Medical Device Company MediBeacon™ Primed For Growth And Commercial Success at One-Year Anniversary Company's success moves it closer toward launching innovative kidney function monitor
ST. LOUIS, Aug. 21, 2013 /PRNewswire/ -- This month, as MediBeacon reaches its one-year anniversary, the St. Louis medical device company has made significant progress in developing new technology to transform renal function monitoring practices. The Optical Renal Function Monitor (ORFM) is a noninvasive, real-time kidney function monitoring solution at the bedside with potential broad implications for improving patient care and reducing healthcare costs.
Peer reviewed publications document the unmet need for profoundly improved understanding of kidney function in the intensive care unit as well as in broad clinical practice. MediBeacon's system is expected to meet this need. Unlike existing blood tests that can only deliver time-delayed results that are generally considered a poor measure of kidney function, the ORFM is designed to provide real-time and accurate information to help physicians protect kidney function.
MediBeacon's accomplishments during the last year strongly position the company to successfully deliver the device to market. Milestones achieved include:
- Patents granted. The MediBeacon proprietary fluorescent tracer agent and methodology portfolio continued to increase with issuance of additional patents in the United States and Europe. MediBeacon currently has 33 patents worldwide, of which 14 are issued in the United States with another 50 patent applications pending. The patents enable MediBeacon to both launch an optical kidney function monitoring system and also apply the same platform technology to other unmet medical needs.
- Funding expectations exceeded. Less than one year following its inception, MediBeacon raised $3.6 million in funding from investors across the country and overseas – exceeding expectations and allowing the company to fund its first-in-man clinical trials. Local and state organizations, such as the St. Louis Development Corporation, the Missouri Technology Corporation, Helix Fund and the St. Louis BioGenerator were instrumental in helping the company establish a strong capital structure. MediBeacon has been able to further attract a national and international group of investors. MediBeacon was also awarded first place in the 2012 St. Louis County Economic Council business plan competition sponsored by Edward Jones.
- Leading kidney care and medical device expert support attracted. MediBeacon established a world class Scientific Advisory Board and Board of Managers, bringing in renowned medical device executives and kidney care leaders to further develop the business and the clinical aspect of their technology. MediBeacon's boards comprise leading experts in their respective medical device and kidney care fields.
Scientific Advisory Board
- Dr. Joseph V. Bonventre – Harvard Medical School
- Professor of Medicine, Harvard Medical School and Chief, Renal Division and Chief, Biomedical Engineering Division, Brigham and Women's Hospital. Dr. Bonventre is Past President, American Society of Nephrology.
- Dr. Steven B. Miller – Express Scripts, Inc.
- Senior Vice President and Chief Medical Officer, Express Scripts, Inc., and Past Vice President and Chief Medical Officer, Barnes-Jewish Hospital/Washington University School of Medicine.
- Dr. Joseph V. Nally – Cleveland Clinic
- Director, Center for Chronic Kidney Disease, the Cleveland Clinic and Clinical Professor of Medicine, the Cleveland Clinic Lerner College of Medicine, Case Western Reserve University.
- Dr. Richard J. Solomon – Fletcher Allen Health Care
- Patrick Professor of Medicine, University of Vermont College of Medicine and Director of the Division of Nephrology and Hypertension, Fletcher Allen Health Care.
Board of Managers
- Charles W. Bolten
- Vice President, BioGenerator and Former Principal Scientist and Project Leader, Pfizer Exploratory Immunobiology Group.
- John P. Friel
- Former President and CEO, MEDRAD Inc.
- Richard A. Lytle
- President North America, ArjoHuntleigh and Former President EMEA, Covidien Medical Supplies.
Dr. Joseph Bonventre, Chief of Renal Division of Brigham and Women's Hospital, said: "Heart and kidney function go hand in hand. There is careful and well adapted real-time monitoring available for changes in cardiac function with little ability to monitor changes in kidney function in real-time at the point-of-care. For decades, physicians have sought more efficient and sensitive tools to detect changes in kidney function, which can guide therapy and potentially prevent kidney impairment or failure."
John P. Friel, former CEO of MEDRAD, Inc., said: "MediBeacon is building a compelling technology focused on addressing an unmet patient need. Founders Steve Hanley and Dr. Richard Dorshow are leveraging their years of experience with this platform while at Mallinckrodt. The growth in the patent portfolio and ability to recruit a prestigious Scientific Advisory Board establishes a strong foundation for future success."
Steve Hanley, Chief Executive Officer, MediBeacon said: "Significant steps are being made to bring our kidney function monitor to market. At our one-year anniversary we are excited by our progress. Our team is keenly focused on creating breakthrough products with an eye always on helping patients."
For the remainder of 2013, MediBeacon will continue its clinical evaluation of the ORFM. The company anticipates launching first-in-man clinical trials later this year and continuing to expand its patent estate for new applications.
MediBeacon LLC is a St Louis-based Medical Device company initially focused on kidney function monitoring in real-time at the point-of-care. The need for profoundly improved understanding of kidney function is accepted in many areas of medical practice including intensive care units, radiology, intraoperative care, drug dosing, cardiology, surgical interventions and in organ transplants.
About MediBeacon Leadership
Steve Hanley, Chief Executive Officer, and Richard Dorshow PhD, President and Chief Scientific Officer, founded MediBeacon in August of 2012. Prior to joining MediBeacon, Mr. Hanley worked in various positions of increasing responsibility at Covidien for 18 years and is the former Global President of Covidien/Mallinckrodt's Imaging Solutions Business Unit. Dr. Dorshow was a Director of R&D with Mallinckrodt for several years, is co-inventor on over 60 U.S. issued patents and has published over 40 technical articles in the optical diagnostic arena. Terence Stern, Vice President Business Development, brings global finance and strategic development expertise having led the buyout of Ralston Purina's former South American animal health business.
MediBeacon is housed within the Helix Center Biotech Incubator. Information regarding MediBeacon can be found at medibeacon.com.