SECAUCUS, N.J., Oct. 25 /PRNewswire/ -- Panasonic Corporation of North America has completed an investment in CardioNexus Corporation, a portfolio company of Houston's Fairway Medical Technologies which works closely with the Texas Medical Center. The move is part of Panasonic's plans to establish itself as a global leader in Personalized Preventive Medicine. The investment follows on an earlier Panasonic initiative to establish a presence in the world's largest medical complex, the Texas Medical Center based in Houston.
"We are excited about this unique opportunity and view it as the beginning of a productive and mutually beneficial relationship," said Joseph M. Taylor, Chairman and Chief Executive Officer of Panasonic Corporation of North America.
"We welcome Panasonic's commitment to Healthcare, and hope to make the Texas Medical Center the global hub for Personalized Preventive Medicine," says Morteza Naghavi, M.D., president and chief executive officer of Fairway Medical Technologies. Dr. Naghavi also is a former member of the cardiology faculty at the University of Texas Health Science Center and Co-Director of the Vulnerable Plaque Research Department at the Texas Heart Institute. Fairway is a portfolio company of BCM Technologies (the commercialization arm of Baylor College of Medicine).
Panasonic has recently made important moves to expand its interests in the field of healthcare. In May, the president of Panasonic Corporation, Fumio Ohtsubo, stated the company's intention to reinforce the healthcare business in the group by announcing plans to change its subsidiary's name from Panasonic Shikoku Electronics Co., Ltd to Panasonic Healthcare Co., Ltd on October 1st of this year. In August, a Panasonic Healthcare Day hosted by Fairway Medical Technologies and BioHouston in the Texas Medical Center provided an opportunity for Panasonic executives, including Mr. Taylor, to address the Texas Medical Center and engage in a dialogue with leading Healthcare professionals and researchers. At that time, Mr. Taylor said, "We are looking forward to collaborating with the Texas Medical Center, learning about your needs, and providing you with our latest technologies."
"The Texas Medical Center is absolutely unique. Nowhere in the world can you find such a collection of more than 16,000 MDs, PhDs, and other medical professionals with advanced degrees all in one place. We are pleased Panasonic has realized the potential of working with TMC institutions," said Jacqueline Northcut, President and CEO of BioHouston, a non-profit organization founded by Houston-Region academic/research institutions to establish Houston as a Global Competitor in life science.
Panasonic and Fairway have formed CardioNexus Corp., as their first joint initiative to enter the application-specific device market, an area in which they will be able to leverage Panasonic's core medical imaging technologies. The move is a step toward establishing a leadership position in the field of Personalized Preventive Medicine through early disease detection and home healthcare.
"Having Panasonic launch its healthcare initiative from Houston and the Texas Medical Center is a tremendous win for our city and will offer manifold benefits for the Texas Medical Center," said Jeff Moseley, president and CEO of The Greater Houston Partnership who spoke at the Panasonic Healthcare Day luncheon.
Based in Secaucus, NJ, Panasonic Corporation of North America provides a broad line of digital and other electronics products for consumer, business and industrial use. The company is the principal North American subsidiary of Osaka, Japan-based Panasonic Corporation (NYSE: PC), and the hub of Panasonic's U.S. branding, marketing, sales, service and R&D operations. Additional Panasonic information for journalists is available at www.panasonic.com/pressroom.
About Panasonic Healthcare Co., Ltd.
Panasonic Healthcare Co, Ltd., headquartered in Matsuyama, Japan, is a subsidiary of Panasonic Corporation (NYSE: PC) that specializes in the development and manufacture of healthcare products, including blood glucose monitoring systems, ultrasound diagnostic systems and hearing instruments. Founded in 1948, the company has been developing cutting-edge technologies in in-vitro diagnostic systems, medical imaging, hearing solutions, medical instruments and hospital systems to provide value-added solutions to healthcare professionals and patients. The previous corporate name was Panasonic Shikoku Electronics Co Ltd., which was changed to the current name on October 1, 2010. For more information, visit http://panasonic.net/corporate/segments/phc/.
About Fairway Medical Technologies:
Founded in 1992, Fairway Medical Technologies is an FDA-registered medical device, design, development and manufacturing company which commercializes early-stage medical devices and technologies, including three which have secured FDA approval. As of 2009, Fairway's eight portfolio companies have received over $15 million in grants from the National Institute of Health and the State of Texas' Emerging Technology Fund. These companies offer technologies in the areas of cardiovascular screening, neurology and cancer screening and diagnosis. Fairway Medical Technologies also operates an FDA-compliant manufacturing facility where it designs and produces prototypes of medical devices and technologies. For more information, visit www.fairwaymed.com.
About CardioNexus Corporation
Founded on January, 2009 in Houston Texas, CardioNexus focuses on early detection of cardiovascular disease using an innovative multi-modality approach. For more information, visit www.cardionexus.com.