TEDCO Announces New Medical Device Cluster Initiative
COLUMBIA, MD (November 9, 2015) – The Maryland Technology Development Corporation (TEDCO) announced today the launch of its new mdPACE (medical device Product Acceleration and Commercialization by Executives) Program. Made possible through a three- year $500,000 grant from the EDA’s Office of Innovation and Entrepreneurship, mdPACE will accelerate the development of a medical device cluster in the State of Maryland. By providing the continual hands-on assistance of experienced medical device executives, the Program will help participating entrepreneurs receive FDA clearance of their technology.
“Maryland has all of the essential elements necessary for a viable medical device cluster – early stage funding, great technology, the world’s finest clinicians, and a broad array of support service providers,” said Rob Rosenbaum, President and Executive Director of TEDCO. “We are hopeful that mdPACE will catalyze all of these elements to create a sustainable flow of new FDA-cleared medical devices.”
TEDCO is now accepting applications for the mdPACE Program. Interested entrepreneurs should go to http://tedco.md/program/mdpace/ where an overview of the Program can be found, along with a detailed Request for Applications (RFA). Applicants should carefully review the eligibility requirements and application submission instructions contained in the RFA.
“Receiving FDA clearance is a major value inflection point for the typical medical device start-up, but that process is challenging. Having access to an experienced team of medical device executives will help meet the challenge much more quickly and efficiently,” said Jason Kirkness, co-Founder of respEQ, a medical device start-up based on Johns Hopkins technology. “I’m particularly excited about the mdPACE Program because it represents a valuable complement to the top-notch assistive services provided by the State’s incubators and accelerators.”
In the Program’s first year of operation, TEDCO hopes to work with 5 – 7 medical device start-ups that are candidates for the FDA 510(k) regulatory pathway. Upon completing the 18-month Program, these start-ups will be better positioned to attract investment, hire employees, and generate revenues. The mdPACE Program will operate like a virtual commercialization center – projects will be located in geographically different places, including in many of the region’s incubators. The participating teams will meet monthly at TEDCO’s offices to provide updates on the status of their projects and to engage in stage-gate meetings.
The Maryland Technology Development Corporation (TEDCO) is the go-to source for entrepreneurial support and guidance for start-ups and early-stage companies engaged in bringing innovative ideas to the market. For more than a decade, the organization has provided funding, mentoring and networking opportunities to support Maryland’s innovation ecosystem. Founded by the Maryland General Assembly, TEDCO is frequently ranked as one of the most active seed/early-stage investors in the nation. The organization plays a key role in bringing research created in Maryland’s educational institutions and federal laboratories into the commercial marketplace. For more information on TEDCO and its program and resources, visit www.TEDCO.md.