OrthoVentions LLC and the Hospital for Special Surgery (HSS) partner to nurture innovations by HSS musculoskeletal surgeons. The collaboration establishes a fund managed by OrthoVentions to create early-stage companies, driving breakthrough medical innovation to address unmet clinical needs.
March 23, 2023 /RRY Publications/ -- OrthoVentions LLC and the Hospital for Special Surgery (HSS) have entered into a partnership to foster the development of technologies by HSS musculoskeletal surgeons.
The partnership creates a dedicated fund managed by OrthoVentions principals. The OrthoVentions principals, per the press release, “will be tasked to steward the innovative technologies developed by HSS surgeons and create individual early-stage companies focused on bringing the respective inventions to market.”
Bryan Kelly, M.D., MBA commented, “We are pleased to announce this partnership between HSS and OrthoVentions designed to promote the innovative potential resident within our best-in-class musculoskeletal surgeons.”
Dr. Kelly continued, “Innovation and the development of clinically compelling solutions has been a central feature of HSS and this partnership with OrthoVentions provides our surgeons an additional opportunity for them to unlock the potential of their inventions.”
Dr. Kelly is HSS president, surgeon-in-chief, and medical director. He will transition to CEO later this year. For OTW’s coverage of Dr. Kelly’s new roles at HSS, see “Dr. Bryan Kelly to Lead HSS as President and CEO.”
According to the agreement, OrthoVentions management will oversee a competitive selection process of the technologies created by HSS surgeons. The selection process will focus on technologies that address unmet clinical needs and that will stand out in the marketplace.
This process will enable management to identify select technologies for funding. Those technologies selected will, per the press release, “be structured as stand-alone subsidiaries of OrthoVentions LLC with the goal of utilizing the funds to complete product development and achieve the appropriate regulatory approval and limited market release.”
OrthoVentions Founder and Managing Director Jagi Gill expressed excitement about the partnership. Gill stated, “One of the central pillars contributing to the exemplary reputation of HSS is its commitment to driving innovation in healthcare. We are excited to be partnering with the surgeons at HSS to leverage their unique technologies and couple them with financial and operational resources experienced in bringing products to market.”
Gill continued, “Our dedicated fund offers a unique opportunity to fund breakthrough early-stage medical innovation.” Gill explained to OTW, “The partnership was rooted in a historical relationship I had with some of the surgeons at HSS. Over the course of a year, we collectively worked to structure the framework of the partnership and refine elements that would serve the interests of both the surgeon inventors at HSS as well as our investor base.”
Gill also explained how the selection process will work, “Surgeons at HSS are invited to present their inventions to the principals of OrthoVentions for an initial review. Pending this vetting process, the principals of OrthoVentions and surgeon inventor(s) will construct a business plan for presentation in a "Shark-Tank" format. The OrthoVentions Investment Committee will select those presenting technologies for progressed diligence in order to identify those identified for funding and operational support. The selected technology will serve as the core in creating an independently operated company supported through capital and operational support from OrthoVentions.”
View the Press Release:
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