1. khkhkhkhkhkhkhkhkh Kyriacos A. Athanasiou President, Biomedical Engineering Society Professor, Bioengineering, Rice University Adj. Professor, Orthopaedics, Univ. of Texas Houston Adj. Professor, Oral & Maxillofacial Surgery, Univ. of Texas Houston Founder, OsteoBiologics, Inc. Founder, Xilas Medical, Inc. Founder, VidaCare, Corp. Founder, CyTex, Ltd. The road ahead must forge through research & commercialization Cyprus Entrepreneurship Competition, Nicosia, Cyprus December 17, 2003

2. khkhkhkhkhkhkhkhkh Traditional technology transfer paradigm (e.g., OsteoBiologics, Xilas, VidaCare, CyTex) A novel approach for commercialization Proposal for establishment of a research institute in Cyprus OUTLINE

3. khkhkhkhkhkhkhkhkh Technology transfer paradigm MODUS OPERANDI New technology New company Academic research

4. khkhkhkhkhkhkhkhkh University-based research leads to an orthopaedic company

5. khkhkhkhkhkhkhkhkh Applied research leads to a diabetes company

6. khkhkhkhkhkhkhkhkh VidaCare Corporation University-based research leads to an emergency care medical company

7. khkhkhkhkhkhkhkhkh A company with anti- cholesterol product (natural cocktail of statins)

8. khkhkhkhkhkhkhkhkh New technology Technology transfer paradigm PROPOSED New companies Centres of Excellence in Applied Research Developmen t Corporation

9. khkhkhkhkhkhkhkhkh What do I propose? INSTITUTE Centre of Excellence non-profit Development Corporation business

10. khkhkhkhkhkhkhkhkh Each centre should be based on the pursuit of applied research with commercializable potential Centres should be created around particular people – not areas The human factor should be the underpinning of this effort The underlying principles

11. khkhkhkhkhkhkhkhkh A Centre of Excellence in biomedical research – applied research Along with a Development Corporation for technology commercialization Areas of concentration: Orthopaedic, Musculoskeletal Tissue Engineering (orthopaedics and maxillofacial), Cardiovascular, and Diabetes Disclaimer Cyprus Biomedical Institute

12. khkhkhkhkhkhkhkhkh Examples of new technologies: Biodegradable materials used in orthopaedic applications Regeneration of articular cartilage and the meniscus Devices related to the prevention of diabetes effects on the lower extremity Reduction of blood lipids (e.g., cholesterol and triglycerides) The Institute: A highly focused effort

13. khkhkhkhkhkhkhkhkh The Centre of Excellence A traditional, not-for-profit conduit of applied research in few biomedical areas Members as research associates – Centre’s key leaders joint academic appointments Attract outstanding graduate students and fellows from all over the world – primarily from the University of Cyprus Studies: publishable in prestigious, peer- reviewed journals Competitive and vigorous pursuit of research grants

14. khkhkhkhkhkhkhkhkh Engineered articular cartilage

15. khkhkhkhkhkhkhkhkh Scaffolds for meniscus regeneration

16. khkhkhkhkhkhkhkhkh The Development Corporation Business direction; investment fund Evaluation of research results with commercialization in mind Small team (2-3 people) with deep understanding of entire process Clear exit strategy aimed at maximizing returns to investment 5 years: financial benefits, if mature technologies selected Arduous and failure prone process -- one or two success stories… Success breeds success

17. khkhkhkhkhkhkhkhkh BIOMEDICAL INSTITUTE (President, management team) Development Corporation business entity Scientific Advisory Board Board of Directors Centre of Excellence non-profit academic organization Lab 1 Lab 2 Lab 3 Lab 4

18. khkhkhkhkhkhkhkhkh Dual mission of Institute: Act as a repository of research projects at the cutting edge of applied biomedicine Few, well-respected, outstanding, pre-selected people Only a few biomedical areas Active laboratories Competitive grants Work presented at international forums Be a financial success Self-sustained One financially and commercially viable company Success criteria

19. khkhkhkhkhkhkhkhkh THE PLAN People-centred Institute Focused & sustained effort Applied research in Cyprus recognized to be on par with that of best centres in the world Change perception of Cyprus as lacking innovative, biomedical industry Convince investors that Cyprus is a suitable place for investment in biomedicine Be a financial success Diversification of the Cyprus economy

20. khkhkhkhkhkhkhkhkh Musculoskeletal Bioengineering

21. khkhkhkhkhkhkhkhkh National Institutes of Health, NHTSA, Binational Science Foundation, Arthritis Foundation, Whitaker Foundation, Industrial sources (Arthrex, OsteoBiologics, DePuy, Nutramax, VidaCare, Xilas) Funding from: