COLUMBIA, S.C. -- (BUSINESS WIRE) -- SCRA and TAO Life Sciences (TAO), through their collaborative initiative to commercialize technologies, announced today that TAO has licensed a medical device technology from Clemson University Research Foundation (CURF) and Greenville Health System (GHS) that will improve the placement and stabilization of chest drainage tubes.
This is the first licensing agreement since SCRA and TAO, a life science development and investment company focusing on early stage product development, announced an initiative to accelerate the commercialization of innovative life sciences technologies from South Carolina universities and industry laboratories.
The licensed technology was invented in Clemson University’s innovative Bioengineering Senior Design Program. The program is a year-long class in which teams of senior bioengineering students and clinicians from the community, Clemson faculty and corporate advisors seek solutions to real-life problems faced in healthcare. The proposed solutions are analyzed for engineering design, business, legal and scientific opportunity. In the case of the chest tube technology, a student team, working with Clemson faculty advisors, was paired with two GHS pediatric surgeons to identify an unmet need and create a solution, resulting in this jointly owned technology. CURF then represented both Clemson and GHS, to facilitate and manage licensing to TAO.
"SCRA continues to help universities and industry move technologies from the laboratory to the marketplace," said SCRA CEO Bill Mahoney. "This licensing arrangement shows that our collaboration with TAO is working. We look forward to many opportunities for successful technology commercialization that will further advance South Carolina’s Knowledge Economy."
Chief Technology Officer and President of TAO, Dr. David Huizenga, said, “Projects from programs like Clemson’s Bioengineering Senior Design Program provide great commercial opportunities for early-stage development and investment companies because the opportunities start out with an identified problem followed by an initial solution. The due diligence that the teams perform also provides a good starting point for our own commercial analysis of the opportunity.”
About SCRA Technology Ventures
SCRA Technology Ventures helps innovative companies grow and develop new technologies, creating jobs and advancing the Knowledge Economy throughout South Carolina. This SCRA business sector provides support and mentoring through its flagship SC Launch program to early stage, start-up technology companies. Since 2006, SCRA has deployed over $79 million in funding and infrastructure to support over 280 high-tech, early-stage enterprises, and has directly invested nearly $18 million in South Carolina start-ups, attracting over $250 million in private investment. SCRA Technology Ventures also supports commercialization and growth by facilitating the transfer of intellectual property and accelerating the transition of inventions to the marketplace. Additionally, SCRA Technology Ventures invests in more established technology companies through its Stage 2 affiliate.
Multiple economic impact studies show SCRA's cumulative output on South Carolina's economy to be over $15.3 billion, and that the company has helped create approximately 15,000 technology-related jobs in the state, with annual wages averaging between $55,000 and $77,000.
About TAO Life Sciences, Inc.
TAO Life Sciences invests in and develops early stage medical innovations. Working closely with physicians and researchers from universities and companies, TAO Life Sciences takes new concepts and turns them into reality. TAO Life Sciences is building a pipeline of promising medical device and life science innovations that will impact global healthcare markets and make a significant difference in people's lives. TAO’s pipeline includes technologies related to low energy sterilization systems, ventilation systems, veterinary products, and stroke rehabilitation products.
Clemson University Research Foundation
The Clemson University Research Foundation (CURF) is a nonprofit corporation that facilitates the transfer of Clemson University’s intellectual property to the private sector for commercial development and societal benefit. To learn more about CURF services and to view current technologies available for license, visit www.clemson.edu/curf.
About Greenville Health System
Greenville Health System (GHS)—the largest not-for-profit academic health center in South Carolina—is committed to medical excellence through research, patient care and education. GHS offers patients an innovative network of clinical integration, expertise and technologies through its six medical campuses, tertiary medical center, research and education facilities, community hospitals, physician practices and numerous specialty services throughout the Upstate. The 1,358-bed system is home to 15 medical residency and fellowship programs and the state’s largest number of active clinical research trials. In July 2012, GHS welcomed the charter class of its four-year medical school, University of South Carolina School of Medicine Greenville. Visit www.ghs.org for more information.