Case Western Reserve University and Cleveland-based ICBM Medical signed a license agreement to further develop technology to provide patient screening and monitoring for a range of critical clinical conditions including prostate cancer and concussions.
Licensing for the low-cost, rapid screening and monitoring was issued through CWRU's Technology Transfer Office. Last fall, the two signed a one-year option-to-license agreement for the technology, according to a news release.
"We're pleased with the rapid progress that ICBM Medical has made and are confident the company will leverage this innovative technology most effectively," said Mike Allan, senior licensing officer with the tech transfer office, in a statement. "Since 2012, when this technology was initially disclosed, we have invested in intellectual property and other substantial university resources to position the technology for its best chance of success."
The next steps will be optimizing designs, producing prototypes and begin clinical testing in 2018. ICBM Medical so far has received "sufficient funding" to carry it through these steps as it moves toward securing a Series A preferred investment, according to the news release.
"The completion of the CWRU-ICBM Medical license agreement enables us to confidently ramp up the near-term product development activities," ICBM medical president and CEO Stephanie Harrington said in a statement.
"CWRU, ICBM Medical sign agreement to further develop technology to provide patient screening and monitoring" originally appeared in Crain's Cleveland Business.
