Cleveland Clinic Innovations has created a spin-off company, Cleveland Diagnostics Inc., to develop and commercialize cancer diagnostics and screening tests.
Cleveland Diagnostics is developing technology that focuses on protein biomarker structural changes that correlate with the presence of a disease. The company’s pipeline of actionable non-invasive cancer diagnostic assays include blood-based tests, initially concentrating on prostate, breast and ovarian cancer.
Cleveland Clinic Innovations is responsible for company creation, business development and commercialization of all medical technology throughout Cleveland Clinic and its Innovation Alliance partners, which include hospitals and universities across the country.
[See also: Cleveland Clinic's innovation secrets.]
"Cleveland Clinic has a 90-year history of encouraging discovery and enabling physicians and researchers to create technologies that benefit patients," Thomas J. Graham, MD, Cleveland Clinic’s chief innovation officer, said in a news release. "When fully developed, Cleveland Diagnostics' unique screenings will provide physicians and patients with the information they need to make decisions on treatments."
Cleveland Clinic Innovations formed the new company with AnalizaDx, which has been working to develop the technology platform through early clinical development and validation.
"Early and effective diagnosis is critical in cancer. The rapidly changing healthcare system is placing a premium on cost-effective, clinically useful tools, and we intend to deliver clinically actionable and affordable cancer tests to patients and their healthcare providers, and make an important and lasting impact in the field," said Arnon Chait, in a statement. Chait led AnalizaDx and will serve as CEO of Cleveland Diagnostics.
[See also: Cleveland Clinic opens EMR to patients.]
Since it was founded in 2000, Cleveland Clinic Innovations has filed for more than 2,200 patents, has more than 500 active licenses and has 66 spin-off companies that have received $750 million in equity investment.
Nearly 1,100 jobs have been generated as a result of Cleveland Clinic Innovations and its spin-offs, according to company executives.
