Agreements will explore potential applications of promising early-stage research in areas of unmet need
Goal will be to bring new innovations to help surgeons advance patient care
Deerfield, Ill. and Tel Aviv, Israel - July 6, 2017
Baxter International Inc. (NYSE:BAX), a global medical products company, and Tel Aviv University (TAU), through Ramot, its Business Engagement Center, today announced new licensing agreements including global joint research efforts to evaluate multiple technologies currently under development at the university as well as at Tel Aviv Sourasky Medical Center (TASMC). Baxter will collaborate with TAU and TASMC to help bring the early-stage research to commercialization with the goal of bringing to market the latest innovations in surgical care.
“Baxter is committed to finding creative pathways to bring innovative solutions to the operating room,” said Wil Boren, president of Advanced Surgery at Baxter. “By working with leading experts at TAU and TASMC, we have access to promising early-stage research that could have a meaningful impact for surgeons looking for new tools to treat complex cases.”
Under terms of the agreements, Baxter will exclusively license the TAU Technology Innovation Momentum Fund technology in one license agreement and TAU and TASMC technology in the second license agreement for use in multiple potential applications that might result from the joint research activity.
“TAU is world renowned as a leading academic and research institution for its innovation and entrepreneurship. We are gratified to see another one of TAU’s technologies graduating from our unique value enhancement program the TAU Technology Innovation Momentum Fund,” said Shlomo Nimrodi, chief executive officer of Ramot, the Business Engagement arm of TAU. “We are happy to partner with Baxter to explore how we can bring leading technologies to operating rooms worldwide.”
Baxter, TAU and TASMC plan to explore potential applications of multiple projects that target large, unmet needs that, if successful, will expand Baxter’s portfolio of products into new areas of surgical care for the company. Surgical care represents a core strategic growth pillar for Baxter, and these projects have the potential to complement Baxter’s existing product offering and provide access to novel treatments.
Additional details of the agreements were not disclosed.
About Ramot at Tel Aviv University
Ramot is the Business Engagement Center at Tel Aviv University, Israel's largest research and teaching university. Founded in 1956, Tel Aviv University is located in Israel's cultural, financial and industrial center. Rooted in both academic and corporate arenas, Ramot is uniquely positioned to cultivate the special relationships between these two compelling worlds, creating win-win connections that support fertile, groundbreaking research while providing companies with discoveries that give them a crucial competitive edge. For more information, visit http://www.ramot.org.
About Tel Aviv Sourasky Medical Center
Tel Aviv Sourasky Medical Center (TASMC) is one of the largest academic medical centers, affiliated with the Faculty of Medicine at TAU, providing the most progressive full-service healthcare treatment and research institutions in Israel. TASMC has international accreditation by JCI, as an academic medical center. As a premier multidisciplinary, 1500-bed academic medical center, TASMC serves the general Tel Aviv population of over 430,000 plus the million or so daily visitors to the city. Tel Aviv Sourasky Medical Center provides clinical services in most clinical modalities within its four hospitals: general hospital, children's, maternity and women's, and rehabilitation hospitals. It is a national referral center for many major primary and specialty care services. R&D at TASMC involves high quality basic and translational research in dedicated facilities as well as expertise in clinical trials from phase one to efficacy trials in phases 2-4, approved by its Internal Review Board (IRB). TASMC encourages innovations by its staff, and inventions and knowhow are commercialized by the Tech Transfer office of the R&D division. For additional information, visit http://www.tasmc.org.il/sites/en/Pages/default.aspx.
Baxter provides a broad portfolio of essential renal and hospital products, including home, acute and in-center dialysis; sterile IV solutions; infusion systems and devices; parenteral nutrition; surgery products and anesthetics; and pharmacy automation, software and services. The company’s global footprint and the critical nature of its products and services play a key role in expanding access to healthcare in emerging and developed countries. Baxter’s employees worldwide are building upon the company’s rich heritage of medical breakthroughs to advance the next generation of healthcare innovations that enable patient care.
This release includes forward-looking statements concerning the entry by Baxter and Ramot into licensing agreements. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: the ability of Baxter and Ramot to develop, manufacture and commercialize new surgical applications in accordance with the terms of the agreements; continued strength in the financial position, including cash flows, of Baxter and Ramot; actions of regulatory bodies and other governmental authorities; changes in laws and regulations; and other risks identified in Baxter’s most recent filing on Form 10-K and other SEC filings, all of which are available on its website. Baxter does not undertake to update its forward-looking statements.