Title: The SurgeonScientistInventor Perspective
1The Surgeon/Scientist/Inventor Perspective
James L. Cox, M.D. Emeritus Evarts A.
Graham Professor of Surgery
Division of Cardiothoracic
Surgery Department of
Surgery
Washington University School of Medicine
St. Louis, Missouri
2Product Development - Academia Industry
3Product Development - Academia Industry
Education Training
1960
1980
1990
2000
2010
1970
4Product Development - Academia Industry
Education Training
1960
1980
1990
2000
2010
1970
5Product Development - Academia Industry
Education Training
Arrhythmia Research (5 yrs.)
1960
1980
1990
2000
2010
1970
6Product Development - Academia Industry
Education Training
Arrhythmia Research (5 yrs.)
1960
1980
1990
2000
2010
1970
Surgical Training (7 yrs.)
7Product Development - Academia Industry
Education Training
Professional Career
1960
1980
1990
2000
2010
1970
8Product Development - Academia Industry
Education Training
Professional Career
1960
1980
1990
2000
2010
1970
9Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
Academic Activities
10Product Development - Academia Industry
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
Academic Activities
11Product Development - Academia Industry
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
12Product Development - Academia Industry
Industry Involvement
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
13Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Advice regarding development of Dual-Chamber
Pacemakers 2. Reimbursement for
expenses only, no stipend
3. Offer of 30,000 stock options --
Declined
14Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Advice regarding development of Dual-Chamber
Pacemakers 2. Reimbursement for
expenses only, no stipend
3. Offer of 30,000 stock options --
Declined
15Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Advised regarding development of Dual-Chamber
Pacemakers 2. Reimbursement for
expenses only, no stipend
3. Offer of 30,000 stock options --
Declined
16Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Advised regarding development of Dual-Chamber
Pacemakers 2. Reimbursement for
expenses only, stipend approved by Duke
3. Offer of 30,000 stock
options -- Declined
17Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Advised regarding development of Dual-Chamber
Pacemakers 2. Reimbursement for
expenses only, stipend approved by Duke
3. Voluntarily quit
when new position assumed because of potential
conflict
18Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Advised in favor of re-introducing an old heart
valve
2. Recalled and
discontinued a new heart valve after millions
spent 3. Nixed idea for heart-lung machine
4. Nixed idea for minimally-invasive
surgery
5. Annual stipend
19Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Advised in favor of re-introducing an old heart
valve
2. Recalled and
discontinued a new heart valve after millions
spent 3. Nixed idea for heart-lung machine
4. Nixed idea for minimally-invasive
surgery
5. Annual stipend
20Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Advised in favor of re-introducing an old heart
valve
2. Recalled and
discontinued a new heart valve after millions
spent 3. Nixed idea for heart-lung machine
4. Nixed idea for minimally-invasive
surgery
5. Annual stipend
21Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Advised in favor of re-introducing an old heart
valve
2. Recalled and
discontinued a new heart valve after millions
spent 3. Nixed idea for heart-lung machine
4. Nixed idea for minimally-invasive
surgery
5. Annual stipend
22Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Advised in favor of re-introducing an old heart
valve
2. Recalled and
discontinued a new heart valve after millions
spent 3. Nixed idea for heart-lung machine
4. Nixed idea for minimally-invasive
surgery
5. Annual stipend
23Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Advised in favor of re-introducing an old heart
valve
2. Recalled and
discontinued a new heart valve after millions
spent 3. Nixed idea for heart-lung machine
4. Nixed idea for minimally-invasive
surgery
5. Annual stipend
24Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Advised in favor of re-introducing an old heart
valve
2. Recalled and
discontinued a new heart valve after millions
spent 3. Nixed idea for heart-lung machine
4. Nixed idea for minimally-invasive
surgery
5. Stipend approved by Washington University
25Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Involved in founding of companies based on
personal patents 2. No
3. Offer of 30,000 stock
options -- Declined
26Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Original Board Member
2. Co-Inventor on major patent
3.
Shareholder and user of medical device clinically
4. No publications
but multiple talks on medical device
27Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Original Board Member
2. Co-Inventor on major patent
3.
Shareholder and user of medical device clinically
4. No publications
but multiple talks on medical device
28Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Original Board Member
2. Co-Inventor on major patent
3.
Shareholder and user of medical device clinically
4. No publications
but multiple talks on medical device
29Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Original Board Member
2. Co-Inventor on major patent
3.
Shareholder and user of medical device clinically
4. No publications
but multiple talks on medical device
30Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Original Board Member
2. Co-Inventor on major patent
3.
Shareholder and user of medical device clinically
4. No publications
on the device
31Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Effect on Personal Practice
1. Discovered a better and cheaper
way to perform procedure
2. Discontinued use of device and never used it
again
32Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Effect on Personal Practice
1. Discovered a better and cheaper
way to perform procedure
2. Discontinued use of device and never used it
again
33Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Effect on Personal Practice
1. Discovered a better and cheaper
way to perform procedure
2. Discontinued use of device and never used it
again
34Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Effect on Personal Practice
1. Discovered a better and cheaper
way to perform procedure
2. Discontinued use of device and never used it
again
35Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Effect on Personal Practice
1. Discovered a better and cheaper
way to perform procedure
2. Discontinued use of device and never used it
again 3. Retired and
company sold
4. Received
money for vested shares
36Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Effect on Personal Practice
1. Discovered a better and cheaper
way to perform procedure
2. Discontinued use of device and never used it
again
37Product Development - Academia Industry
Industry Involvement
Epicor
SJM
1960
1990
2000
2010
1970
1980
Academic Activities
Relationship with the Companies
1.
Co-Inventor on patent upon which Epicor was
founded 2. Retired
from clinical practice
3. Received
stipend and stock from Epicor during development
4. Stayed
on as a Consultant for St. Jude when Epicor was
bought
38Product Development - Academia Industry
Industry Involvement
Epicor
SJM
1960
1990
2000
2010
1970
1980
Academic Activities
Relationship with the Companies
1.
Co-Inventor on patent upon which Epicor was
founded 2. Retired
from clinical practice
3. Received
stipend and stock from Epicor during development
4. Stayed
on as a Consultant for St. Jude when Epicor was
bought
39Product Development - Academia Industry
Industry Involvement
Epicor
SJM
1960
1990
2000
2010
1970
1980
Academic Activities
Relationship with the Companies
1.
Co-Inventor on patent upon which Epicor was
founded 2. Retired
from clinical practice
3. Received
stipend and stock from Epicor during development
4. Stayed
on as a Consultant for St. Jude when Epicor was
bought
40Product Development - Academia Industry
Industry Involvement
Epicor
SJM
1960
1990
2000
2010
1970
1980
Academic Activities
Relationship with the Companies
1.
Co-Inventor on patent upon which Epicor was
founded 2. Retired
from clinical practice
3. Received
stipend and stock from Epicor during development
4. Stayed
on as a Consultant for St. Jude when Epicor was
bought
41Product Development - Academia Industry
Industry Involvement
Epicor
SJM
1960
1990
2000
2010
1970
1980
Academic Activities
Relationship with the Companies
1.
Co-Inventor on patent upon which Epicor was
founded 2. Retired
from clinical practice
3. Received
stipend and stock from Epicor during device
development
4. Stayed on as a Consultant for St. Jude when
Epicor was bought
42Product Development - Academia Industry
Industry Involvement
Epicor
SJM
1960
1990
2000
2010
1970
1980
Academic Activities
Relationship with the Companies
1.
Co-Inventor on patent upon which Epicor was
founded 2. Retired
from clinical practice
3. Received
stipend and stock from Epicor during device
development
4. Stayed on as a Consultant for St. Jude when
Epicor was bought
43Colleagues Problems with Ethics
1960
1980
1990
2000
2010
1970
44 The Brennan Article
Brennan, TA, et al. Health Industry Practices
that Create Conflicts of Interest, JAMA, 2006,
295(4)429-33.
More stringent regulation is necessary,
including the elimination or modification of
common practices related to small gifts,
pharmaceutical samples, continuing medical
education, funds for physician travel, speakers
bureaus, ghostwriting, and consulting and
research contracts.
45 Where do we set the bar?
At the perception level? - The
action/relationship is ethical but the perception
is bad. At the ethical level? - The
action/relationship is legal but it is not really
ethical in my opinion. At the legal
level? - I just want to stay out of jail.
46 Individual Issues vs Bar Level
Perception Level
Legal Level
Ethical Level
Individual Issue
Visits by Sales Reps
OK
OK
OK
Using devices / Own Stock
OK
No
Personal
Using devices / On SAB
OK
OK
OK
Own Stock / Publish Papers
OK
No
No
Using Devices / Res. Grants
OK
OK
Personal
Personal Gifts / Travel
OK
OK
No
Trinkets Pizza
OK
OK
No
47 The Rules of Engagement
- While in Active Clinical Practice.
- Maintain complete transparency with university,
surgical colleagues and company regarding any and
all relations with industry - Avoid ownership (i.e., stock or stock options) in
any company whose device you use - Any stipend received from any company for
consulting, advisory board membership, etc. must
be pre-approved by the university - Publish no papers and give no public talks on
devices that you use for which you receive a
stipend (consulting, advisory board member, etc.) - Accept no gifts, travel or other financial favors
from any company whose device you use - Disclose all relationships with industry in all
publications and public talks
48 The Rules of Engagement
- While in Active Clinical Practice.
- Maintain complete transparency with university,
surgical colleagues and company regarding any and
all relations with industry - Avoid ownership (i.e., stock or stock options) in
any company whose device you use - Any stipend received from any company for
consulting, advisory board membership, etc. must
be pre-approved by the university - Publish no papers and give no public talks on
devices that you use for which you receive a
stipend (consulting, advisory board member, etc.) - Accept no gifts, travel or other financial favors
from any company whose device you use - Disclose all relationships with industry in all
publications and public talks
49 The Rules of Engagement
- While in Active Clinical Practice.
- Maintain complete transparency with university,
surgical colleagues and company regarding any and
all relations with industry - Avoid ownership (i.e., stock or stock options) in
any company whose device you use - Any stipend received from any company for
consulting, advisory board membership, etc. must
be pre-approved by the university - Publish no papers and give no public talks on
devices that you use for which you receive a
stipend (consulting, advisory board member, etc.) - Accept no gifts, travel or other financial favors
from any company whose device you use - Disclose all relationships with industry in all
publications and public talks
50 The Rules of Engagement
- While in Active Clinical Practice.
- Maintain complete transparency with university,
surgical colleagues and company regarding any and
all relations with industry - Avoid ownership (i.e., stock or stock options) in
any company whose device you use - Any stipend received from any company for
consulting, advisory board membership, etc. must
be pre-approved by the university - Publish no papers and give no public talks on
devices that you use for which you receive a
stipend (consulting, advisory board member, etc.) - Accept no gifts, travel or other financial favors
from any company whose device you use - Disclose all relationships with industry in all
publications and public talks
51Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Teaching, Publications, Editorial Duties, V.Ps
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
AATS
Relationship with the Company
1.
Original Board Member
2. Co-Inventor on major patent
3.
Shareholder and user of medical device clinically
4. No publications
and no talks on device mentioned as one approach
52 The Rules of Engagement
- While in Active Clinical Practice.
- Maintain complete transparency with university,
surgical colleagues and company regarding any and
all relations with industry - Avoid ownership (i.e., stock or stock options) in
any company whose device you use - Any stipend received from any company for
consulting, advisory board membership, etc. must
be pre-approved by the university - Publish no papers and give no public talks on
devices that you use for which you receive a
stipend (consulting, advisory board member, etc.) - Accept no gifts, travel or other financial favors
from any company whose device you use - Disclose all relationships with industry in all
publications and public talks
53 The Rules of Engagement
- While in Active Clinical Practice.
- Maintain complete transparency with university,
surgical colleagues and company regarding any and
all relations with industry - Avoid ownership (i.e., stock or stock options) in
any company whose device you use - Any stipend received from any company for
consulting, advisory board membership, etc. must
be pre-approved by the university - Publish no papers and give no public talks on
devices that you use for which you receive a
stipend (consulting, advisory board member, etc.) - Accept no gifts, travel or other financial favors
from any company whose device you use - Disclose all relationships with industry in all
publications and public talks
54 The Rules of Engagement
- While in Active Clinical Practice.
- Maintain complete transparency with university,
surgical colleagues and company regarding any and
all relations with industry - Avoid ownership (i.e., stock or stock options) in
any company whose device you use - Any stipend received from any company for
consulting, advisory board membership, etc. must
be pre-approved by the university - Publish no papers and give no public talks on
devices that you use for which you receive a
stipend (consulting, advisory board member, etc.) - Accept no gifts, travel or other financial favors
from any company whose device you use - Disclose all relationships with industry in all
publications and public talks
55 The Rules of Engagement
- While in Active Clinical Practice.
- Maintain complete transparency with university,
surgical colleagues and company regarding any and
all relations with industry - Avoid ownership (i.e., stock or stock options) in
any company whose device you use - Any stipend received from any company for
consulting, advisory board membership, etc. must
be pre-approved by the university - Publish no papers and give no public talks on
devices that you use for which you receive a
stipend (consulting, advisory board member, etc.) - Accept no gifts, travel or other financial favors
from any company whose device you use - Disclose all relationships with industry in all
publications and public talks
56 The Rules of Engagement
- While in Active Clinical Practice.
- Maintain complete transparency with university,
surgical colleagues and company regarding any and
all relations with industry - Avoid ownership (i.e., stock or stock options) in
any company whose device you use - Any stipend received from any company for
consulting, advisory board membership, etc. must
be pre-approved by the university - Publish no papers and give no public talks on
devices that you use for which you receive a
stipend (consulting, advisory board member, etc.) - Accept no gifts, travel or other financial favors
from any company whose device you use - Disclose all relationships with industry in all
publications and public talks
57 The Rules of Engagement
- If not in an Active Clinical Practice.
- Remember that the two most important things you
have to offer are - Knowledge
- Credibility
- If you see a company acting in an unethical way,
it is your obligation to call it to the attention
of the proper people and if there is no
satisfactory response, you must discontinue your
relationship with that company
58 Why are these panels necessary?
Honesty pays, but it doesn't seem to pay enough
to suit some people. Kin Hubbard (1868
- 1930)
59Thank You
60(No Transcript)
61(No Transcript)
62(No Transcript)
63(No Transcript)
64(No Transcript)
65High-Intensity Focused Ultrasound HIFU
66 Idea to Commercialization
- Background
- The Idea
- Experimental Testing
- Clinical Implementation
- Founding the Start-Up Company
- Sale of the Start-Up Company
- Commercialization
67Interventional Treatment for Cardiac Arrhythmias
Surgical Developments
1960
1990
2000
2010
1970
1980
Medical Developments
68Interventional Treatment for Cardiac Arrhythmias
Surgical Developments
WPW
1960
1990
2000
2010
1970
1980
22 yrs.
WPW
Medical Developments
69Interventional Treatment for Cardiac Arrhythmias
Surgical Developments
His Ablation
1960
1990
2000
2010
1970
1980
8 yrs.
His Ablation
Medical Developments
70Interventional Treatment for Cardiac Arrhythmias
Surgical Developments
VT
1960
1990
2000
2010
1970
1980
17 yrs.
VT
Medical Developments
71Interventional Treatment for Cardiac Arrhythmias
Surgical Developments
AAT
1960
1990
2000
2010
1970
1980
13 yrs.
AAT
Medical Developments
72Interventional Treatment for Cardiac Arrhythmias
Surgical Developments
AVNRT
1960
1990
2000
2010
1970
1980
9 yrs.
AVNRT
Medical Developments
73Interventional Treatment for Cardiac Arrhythmias
Surgical Developments
A-Fib
1960
1990
2000
2010
1970
1980
11 yrs.
A-Fib
Medical Developments
74Interventional Treatment for Cardiac Arrhythmias
Surgical Developments
AVNRT
His Ablation
AAT
WPW
VT
A-Fib
1960
1990
2000
2010
1970
1980
His Ablation
AAT
A-Fib
WPW
VT
AVNRT
Medical Developments
75Human Epicardial Atrial Electrodes
76 Idea to Commercialization
- Background
- The Idea
- Experimental Testing
- Clinical Implementation
- Founding the Start-Up Company
- Sale of the Start-Up Company
- Commercialization
77The Maze Procedure
78 Idea to Commercialization
- Background
- The Idea
- Experimental Testing
- Clinical Implementation
- Founding the Start-Up Company
- Sale of the Start-Up Company
- Commercialization
79Animal Model of Atrial Fibrillation
803D Animal Atrial Electrodes
81 Idea to Commercialization
- Background
- The Idea
- Experimental Testing
- Clinical Implementation
- Founding the Start-Up Company
- Sale of the Start-Up Company
- Commercialization
82Cryosurgical Maze Procedure
Cryosurgical Lesions
Standard Incisions
A
B
D
C
E
83Long-Term Freedom from AF
100
97 (Concomitant)
92 (Stand-Alone)
Percent Freedom from AF
50
0
5
10
15
Years Postop
Damiano, et al., JTCVS, 2003
84 Idea to Commercialization
- Background
- The Idea
- Experimental Testing
- Clinical Implementation
- Founding the Start-Up Company
- Sale of the Start-Up Company
- Commercialization
85Founding the Start-Up Company
University Professor
7 Patents Jointly Owned by Professor University
(Negotiations)
Consultant
Holding Company for 7 Patents
Valve Patent
ACME Products Menlo Park, California Patent 1
Patent 2
Start-Up Company 1 Tubular Heart Valves, Inc.
Sold
Start-Up Company 2 AF Surgical Devices, Inc.
Patent 48 (AF Surgical
Devices)
86Funding the Start-Up Company
Funding the Start-Up Company
University Professor
7 Patents Jointly Owned by Professor University
(Negotiations)
- Round 1 Funding - ( 3 years)
Holding Company for 7 Patents
Valve Patent
Start-Up Company 1 Tubular Heart Valves, Inc.
Start-Up Company 2 AF Surgical Devices, Inc.
Venture Capital 3 - 7.0 M
87Funding the Start-Up Company
University Professor
7 Patents Jointly Owned by Professor University
(Negotiations)
- Round 2 Funding - ( 2 years)
Holding Company for 7 Patents
Valve Patent
Start-Up Company 1 Tubular Heart Valves, Inc.
Start-Up Company 2 AF Surgical Devices, Inc.
Venture Capital 3 - 10.0 M
88Epicor HIFU Feasibility Study
European Feasibility Study Type of AF n
Cured Cure Rate Intermittent AF 25 25
100 Continuous AF 75
60
80 Overall Results 100 85
85
89 Idea to Commercialization
- Background
- The Idea
- Experimental Testing
- Clinical Implementation
- Founding the Start-Up Company
- Sale of the Start-Up Company
- Commercialization
90Exit Strategy for the Start-Up Company
University Professor
7 Patents Jointly Owned by Professor University
(Negotiations)
Holding Company for 7 Patents
- Options
- Remain a private, non- public company
- Become a private company (IPO)
- Sell to a larger company
- Failure
Valve Patent
Start-Up Company 1 Tubular Heart Valves, Inc.
Start-Up Company 2 AF Surgical Devices, Inc.
91 Idea to Commercialization
- Background
- The Idea
- Experimental Testing
- Clinical Implementation
- Founding the Start-Up Company
- Sale of the Start-Up Company
- Commercialization
92HIFU Band to Encircle PVs
93Idea to Commercialization
Experimental Testing
Found Start-up Company
Background Begins
Clinical Implementation
Commercial Product
Idea
1960
1990
2000
2010
1970
1980
14
2
7
12
4
2
Sell Start-up Company
94Idea to Commercialization
Experimental Testing
Found Start-up Company
Background Begins
Clinical Implementation
Commercial Product
Idea
1960
1990
2000
2010
1970
1980
41 years
Sale of Startup for 200 Million Surgeon/Scientist
/Inventor received 1 Million - This is
approximately 25,000 per year
95Change in Attitude of Specialty
1960
1990
2000
2010
1970
1980
41 years
Thats a nice clinical study but Ill believe it
only when it has been properly tested in the
laboratory.
Thats a nice experimental study but Ill
believe it only when it has been proven in
patients.
96Changes in Research Funding
1960
1990
2000
2010
1970
1980
41 years
97Changes in Research Funding
100
NIH Grant Approval Rate
50
1960
1990
2000
2010
1970
1980
41 years
98Changes in Research Funding
100
NIH Grant Approval Rate
50
1960
1990
2000
2010
1970
1980
Industry
Relative Funding Sources
NIH
Clinical
99Thank You
100Product Development - Academia Industry
101Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
102Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
College
103Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
104Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
Med School
105Product Development - Academia Industry
Arrhythmia Research
1960
1980
1990
2000
2010
1970
Med School
106Product Development - Academia Industry
Arrhythmia Research
1960
1980
1990
2000
2010
1970
107Product Development - Academia Industry
Arrhythmia Research
1960
1980
1990
2000
2010
1970
Surgical Training
108Product Development - Academia Industry
Active Military Duty
Arrhythmia Research
1960
1980
1990
2000
2010
1970
Surgical Training
109Product Development - Academia Industry
Arrhythmia Research
1960
1980
1990
2000
2010
1970
Surgical Training
110Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
111Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
Associate Professor (Duke)
112Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
113Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
Professor Chief (Wash. U.)
114Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
115Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
Professor Chairman (Georgetown)
116Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
117Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
Emeritus Evarts A. Graham Professor (Wash. U.)
118Product Development - Academia Industry
1960
1980
1990
2000
2010
1970
119Product Development - Academia Industry
1960
1990
2000
2010
1970
1980
Academic Activities
120Product Development - Academia Industry
1960
1990
2000
2010
1970
1980
Continuous RO1 NIH Grant Support
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
Sec./Pres. AATS
121Product Development - Academia Industry
Industry Involvement
1960
1990
2000
2010
1970
1980
Continuous RO1 NIH Grant Support
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
Sec./Pres. AATS
122Product Development - Academia Industry
Industry Involvement
Epicor
SJM
3f - Ther.
ATS
HeartPort
SH
PM
Medtronic
Chase
1960
1990
2000
2010
1970
1980
Continuous RO1 NIH Grant Support
TSFRE Board
St. Sec.
RRC
CTS Net Board
ABTS
Academic Activities
Sec./Pres. AATS
123(No Transcript)
124Funding the Start-Up Company
University Professor
7 Patents Jointly Owned by Professor University
(Negotiations)
Holding Company for 7 Patents
Valve Patent
Start-Up Company 1 Tubular Heart Valves, Inc.
Start-Up Company 2 AF Surgical Devices, Inc.