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Allied Minds Spins Off Medical Device Subsidiary



11/9/2011 10:55:19 AM

BOSTON--(BUSINESS WIRE)--Allied Minds, Inc. today announced the creation of Allied Minds Devices, LLC, a new subsidiary with a unique focus on developing medical devices originating from U.S. universities and federally funded research institutions.

Allied Minds Chief Executive Officer, Chris Silva, stated, “Each year we review an incredible number of promising early-stage medtech innovations with the sole purpose of forming companies. Traditionally, many investors, including Allied Minds, have often overlooked many of these promising technologies, usually due to their small market size. As a result, many good innovations tend to languish in laboratories. Allied Minds recognized that a new approach was needed as these inventions represent a wealth of untapped opportunities, especially given the modest investment requirements and the ability to address a compelling unmet need.”

The objective of this new subsidiary is to take new medical device technologies and develop them into commercially viable products within two years. In its initial stages, Allied Minds Devices will manage this virtually with our dedicated Life Sciences team. Allied Minds Devices will also benefit from leveraging existing resources available within the greater Allied Minds’ network. In addition, the new company will actively work with strategic partners to bring these products to market. Omar Amirana, MD, Managing Director of Life Sciences, will oversee the company.

“This new Allied Minds subsidiary allows us to efficiently develop and commercialize a variety of medical devices that otherwise wouldn’t warrant company creation. Allied Minds is shifting the traditional venture capital paradigm by investing in and developing early-stage technology within the university setting,” according to Dr. Amirana.

First Product Added to Allied Minds Devices

Allied Minds Devices recently in-licensed IP and is now developing a new innovative product: an implantable device for monitoring the brain designed by a team at Washington University headed by neurosurgeon Eric Leuthardt, MD. The device developed by Dr. Leuthardt's team can monitor the brain non-invasively. Leuthardt has been recognized as a Top Young Innovator by MIT’s Technology Review magazine. “I’m excited to be involved with a company that values the potential for technology to address urgent healthcare needs,” says Leuthardt. “I am thrilled to be a partner in this exciting endeavor.” Jeff Caputo, Director of Life Sciences, will oversee the development of this device.

About Allied Minds Devices

Allied Minds Devices will in-license university IP to develop ground-breaking medical device products. The company focuses on devices and software applications that address significant unmet needs within a modest sized market. Allied Minds Devices is also pursuing medical mobile applications with one currently under development. By forming partnerships with American universities and federally funded institutions, Allied Minds is able to select early-stage breakthrough technologies.

About Allied Minds, Inc.

Allied Minds is a private equity-funded innovation company that forms, funds, manages and builds startups based on early-stage technology developed at renowned U.S. universities and national labs. We serve as a diversified holding company that supports our businesses with capital, management and shared services. Allied Minds is the premier firm to utilize this novel and fully-integrated approach to technology commercialization. Our investments span multiple business sectors and offer an attractive risk-return profile, a deliverable timeline and groundbreaking products and services. Our subsidiaries include Allied Minds Devices, BA Logix, Biotectix, Cephalogics, CryoXtract, Illumasonix, ProGDerm, Precision Biopsy, RF Biocidics, SaltCheck, SciFluor Life Sciences, SiEnergy Systems, SoundCure, and Spin Transfer Technologies. We don't just fund the startup. We are the startup. www.alliedminds.com

Contacts

Allied Minds Devices, an Allied Minds company

Omar Amirana, MD, 617-419-1800

Managing Director, Life Sciences

omar@AlliedMinds.com




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