LifeBridge Health BioIncubator, the only hospital-based incubator in Maryland, brings together medical device and biomedical technology companies for interdisciplinary collaboration in the Shapiro Building at Sinai Hospital.
Companies affiliated with LifeBridge Health BioIncubator have already started building a strong record of success: They’ve earned $3.5 million in revenue while achieving total funding of more than $9 million. In addition, they’ve secured more than 15 patents and received more than 14 grants.
One of the BioIncubator’s 12 tenants, CoapTech, received a 2018 Incubator Company of the Year award, earning the top ranking in the Medical Device Company category for its technology that allows doctors to use minimally invasive procedures with ultrasound. A committee of regional industry leaders and investors recognized the development of the point-of-care ultrasound magnet aligned platform technology.
Two other tenants were finalists in two award categories: OcuFlow in Medical Device Company and Revolve Biotechnologies in Best Innovative Technology Company.
Another tenant, Alavita Health, formerly Multisensor Diagnostics, recently earned an award from the Novartis pharmaceutical company for its development of a personal medical device that allows patients’ vital signs to be tracked in their homes. The award provides Alavita Health access to development data, validation and clinical expertise.
Neil Meltzer, LifeBridge Health chief executive officer, and Dr. Jonathan Ringo, Sinai Hospital president, are recognized as the leaders in launching the LifeBridge Health BioIncubator and building its management team. Its creation led to the formation of a new department at LifeBridge Health, Innovation and Research.
LifeBridge Health says its BioIncubator met and exceeded its 2018 goals, which were to accelerate medical innovation and collaboration between biotechnology start-ups and health care providers by working with hospital doctors and leveraging new technology in the hospital.
This year, LifeBridge Health is starting its BioIncubator Affiliate program to attract companies from across the country. It’s also teaming up with CareFirst BlueCross BlueShield in their first Innovation Challenge.