MedShape Solutions, Inc. Recognized by the U.S. Small Business Administration for Exceptional Innovation in Medical Device Research and Development

ATLANTA, Feb. 15, 2011 /PRNewswire/ -- MedShape Solutions, the industry leader in innovative shape memory orthopedic devices, today announced that it has received a Tibbetts Award from the U.S. Small Business Administration (SBA) for its innovative shape memory medical devices. These prestigious awards, named for Roland Tibbetts, (acknowledged as the father of the Small Business Innovation Research – SBIR – Program), are presented to small businesses and individuals who represent excellence in achieving the mission and goals of the SBIR and Small Business Technology Transfer (STTR) programs, and that have advanced technological innovation and economic growth. The SBA Office of Technology administers the SBIR and the STTR Programs. Through these two competitive programs, SBA ensures that the nation's small, high-tech, innovative businesses are a significant part of the federal government's research and development efforts.

Jack Griffis, vice president of Research and Development for MedShape Solutions and Kurt Jacobus, MedShape's president and Chief Executive Officer, accepted the award at a ceremony this morning in Washington, DC. Afterward, they met with SBA Administrator, Karen Mills, and attended a reception at the White House.

"We are honored to receive this prestigious award," said Griffis. "It is deserved recognition of the outstanding work that our team has undertaken to fully commercialize two unique orthopedic soft tissue fixation devices that have been funded by SBIR grants. These grants have been fundamental to the accelerated development of our company."

MedShape's Tibbetts Award recognizes the company's exemplary work in developing innovative shape memory medical devices used in a wide variety of orthopedic applications. Since October 2009, MedShape has successfully introduced both the Morphix™ Suture Anchor and the ExoShape™ Interference Fixation Device to the U.S. orthopedic market. By utilizing MedShape's proprietary PEEK Altera™ polymer, these devices can be easily inserted into the body in a temporary compressed shape then triggered to deploy to the optimal functional shape. Initial applications of the technology involve the minimally invasive repair and reconstruction of injured or worn ligaments and tendons.

"The SBIR program has allowed us to substantially expand our research and development team. Our group now includes three dedicated post-doctoral scientists in addition to our three lead engineers and co-op students from the Georgia Institute of Technology," continued Griffis. "Today, thanks to our SBIR success, we have the capability to work on multiple development projects based on our platform shape memory material technology."

The Georgia Research Alliance also played a key role fostering MedShape Solutions' early growth.   GRA is an independent, not for profit that brings together industry, academic, and government leaders to grow Georgia's economy by generating high-value companies and high wage jobs from university-based research. The organization has helped fuel the launch of some 200 companies, of which, MedShape Solutions is one of the true success stories.

"MedShape's Tibbetts Award is further validation of the early investment the Georgia Research Alliance made in the company," commented Michael Cassidy, president of the Georgia Research Alliance. "Furthermore, it points to the increasing strength and diversity of the life science industry in Georgia."

About MedShape Solutions, Inc.:

MedShape Solutions, Inc. is a privately held medical device company focused on developing orthopedic devices from proprietary shape memory technology. In June 2010, the company's initial product, the MORPHIX™ Suture Anchor, received the prestigious Gold Award at the Medical Device + Design Excellence Awards (MDEA) meeting, based on its superior design and proprietary shape memory polymer. For more information about how MedShape is Shaping the Future of Orthopedics™, visit www.medshape.com.

ExoShape, PEEK Altera, MORPHIX, and Shaping the Future of Orthopedics are trademarks of MedShape Solutions, Inc.

SOURCE MedShape Solutions, Inc.