CLEVELAND, May 11, 2017 (GLOBE NEWSWIRE) -- Mercury Biomed, a company developing a novel approach to managing core body temperature, announces it has won a non-dilutive Phase I Small Business Technology Transfer (STTR) grant through the National Institute of General Medical Sciences (NIGMS) for $225,000. The award (R41GM119871) will enable Mercury to accelerate commercialization of its first device, a disruptive solution for warming patients in the peri-operative environment.
“Managing core body temperature safely and effectively in surgical procedures remains a big challenge, and Mercury’s air-free patient warming solution is designed for physicians and hospitals transitioning to value-based care and alternative payment models,” explains Brian Patrick, Mercury Co-Founder. Fifty three million patients undergo general anesthesia procedures each year and run the risk of life-threatening complications due to rapid reduction of core body temperature in the Operating Room. Warming patients during surgery has become standard of care, but Mercury’s approach is vastly different and considerably smarter than existing alternatives. Mercury’s WarmSmart system, in contrast to alternative methods, works in-concert with the body’s intrinsic thermoregulatory function to noninvasively warm the body core. WarmSmart is physiologically more efficient, less intrusive to the surgical field, easy-to-use, and eliminates the risk of surgical site infection associated with current forced-air warming devices. The global market for patient temperature management solutions is $2.5 billion per year.
"Mercury is deeply appreciative of the assistance provided by the NIH and NIGMS through this STTR program," said Brad Pulver, CEO of Mercury Biomed. "Our mission is to provide the smartest, safest, and most clinically effective solution to help hospitals and surgeons who, in a growing number of cases, are required to accept financial responsibility for patient outcomes. This award expedites our time to market and allows us to continue our rapid progress and initial success toward this goal.”
WarmSmart was developed from research conducted at The University of Texas at Austin. Professor Ken Diller, Inventor, Principal Investigator, and Mercury’s Chief Science Officer commented, “An award from this highly competitive STTR program is a testimony to the importance of improving safety and surgery outcomes, and our disruptive discovery for the field of human temperature management. The support of the NIH is validating to our efforts and will be instrumental in translating our technology from my bio heat transfer lab to commercial application."
Based on the results achieved in Phase I and the scientific and technical merit and commercial potential of Mercury’s project, an additional potential $1.5M in non-dilutive funds may be awarded in Phase II. During Phase II, Mercury would begin its second pivotal clinical trial with its partner, the Cleveland Clinic, where Drs. Daniel Sessler and Andrea Kurz, along with Dr. Wilton Levine (Mass General) will oversee Mercury’s clinical efforts. The grant is Mercury’s second major non-dilutive funding victory, as it was previously funded by the Ohio Third Frontier program, placing Mercury in rare company as a winner of both awards.
About Mercury Biomed:
Based in Cleveland, Ohio, Mercury Biomed, LLC is commercializing its proprietary Smart Temperature Management System™ technology, a breakthrough non-invasive and holistic approach to cooling and warming patients when and where it matters most. Founded in 2015, the company is led by top scientific experts and entrepreneurs in the field of therapeutic temperature management. Mercury Biomed’s WarmSmart product is currently in clinical trials and is targeted for a 2018 launch, pending FDA 510(k) clearance. www.mercurybiomed.com
About the National Institutes of Health (NIH) STTR & SBIR Programs:
The NIH Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs are designed to award federal research grants to small businesses conducting biomedical research. The goal of these Programs is to spur technological innovation leading to commercialization of novel innovative medical technologies to improve public health. Both Programs share this common goal, but differ somewhat in eligibility and research execution criteria. The NIH STTR and SBIR Programs are highly competitive, as reflected in the following award data statistics for Phase I STTR awards for fiscal years 2007-2016 available at https://sbir.nih.gov/statistics/award-data. For more information about the NIH STTR and SBIR Programs, please go to https://sbir.nih.gov/.
FOR MORE INFO, CONTACT:
Brad Pulver, CEO