Medtech pioneer Rowe, Deerfield launch $275m medical device incubator

A medtech pioneer, Stanton Rowe, and investment firm Deerfield Management said today that they’re going in on a medical device incubator backed by $275 million from the investment firm, with Rowe as CEO. The Irvine, Calif.-based NXT Biomedical incubator plans to spend $25 million over the next five years on “cutting-edge technologies” designed to address unmet needs, with another $250 million pledged for creation of five to eight startups to be spun out of the incubator. And it’s “exploring potential collaborations with unnamed strategic partners,” according to Deerfield partner Steve Hochberg. Rowe, who became chief scientific officer at Edwards Lifesciences (NYSE:EW) after that company’s buyout of Percutaneous Valve Technologies in 2004, played a major role in two of the top medtech innovation success stories of recent decades: cardiac stents and transcatheter valve replacements. He will stay on at Edwards as a consultant, according to a press release. Interventional cardiologist Dr. Robert Schwartz of the Minneapolis Heart Institute and “a team of experienced engineers with unique expertise in early-stage device design and development,” according to the release. NXT Biomedical is also based in Irvine, at the Cove @ UCI Applied Innovation. See Rowe’s in-depth interview at DeviceTalks West last December, and check out this year’s slate for next month’s DeviceTalks Boston event “I am thrille...
Source: Mass Device - Category: Medical Devices Authors: Tags: Cardiovascular Featured Funding Roundup Replacement Heart Valves Wall Street Beat NXT Biomedical Source Type: news