LONDON, Feb. 2, 2015 /PRNewswire/ -- Smith &
Nephew (NYSE: SNN;LSE: SN), the global medical technology business,
is proud to announce it will again co-sponsor the Massachusetts
Medical Device Development (M2D2) Center's New Venture Competition.
The annual, nationwide competition is designed to showcase
innovative ideas coming out of early-stage medical device
companies.
"We are thrilled that Smith & Nephew is sponsoring M2D2's
New Venture Competition again this year," says Stephen McCarthy, M2D2 Director and Professor of
Plastics Engineering, University of
Massachusetts Lowell. "Due in large part to this type of
continued collaboration, our service prizes will double this
year."
For 2015, the competition's prizes have been increased from
$50,000 to $100,000 of in-kind services including
facilities, engineering, legal, business and medical device
assistance from Smith & Nephew and other co-sponsors, as well
as M2D2, a joint initiative of the University
of Massachusetts' Lowell and Worcester campuses.
For past winners, the competition has delivered by helping move
their companies' development forward.
"Participating and winning the 2014 M2D2 New Venture Competition
forced business plan discipline and rigor, better preparing us to
approach investors," explains Paul
Hayre, CEO of Sano, LLC. "It also significantly raised our
profile and further accelerated our development due to our
affiliation with M2D2, UMass Medical, and a world-renowned medical
device company like Smith & Nephew."
"Our experience last year was wonderful and helped make our
decision to come back again this year even easier," explains Dr.
Ruth Cheng, Director of Innovation
for Smith & Nephew's Advanced Surgical Devices division. "We
are known as a company that takes a pioneering approach to the
design of our products and services and this competition helps us
foster relationships with those entrepreneurs who are on the
cutting edge of medical device innovation. For example, we continue
to seek inexpensive, quick, accurate solutions that enable early
diagnosis of cartilage damage."
For the competition, Smith & Nephew has identified five
areas where innovation will help address current and future needs
in orthopaedic reconstruction, sports medicine, and trauma:
- Tools which enable procedure simplification: Solutions
would reduce procedural steps, shorten overall procedure time,
provide surgeons with greater confidence, and/or ensure consistency
from procedure to procedure.
- Tissue sparing procedures: Solutions would shorten
recovery time, decrease the incision/number of portals, and/or
reduce bone removal/soft tissue damage, and/or minimize potential
for human error.
- Stabilization of and integration/fixation to bone:
Solutions would provide high fixation strength both immediately and
long-term, and work regardless of bone density.
- Novel soft tissue repair: Solutions would provide or
restore the alignment and functionality of the target tissue
immediately and long term, and be minimally invasive.
- Joint preservation solutions: Solutions would provide
effective diagnosis of early-stage osteoarthritis or offer
protection of joints, and be minimally invasive. Solution can be
either short-term or long-term/permanent. Early intervention
solutions preferred.
All applicants must submit an initial application which will be
reviewed by M2D2. Fifteen finalists will then be invited to present
their concepts in-person at a public event at M2D2's Lowell, MA offices on April 1.
For more information on the competition and how to apply,
companies should visit www.uml.edu/M2D2.
Editor's notes:
Smith & Nephew is known for its innovative products.
These include the TRIGEN™ SURESHOT™ Nail System for fracture
repair; the FAST-FIX◊ 360 for meniscal repairs; the
HAT-TRICK™ Lesser Toe Repair System, and VERILAST™ Technology,
Smith & Nephew's proprietary OXINIUM™ alloy combining Oxidized
Zirconium (a metal alloy) along with a highly crossed link plastic
liner for knee and hip replacement products.
M2D2 leverages the engineering, business and clinical strengths
of world-class researchers and resources at UMass Lowell and UMass
Worcester to provide affordable and confidential services to
medical device inventors and startups, as well as offering business
incubator space on the UMass Lowell
campus.
About Smith & Nephew
Smith & Nephew is a global medical technology business
dedicated to helping improve people's lives. With leadership
positions in Orthopaedic Reconstruction, Advanced Wound Management,
Sports Medicine and Trauma, Smith & Nephew has around 14,000
employees and a presence in more than 100 countries. Annual sales
in 2013 were more than $4.3 billion.
Smith & Nephew is a member of the FTSE100 (LSE: SN, NYSE:
SNN).
About M2D2
M2D2, the Massachusetts Medical Device
Development Center, is a joint initiative of the Lowell and Worcester campuses of the UMass system. Its aim is to help new medical device
entrepreneurs develop products every step of the way, from
proof-of-concept to commercialization. Its affiliated faculty and
staff have has assisted more than 100 start-up companies and
entrepreneurs since the program kicked off in the spring of
2007.
Forward-looking Statements
This document may
contain forward-looking statements that may or may not prove
accurate. For example, statements regarding expected revenue growth
and trading margins, market trends and our product pipeline are
forward-looking statements. Phrases such as "aim", "plan",
"intend", "anticipate", "well-placed", "believe", "estimate",
"expect", "target", "consider" and similar expressions are
generally intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual
results to differ materially from what is expressed or implied by
the statements. For Smith & Nephew, these factors include:
economic and financial conditions in the markets we serve,
especially those affecting health care providers, payors and
customers; price levels for established and innovative medical
devices; developments in medical technology; regulatory approvals,
reimbursement decisions or other government actions; product
defects or recalls; litigation relating to patent or other claims;
legal compliance risks and related investigative, remedial or
enforcement actions; strategic actions, including acquisitions and
dispositions, our success in integrating acquired businesses, and
disruption that may result from changes we make in our business
plans or organisation to adapt to market developments; and numerous
other matters that affect us or our markets, including those of a
political, economic, business, competitive or reputational nature.
Please refer to the documents that Smith & Nephew has filed
with the U.S. Securities and Exchange Commission under the U.S.
Securities Exchange Act of 1934, as amended, including Smith &
Nephew's most recent annual report on Form 20-F, for a discussion
of certain of these factors.
Any forward-looking statement is based on information
available to Smith & Nephew as of the date of the statement.
All written or oral forward-looking statements attributable to
Smith & Nephew are qualified by this caution. Smith &
Nephew does not undertake any obligation to update or revise any
forward-looking statement to reflect any change in circumstances or
in Smith & Nephew's expectations.
™ Trademark of Smith & Nephew. Certain
marks registered US Patent and Trademark Office. All Trademarks
acknowledged.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/smith--nephew-returns-as-co-sponsor-for-annual-m2d2-competition-for-entrepreneurial-medical-device-companies-300028900.html
SOURCE Smith & Nephew