MEDX Xelerator, an Israeli-based medical device incubator, has announced that it has signed a collaboration agreement with West Pharmaceutical Services, a leading company in solutions for injectable drug administration that is currently traded on the New York Stock Exchange with a market cap of over $33 billion.
Under the terms of the agreement, West will provide funding for early stage, joint proof of concept venture creations at the incubator in addition to specific venture creation projects. It will also have the option to further invest in these same projects alongside the incubator if the projects are commercialized into companies. Finally, West will contribute annual funding to support the growing number of personnel needed to manage the incubator projects.
"We are always looking for new and innovative ideas that will advance medical science and to support the brilliant entrepreneurial minds behind them," said Scott Young, Vice President of Research. "Israel is well known as one of the world’s centers of medical innovation and MEDX’s senior management has a proven track record for identifying the best of this innovation. MEDX is the natural and prudent choice to serve as our innovation hub and international gateway to Israel’s impressive pool of MedTech inventors.”
West’s areas of focus include cell and gene technologies, tissue engineering and biomaterials, novel drug containment materials, coating and devices, digital solutions for personalized medicine, nanomaterials, novel oral drug delivery, zero-order drug release, clinical-grade biosensors, remote patient monitoring, additive manufacturing, artificial intelligence, beyond the syringe technology, and viscous drug delivery.
“Our partnership with prestigious West Pharmaceuticals enables MEDX to provide more opportunities to inventors in West’s areas of focus," said MEDX CEO Shai Policker. "We invite relevant medical technology entrepreneurs, ready to take the next step, to reach out to us to explore the possibilities.”
Earlier this month, MEDX announced that it was investing $2.5 million in three new startups in cooperation with the Israel Innovation Authority. In addition to financing, the companies will benefit from other support services offered to MEDX Xelerator portfolio companies intended to expedite technology development.
The three companies include: VeinWay, developer of a dedicated solution for treating chronic venous blockages; EyeMed, developer of a premium lens for intraocular implantation that will allow vision to be adjusted in a non-invasive procedure after cataract surgery; and BeWeld, developer of a technology that will automate the manufacturing processes of implanted devices such as heart valves.