Royal College of Surgeons in Ireland Coláiste Ríoga na Máinleá in Éirinn

Minister Bruton launches a new company that encourages innovation in medical and healthcare technologies

20 September 2012

RCSI spin-out company i360medical is launched

i360medical, a new healthcare solutions and medical device innovation company was launched in Dublin today by Richard Bruton TD, Minister for Jobs, Enterprise and Innovation. The company, which taps into Ireland's growing medical device expertise, has joined with some of the world leaders in healthcare innovation to help generate and commercialise new world-class healthcare technology solutions. i360medical is a spin-out company from the Royal College of Surgeons in Ireland where it was formerly known as The Centre for Innovation in Surgical Technology (RCSI-CIST). The company is positioned to provide new ‘start up' deal flow to multinational's and SMEs which will help safeguard existing jobs and create new jobs in the industry in Ireland. 
 

Pictured (l-r) are Richard Bruton TD, Minister for Jobs, Enterprise and Innovation; Derek Young, founder and CEO of i360medical; and Eunan Friel, Managing Director of Surgical Affairs, RCSI.
 

The principal behind i360medical is to act as an international and national innovation enabler and hub that has all the expertise necessary to take new healthcare ideas and medical technologies to market. Uniquely, the company will act as a conduit between traditionally separate sectors, the healthcare, the clinical, the academic and the business sectors, to develop and commercialise new ideas and solutions. i360medical has identified and partnered with a number of global healthcare innovation leaders and is making their expertise available in Ireland. Representatives from Cleveland Clinic Innovations, which was recently named as the fourth most influential healthcare corporate venturing unit in the world, Kernel Capital, one of Ireland's largest and most active venture capital funds and Synecor, a US based medical technology development company, have committed to working with i360medical and its range of Irish partners.

Speaking at the launch Minister Bruton said: "A core aim of the Government's Action Plan for Jobs is to significantly grow and expand our Health and Life Science sector. To this end we need to implement changes to assist the commercialisation of innovative ideas that will lead to quality jobs for this economy, and we are following through on this with for example the establishment of a Healthcare Innovation Hub to bring companies and the healthcare system together to develop new products which can create jobs. Today's announcement by i360medical shows what is possible in this area, and I am determined through continued implementation of the Government's plan to see more companies like this establishing expanding and creating the jobs we need".

Speaking at the launch, founder and CEO of i360medical, Derek Young, said that "Ireland has a unique opportunity to become the global heart for the design and innovation of medical technologies. i360medical aims to provide the right environment to allow clinicians, healthcare professionals, engineers and researchers to identify unmet needs and develop relevant new technology solutions. We have devised a model that will support the development of new medical device and healthcare solutions from their conception to their commercialisation." 

"i360medical has brought some fantastic partners on board and we are extremely excited about working with them to identify and develop some of the breakthrough technologies of tomorrow. We now have the structure and support to ensure that we can identify, evaluate, develop and ultimately commercialise any new opportunities, ideas and solutions in the healthcare technologies sector. We are optimistic that the structure, expertise and relationships that we have built will encourage global medical and healthcare companies to use i360medical to develop their new product pipeline which will have significant benefits for Ireland in the future."

Professor Cathal Kelly, Chief Executive, RCSI said that "today is a very exciting day for RCSI and for i360medical. We in RCSI feel proud of both the concept and opportunity that we were able to incubate and validate through CIST and of the trust relationships that have been built up since 2008. We are excited to be able to retain a strong partnership with i360medical to enable it to achieve its full potential and to fully contribute to Ireland's critical innovation agenda."

The company has established relations with a number of the leading education and research institutions worldwide including Cleveland Clinic, Mayo Clinic, Synecor and St. Vincent's Hospital in Sydney. In addition i360medical will be working with many of the top Irish Universities including the Royal College of Surgeons, Tyndall, Trinity College, UCD, DCU, NUIG, University of Limerick and others. Recently i360medical has been working closely with Enterprise Ireland and SFI to support indigenous SME's and academic research, and with the IDA to encourage multinational companies to invest in R&D within Ireland.

i360medical is currently undertaking a round of funding and more information on this will be announced within the next month.