The Global Center for Medical Innovation (GCMI) announced today it has signed a letter of intent to acquire the ownership interest in T3 Labs, an industry leading preclinical CRO in Atlanta, from Emory/Saint Joseph’s, Inc.
T3 Labs is currently a development partner of GCMI and their good laboratory practice (GLP) studies have helped more than 30 medical devices achieve FDA /CE regulatory approval. Atlanta-based CardioMEMS developed the world’s first wireless implantable device that measures and monitors pulmonary artery pressures for heart failure patients through preclinical work at T3 Labs. CardioMEMS was acquired by St. Jude Medical in 2014 for $455 million.
“From concept to development through clinical trials, the critical infrastructure to support successful medtech innovation resides within close proximity to our facilities,” said GCMI Executive Director Tiffany Wilson. “Placing T3 Labs under GCMI’s umbrella will enhance operational efficiencies for both, creating and maintaining a capital efficient environment through collaboration and resource alignment. This is a high value proposition for medtech innovators, entrepreneurs, and regional economic development.
“Medical device innovation is a complex, expensive process, yet there is a tremendous need for novel solutions to unmet clinical needs. These are the technologies that will ultimately benefit patients and lower healthcare costs by improving the way physicians diagnose and treat disease. Given Atlanta’s fantastic resources, which include expertise at GCMI, T3 Labs, Georgia Tech and Emory Healthcare, we can help derisk many new medical technologies in a methodical way, making the process more transparent and predictable, decreasing the time required for a new device to get to market and attracting more investment.”
The teams have been collaborating to support GCMI’s incubator companies. Strataca Systems TM, developers of a novel device to treat kidney diseases, completed a $2 million raise after demonstrating proof of concept for their designs and technology with the support of both GCMI and T3 Labs.
As an affiliate of Georgia Tech, GCMI and the T3 team will be working closely with the academic and clinical community to identify, test, develop, and commercialize university innovations, supporting the growth of Georgia Tech’s innovation neighborhoods and the entrepreneurial ecosystem in Atlanta.