ImageIQ, an imaging contract research organization, is the latest startup to be formed by Cleveland Clinic‘s technology commercialization group.
The new company specializes in image analysis for clients in the research, pharmaceutical and medical device industries, according to a statement from ImageIQ.
CROs typically do development work for drug companies, helping to screen drug candidates, perform animal testing and run clinical trials. Imaging CROs generally help drug and device firms, and research organizations analyze images they’ve collected in preclinical and clinical trials through technology such as MRIs or CT scans, for example.
Prior to formally launching the new company, Cleveland Clinic provided the same services to clients through its Biomedical Imaging and Analysis Center, part of the Lerner Research Institute. Amit Vasanji, former director of the center, is ImageIQ’s chief technology officer.
ImageIQ’s CEO is Tim Kulbago, former CTO and general manager with Merge Healthcare (NASDAQ:MRGE), a Chicago-based health IT firm.
In a phone interview, Kulbago explained that the output ImageIQ gives to clients is a spreadsheet full of data about an image, which he acknowledged might seem surprising for a company that bills itself as an imaging CRO. ImageIQ doesn’t do imaging itself — rather it gathers images from clients, then runs the images through various proprietary software programs that produce clinical data obtained from the image.
The company got its start through a grant to the Clinic from Ohio’s Third Frontier technology support program. Because the company is already generating revenue, Kulbago said it may not need any venture funding to grow its business in the future, but that’s yet to be determined.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
“We’ll start exploring a series A in the fall and see if it makes sense for our business model,” he said.
ImageIQ employs six full-time employees and likely will be looking to hire biomedical engineers and software engineers in the future, according to Kulbago.
ImageIQ is the 36th company to be spun off by Cleveland Clinic Innovations, the health system’s technology commercialization arm.
