 3 Lab 4 Development Corporation business entity

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

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

Musculoskeletal Bioengineering

Funding from: National Institutes of Health, NHTSA, Binational Science Foundation, Arthritis Foundation, Whitaker Foundation, Industrial sources (Arthrex, Osteo. Biologics, De. Puy, Nutramax, Vida. Care, Xilas)