Austin gets medical device incubator

Oct 14, 2014
Austin Business Journal

Clinicians and other health care professionals with ideas for new medical device innovations have a new resource in the Austin area with the launch of Medical Innovation Labs, an incubator created to piggyback on the Dell Medical School, which is now under construction

The hub is the creation of a team led by CEO Dr. Michael Patton, who founded Patton Surgical Corp. and later sold it to the Stryker Corp. medical technology firm for an undisclosed amount in 2012

Currently Medical Innovation Labs is operating virtually but Patton and his partners are in search of office space between the University of Texas’s Cockrell School of Engineering and the medical school

Patton told Austin Business Journal the company will help hopeful entrepreneurs develop their ideas, guide it through federal regulatory clearance, launch it commercially and implement a marketing plan to grow the product. Revenue for Medical Innovation Labs comes from negotiating an equity stake in companies it fosters, or by more directly handling the commercialization of a product and paying a royalty to the creator

Three companies are currently developing products with hopes of developing innovations in catheters and smart surgical instruments

Patton is one of seven partners in the company that is working to raise $10 million so it can provide start-up funding of a few hundred thousand dollars to candidate entrepreneurs and small companies. Patton said his group’s focus will be in the medical device field because of the low investment levels and quick turnaround time compared to the high risk, large capital requirements and longer development and regulatory time-frame in the pharmaceutical field

Another feature of the company’s launch is its creation of a 3D printing and prototyping laboratory that will allow companies in its pipeline as well as other medical professionals to fabricate components for potential new medical devices. That lab will have Joseph Beaman, the UT professor who pioneered the field of 3D printing as its chief technical officer

Print Article opens in new window