AP NEWS

Mercury Biomed Awarded $1.5M National Institutes of Health Grant

September 19, 2018

CLEVELAND--(BUSINESS WIRE)--Sep 19, 2018--Mercury Biomed, a company developing a novel approach to managing core body temperature, was awarded a $1.5 million non-dilutive Phase II Small Business Technology Transfer (STTR) grant through the National Institute of General Medical Sciences (NIGMS). The award (2 R42 GM119871-02) will enable Mercury to continue along the path toward commercialization of its first device, WarmSmart, a disruptive solution for warming patients in the peri-operative environment.

Based on successful achievement of Phase I milestones, including development of commercial-grade prototypes of the device and demonstration of the clinical effectiveness of Mercury’s Selective Thermal Stimulation approach, the National Institutes of Health (NIH) awarded these additional funds to continue the development of Mercury’s novel technology.

Fifty-three million patients undergo general anesthesia each year, risking life-threatening complications due to rapid reduction of core body temperature in the operating room. WarmSmart, in contrast to alternative methods, works in-concert with the body’s intrinsic thermoregulatory function to noninvasively warm the body core. The global market for patient temperature management solutions is $2.5 billion per year.

“Mercury is deeply appreciative of the continued support provided by the NIH and NIGMS through this STTR program,” said Brad Pulver, CEO of Mercury Biomed. “Warming patients during surgery has become standard of care, and we believe Mercury’s vastly different approach will lead to a smarter and safer way to maintain normothermia in the OR. We’re thrilled to have been awarded these additional funds to get WarmSmart to market.”

The technology originates from research conducted at The University of Texas at Austin under the direction of Professor Ken Diller, Inventor and Mercury’s Chief Science Officer. While continued development work is performed in Austin, WarmSmart will continue to be tested in the OR under the clinical direction and oversight of doctors Daniel Sessler, Andrea Kurz, Kurt Ruetzler and Mehmet Turan at the Cleveland Clinic.

Dr. Sessler, Anesthesiologist and Chair of Cleveland Clinic’s Department of Outcomes Research and the Principle Investigator on this Phase II award commented, “The STTR program is highly competitive and we are delighted that NIH will support our trial. Keeping surgical patients warm is critically important and sometimes very challenging. We therefore look forward to testing this new warming method.”

This Phase II award will provide the funds necessary to conduct Phase II clinical trials at the Cleveland Clinic and achieve FDA clearance. The grant is Mercury’s third major non-dilutive funding victory. It was previously funded by the Ohio Third Frontier initiative and Phase I of the NIH STTR program, placing Mercury in rare company as a winner of all three 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 upon completion will be submitted for FDA 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/.

About Cleveland Clinic:

Cleveland Clinic is a nonprofit multispecialty academic medical center that integrates clinical and hospital care with research and education. Located in Cleveland, Ohio, it was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. Cleveland Clinic has pioneered many medical breakthroughs, including coronary artery bypass surgery and the first face transplant in the United States. U.S. News & World Report consistently names Cleveland Clinic as one of the nation’s best hospitals in its annual “America’s Best Hospitals” survey. Among Cleveland Clinic’s 52,000 employees are more than 3,600 full-time salaried physicians and researchers and 14,000 nurses, representing 140 medical specialties and subspecialties. Cleveland Clinic’s health system includes a 165-acre main campus near downtown Cleveland, 11 regional hospitals, more than 150 northern Ohio outpatient locations – including 18 full-service family health centers and three health and wellness centers – and locations in Weston, Fla.; Las Vegas, Nev.; Toronto, Canada; Abu Dhabi, UAE; and London, England. In 2017, there were 7.6 million outpatient visits, 229,000 hospital admissions and 207,000 surgical cases throughout Cleveland Clinic’s health system. Patients came for treatment from every state and 185 countries. Visit us at clevelandclinic.org. Follow us at twitter.com/clevelandclinic. News and resources available at newsroom.clevelandclinic.org.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180919005358/en/

CONTACT: Mercury Biomed

Brad Pulver, 216-777-1492

CEO

brad@mercurybiomed.com

KEYWORD: UNITED STATES NORTH AMERICA OHIO

INDUSTRY KEYWORD: SURGERY HEALTH CLINICAL TRIALS HOSPITALS MEDICAL DEVICES OTHER HEALTH

SOURCE: Mercury Biomed

Copyright Business Wire 2018.

PUB: 09/19/2018 09:00 AM/DISC: 09/19/2018 09:01 AM

http://www.businesswire.com/news/home/20180919005358/en

AP RADIO
Update hourly