A New York health system is looking to Cleveland Clinic Innovations to help discover, develop and commercialize new technology invented by its clinicians.
CCI has inked a new agreement with North Shore-Long Island Jewish Health System. It’s the second deal of this nature that CCI has made — the first was with Maryland’s MedStar Health, which signed on with CCI in January of 2011.
North Shore-LIJ operates 15 hospitals and long-term care facilities, and more than 200 ambulatory care centers throughout the New York metropolitan area. Financial details of the deal were not disclosed, but officials told The Plain Dealer that North Shore could have between two and four Cleveland Clinic staff members on location.
Through the collaboration, CCI will essentially replicate what it does for the Cleveland Clinic — help doctors turn ideas into marketable products that bring money back to the hospital — in New York.
Officials at North Shore-LIJ’s Feinstein Institute for Medical Research said in a statement that they hope to pursue commercialization ventures focused on rheumatoid arthritis, lupus, cancer, sepsis, Alzheimer’s and schizophrenia.
Eleven startups have come out of the Feinstein Institute over the last decade. Cleveland Clinic Innovations, on the other hand, says it has spun out 47 companies from the clinic since its creation in 2000, including Intelect Medical, which was sold to Boston Scientific for $78 million last January.
