Kyriacos A. Athanasiou

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Kyriacos A. Athanasiou
The road ahead must forge through research
commercialization Cyprus Entrepreneurship
Competition, Nicosia, Cyprus December 17, 2003
President, Biomedical Engineering
Society Professor, Bioengineering, Rice
University Adj. Professor, Orthopaedics, Univ.
of Texas Houston Adj. Professor, Oral
Maxillofacial Surgery, Univ. of Texas Houston
Founder, OsteoBiologics, Inc. Founder, Xilas
Medical, Inc. Founder, VidaCare, Corp. Founder,
CyTex, Ltd.
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OUTLINE

• Traditional technology transfer paradigm (e.g.,
  OsteoBiologics, Xilas, VidaCare, CyTex)
• A novel approach for commercialization
• Proposal for establishment of a research
  institute in Cyprus

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Technology transfer paradigmMODUS OPERANDI
New company
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University-based research leads to an orthopaedic
company
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Applied research leads to a diabetes company
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VidaCare Corporation
University-based research leads to an emergency
care medical company
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A company with anti-cholesterol product (natural
cocktail of statins)
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Technology transfer paradigmPROPOSED
Development Corporation
Centres of Excellence in Applied Research
New technology
New companies
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What do I propose?
INSTITUTE
Centre of Excellence non-profit
Development Corporation business
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The underlying principles

• Each centre should be based on the pursuit of
  applied research with commercializable potential
• Centres should be created around particular
  people not areas
• The human factor should be the underpinning of
  this effort

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Cyprus Biomedical Institute

• A Centre of Excellence in biomedical research
  applied research
• Along with a Development Corporation for
  technology commercialization
• Areas of concentration Orthopaedic,
  Musculoskeletal Tissue Engineering (orthopaedics
  and maxillofacial), Cardiovascular, and Diabetes
• Disclaimer

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The InstituteA highly focused effort

• Examples of new technologies
• Biodegradable materials used in orthopaedic
  applications
• Regeneration of articular cartilage and the
  meniscus
• Devices related to the prevention of diabetes
  effects on the lower extremity
• Reduction of blood lipids (e.g., cholesterol and
  triglycerides)

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The Centre of Excellence

• A traditional, not-for-profit conduit of applied
  research in few biomedical areas
• Members as research associates Centres key
  leaders joint academic appointments
• Attract outstanding graduate students and fellows
  from all over the world primarily from the
  University of Cyprus
• Studies publishable in prestigious,
  peer-reviewed journals
• Competitive and vigorous pursuit of research
  grants

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Engineered articular cartilage
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Scaffolds for meniscus regeneration
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The Development Corporation

• Business direction investment fund
• Evaluation of research results with
  commercialization in mind
• Small team (2-3 people) with deep understanding
  of entire process
• Clear exit strategy aimed at maximizing returns
  to investment
• 5 years financial benefits, if mature
  technologies selected
• Arduous and failure prone process -- one or two
  success stories Success breeds success

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BIOMEDICAL INSTITUTE (President, management team)
Scientific Advisory Board
Board of Directors
Development Corporation business entity
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Success criteria

• Dual mission of Institute
• Act as a repository of research projects at the
  cutting edge of applied biomedicine
• Few, well-respected, outstanding, pre-selected
  people
• Only a few biomedical areas
• Active laboratories
• Competitive grants
• Work presented at international forums
• Be a financial success
• Self-sustained
• One financially and commercially viable company

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THE PLAN

• People-centred Institute
• Focused sustained effort
• Applied research in Cyprus recognized to be on
  par with that of best centres in the world
• Change perception of Cyprus as lacking
  innovative, biomedical industry
• Convince investors that Cyprus is a suitable
  place for investment in biomedicine
• Be a financial success
• Diversification of the Cyprus economy

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Musculoskeletal Bioengineering
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Funding from
National Institutes of Health, NHTSA, Binational
Science Foundation, Arthritis Foundation,
Whitaker Foundation, Industrial sources (Arthrex,
OsteoBiologics, DePuy, Nutramax, VidaCare, Xilas)