Johnson & Johnson (NYSE:JNJ) subsidiary Ethicon is backing the Fogarty Institute for Innovation, a non-profit medical device incubator founded by medtech legend Dr. John Fogarty.
Although financial details were not revealed, the deal calls for Ethicon to sponsor educational programming at the institute and provide leadership and mentorship to the companies it’s incubating. The organizations are finalizing a 2016 curriculum to help entrepreneurs reach key milestones, they said.
“This is an exciting partnership with Ethicon and an important step towards advancing medical innovation,” Fogarty Institute president & CEO Ann Fyfe said in prepared remarks. “Support from world-class medtech leaders like Ethicon provides strong validation of our mission and approach, and we greatly appreciate the expertise they will share with our innovators. Today, more than ever before, early-stage medtech companies are challenged to bring their products to market while facing a tough regulatory and funding environment. Our innovators will greatly benefit from the mentorship and expertise brought by the highly-experienced professionals at Ethicon and Johnson & Johnson. We are looking forward to a long-term partnership.”
Founded in 2007 and affectionately known as the “Fog Shop,” the Fogarty Institute takes in young companies that aim to provide an important patient benefit while also lowering costs for the healthcare system. The residents receive pro bono legal services, guidance from physicians and industry veterans, access to prototyping and bench-testing tools and free space to grow in.
The institute has 11 tenants now including CyberHeart, EchoPixel, G-Tech Medical, InPress Technologies, InterVene, Materna, MedicalCue, nVision, Prescient Surgical, VidaSystems and Zebra Medical Technologies, according to its website. Alumni include BioParadox, HeartFlow, Medical Sewing Solutions, Mitre Medical, Niveus Medical and PQ Bypass.
In July the Fogarty Institute added a trio of medical device startups to its roster: Igantia Therapeutics, Madorra and Marz Medical.
