LONDON, Jan. 14, 2014 /PRNewswire/ -- Smith & Nephew (NYSE: SNN; LSE: SN), the global medical technology business, is proud to announce it will co-sponsor the 2014 Massachusetts Medical Device Development (M2D2) Center's New Venture Competition. Designed to showcase innovative ideas coming out of early-stage medical device companies, the nationwide competition will focus on Joint Reconstruction, Sports Medicine, and Trauma.
The prizes will total $50,000 of in-kind services including facilities, engineering, legal, business and medical device assistance from Smith & Nephew and the competition co-sponsors, Nutter McClennen & Fish LLP and M2D2, a joint initiative of the University of Massachusetts' Lowell and Worcester campuses.
"We're excited about this collaboration," explains Dr. Ruth Cheng, Director of Innovation for Smith & Nephew. "Not only does it build on our reputation as innovation leaders; it helps us foster relationships with those entrepreneurs who are on the cutting edge of the growth areas we target."
"M2D2 is grateful for Smith & Nephew's support of the New Venture Competition and of entrepreneurs and startups in the medical-device sector," said Steven Tello, UMass Lowell's associate vice chancellor for entrepreneurship and economic development. "We are honored to work with a company that exemplifies success in the industry both in Massachusetts and around the globe."
For the competition, Smith & Nephew has identified five areas where innovation will help address current and future needs in orthopaedic reconstruction, sports medicine, and trauma:
- Tools which enable procedure simplification: Solutions would reduce procedural steps, shorten overall procedure time, provide surgeons with greater confidence, and/or ensure consistency from procedure to procedure.
- Tissue sparing procedures: Solutions would shorten recovery time, decrease the incision/number of portals, and/or reduce bone removal/soft tissue damage, and/or minimize potential for human error.
- Stabilization of and integration/fixation to bone: Solutions would provide high fixation strength both immediately and long-term, and work regardless of bone density.
- Novel soft tissue repair: Solutions would provide or restore the alignment and functionality of the target tissue immediately and long term, and be minimally invasive.
- Joint preservation solutions: Solutions would provide effective protection of joints, and be minimally invasive. Solution can be either short-term or long-term/permanent. Early intervention solutions preferred.
All applicants must submit an initial application which will be reviewed by M2D2. Fifteen finalists will then be invited to present their concepts in-person at a public event at M2D2's offices on March 26, 2014.
For more information on the competition and how to apply, companies should visit www.uml.edu/M2D2.
Editor's notes: Smith & Nephew is known for its innovative products. These include the TRIGEN™ SURESHOT™ Nail System for fracture repair; the FAST-FIX◊ 360 for meniscal repairs; and VERILAST™ Technology, Smith & Nephew's proprietary OXINIUM™ alloy combining Oxidized Zirconium (a metal alloy) along with a highly crossed link plastic liner for knee and hip replacement products. New products in 2013 included the JOURNEY™ II BCS knee implant incorporating the VERILAST Technology and the HEALICOIL™ REGENESORB Suture Anchor, the first device using Smith & Nephew's proprietary advanced biocomposite material.
M2D2 leverages the engineering, business and clinical strengths of world-class researchers and resources at UMass Lowell and UMass Worcester to provide affordable and confidential services to medical device inventors and startups, as well as offering business incubator space on the UMass Lowell campus.
About Smith & Nephew Smith & Nephew is a global medical technology business dedicated to helping improve people's lives. With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine and Trauma, Smith & Nephew has around 11,000 employees and a presence in more than 90 countries. Annual sales in 2012 were more than $4.1 billion. Smith & Nephew is a member of the FTSE100 (LSE: SN, NYSE: SNN).
About M2D2 M2D2, the Massachusetts Medical Device Development Center, is a joint initiative of the Lowell and Worcester campuses of the UMass system. Its aim is to help new medical device entrepreneurs develop products every step of the way, from proof-of-concept to commercialization. Its affiliated faculty and staff have has assisted more than 100 start-up companies and entrepreneurs since the program kicked off in the spring of 2007.
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