Gelifex and Synthes Inc. unite to market product that promises to alleviate spinal disease
Philadelphia (PA)/USA and Oberdorf/Switzerland, April 19, 2004
Gelifex, co-founded by two Drexel University professors, Professors Tony Lowman of Chemical Engineering and Michele Marcolongo of Materials Science and Engineering, has been acquired by Synthes Inc. for an undisclosed amount.
Founded in June 2002, Gelifex is developing two hydrogels which, when implanted or injected into the space between two vertebrae, will restore motion and alleviate pain to patients suffering from degenerative disc disease. This novel technology will restore function to the spine and retain range of motion with less surgical trauma than vertebral fusion.
"Nucleus replacement promises to follow total disc replacement as the next great step forward in improving patient outcomes in spine surgery," said Michael Huggins, President of Synthes Spine, "and the Gelifex Technology developed at and licensed from Drexel University is one of the most exciting approaches being developed." He also added: "Synthes is very excited about the acquisition of Gelifex, as it is a significant step towards Synthes leading the field of Spine non-Fusion."
Synthes is sponsoring a substantial research project over three years to continue this work at the inventors’ laboratories at Drexel.
"The Gelifex alliance exemplifies an excellent business model for commercializing university intellectual property, because it combines the early stage technology from the lab with the development and marketing clout of a successful, established company," said Dr. Anil Rastogi, Vice Provost and Vice President for Entrepreneurship & Technology Commercialization at Drexel University.
Gelifex received early stage venture funding from BioAdvance, the Biotechnology Greenhouse of Southeastern Pennsylvania.
More than five million Americans suffer from chronic back pain, making it the leading cause of lost workdays in the U.S.A. The US market for surgical products to treat spinal diseases is estimated at around $1.4 billion and growing over 20% a year. This represents a large economic and social opportunity.
Founded in 1891, Drexel University is widely recognized for its focus on technology, research and learning. Drexel is the leader in integrating emerging technologies into all aspects of its academic enterprise, which includes the nation’s largest private medical college, and is ranked by U.S.News & World Report among the nation’s top doctoral universities. Drexel has a technology portfolio of 350 patents covering a broad array of technologies.
For more information, please visit www.research.drexel.edu/techcom.
Synthes is a leading global medical device company specializing in the development, manufacturing and marketing of orthopedic instruments and implants. Applications include surgical treatment of bone and maxillofacial trauma or deformities and a full range of products for spine surgery.
For further information please contact
| Drexel University: | Niki Gianakaris, Assistant Director, Drexel News Bureau 215 895 6741 or ngianakaris@drexel.edu |
| Synthes in Europe: | Peter Fehlmann +41 61 965 63 39 or Peter.Fehlmann@synthes.com |
| Synthes in USA: | Eileen Saville 484 356 9690 or Savillee@synthes.com |