An Albuquerque based company, Advanced Medical Devices, has signed an exclusive licensing agreement with the University of New Mexico Science and Technology Corporation to develop technology from the UNM Health Sciences Center.
STC President and Chief Executive Officer, Lisa Kuuttila says, “We are excited about the opportunity created by the contribution of UNM HSC technology, a talented entrepreneurial founding team and the assistance from STC's new venture development efforts.
We believe that AMD has excellent prospects for substantially impacting physician to patient care as well as creating economic growth for New Mexico."
Advanced Medical Devices is dedicated to 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.
The company was founded by practicing physician, Wilmer L. Sibbitt Jr. M.D., Professor of Internal Medicine at UNM, who functions as the Chairman, and Kathleen L. Kelleher, who is President and Chief Executive Officer of the Company.
The licensing agreement gives AMD the exclusive right to several patents developed at HSC. The company is located at in the UNM Science and Technology Park.
Advanced Medical Devices is working with Duopross Meditech , in Farmingdale , N.Y. to finalize prototype development of its first two products. The companies are working together to obtain necessary FDA approval, and will co-promote the product in the United States.
It is anticipate d that the first product , the Reciprocating Safety Syringe, will be commercially available in 2005.
“Our first product,” co-founder Dr. Sibbitt states, “ the Reciprocating Safety Syringe, is all-purpose one-handed syringe with great stability and control. Our test systems demonstrated markedly decreased perforation rates. Thus, this syringe should dramatically decrease the complications of syringe procedures, including decreased rates organ perforation, pneumothorax , hemorrhage, and failed procedures. The use of this new syringe should decrease in-hospital costs of patient care, 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 is the largest integrated healthcare treatment, research and education complex in New Mexico. As part of a major research university, UNMHSC's research grants and contract awards have increased by 80% over the past five years.
Contact: Karen Wentworth (505) 277-5627
Posted by kwentworth at March 12, 2004 02:39 PM