Smith & Nephew co-sponsors annual M2D2 competition for entrepreneurial medical
LONDON, Jan. 14, 2014
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:
oTools 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.
oTissue 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.
oStabilization of and integration/fixation to bone: Solutions would provide
high fixation strength both immediately and long-term, and work regardless
of bone density.
oNovel soft tissue repair: Solutions would provide or restore the alignment
and functionality of the target tissue immediately and long term, and be
oJoint 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
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).
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.
This document may contain forward-looking statements that may or may not prove
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SOURCE Smith & Nephew
Contact: Media, Joe Metzger, Smith & Nephew, +1 (978) 749-1330, or
Investor/Analyst, Phil Cowdy, Smith & Nephew, +44 (0)20 7401 7646
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