Taoiseach announces new partnership with the Cleveland Clinic and its Innovation Alliance

Sunday 14 October 2012: The Taoiseach, Enda Kenny TD, has announced that the Ireland-based company i360medical has formed a strategic partnership with the Cleveland Clinic and its Innovation Alliance. This is a significant announcement as it establishes an innovation pathway between Europe and the US.

The partnership between i360medical and Cleveland Clinic came about following introductions brokered by Enterprise Ireland.  Enterprise Ireland has worked closely with Cleveland Clinic for a number of years, fostering a number of strategic alliances between the clinic and Irish life sciences companies and research bodies.

This partnership will result in i360medical representing the European wing of Cleveland Clinic's Innovation Alliance programme which includes North Shore LIJ, MedStar Health, Promedica and Notre Dame. i360medical was initially established under the guidance of the RCSI where it operated for four years as the Centre for Innovation in Surgical Technology (CIST).

Speaking at an event in Cleveland Clinic, The Taoiseach said: “I strongly welcome this latest successful outcome of the relationship that exists between Ireland and the Cleveland Clinic. Healthcare and life sciences is a sector that holds particular potential for growth and job creation and is a key sector in the Government’s Action Plan for Jobs. This latest alliance is further endorsement of the international calibre of Ireland’s indigenous healthcare sector. The Government, through Enterprise Ireland, is keen to support and promote more strategic international collaborations such as this one to enhance innovation and generate break-through research. I trust that this will be a mutually beneficial alliance for both i360 Medical and Cleveland clinic that will yield significant benefits for both organisations.”

Derek Young, founder and CEO of i360medical said that today’s exciting announcement is a key landmark for the company. “This partnership with Cleveland Clinic and becoming part of Cleveland’s extended family, the ‘Innovation Alliance Program’ offers valuable benefits to all participants. It allows collaboration in healthcare innovation which will facilitate the developmentof technology and innovative ideas, ensuring introduction into both European and United States markets.  It will also immediately extend i360medical’s footprint into the US and gives i360medical access to support a significant number of large healthcare groups across the United States. For Cleveland Clinic healthcare partners and companies, i360medical can support them from offices in Cleveland and Dublin and efficiently expand their reach by making Ireland their European and rest of world launch pad”. 

“Cleveland Clinic’s Innovation Alliance is a new model for how health care systems, universities and companies can work together to accelerate the development of patient-centred medical technology,” said Chris Coburn, Executive Director of Cleveland Clinic Innovations. “i360medical is wonderfully positioned to help us and our Alliance partners engage the European markets. Adding i360 Medical is the next logical step in the growth of our Alliance model.”

i360medical will become Cleveland Clinic’s preferred partner for its innovation and commercialisation activities in Europe. In addition, i360medical will appoint a Cleveland Clinic representative onto its board of Directors, and its commercial and clinical advisory boards and the Clinic will make a financial investment in i360medical – the first time that it has venture invested in an enterprise outside of the US.

ENDS

For further information contact:

James Dunny
Fleishman Hillard               
Tel. +353 86 3883903