Wake Forest Baptist Medical Center today announced the the creation of a Technology Development Program, a $15 million program to develop the ideas, discoveries and inventions of the faculty and staff of the Medical Center into life science technologies having the potential to benefit patients in the community and worldwide.
The new program is in partnership with leading life science investment firm Pappas Capital in Durham. Funds will be managed by Pappas in collaboration with Wake Forest Innovations to advance clinically important life science technologies for licensing to established companies or startups.
Wake Forest Baptist has a long legacy of research, discovery and development of technologies that benefit our patients. The Technology Development Program adds an important element to our commitment to promote new ideas and innovation.
The partnership with Pappas Capital will serve as an important catalyst for collaboration with industry. This new relationship will help bring our faculty and researchers together with Pappas’ extensive network of pharmaceutical, biotechnology and medical device companies and disease-focused philanthropic foundations.
One of the important attributes of the program is an increased ability to support faculty who have an interest and focus on discovery and technology innovation. Our faculty and staff have the ideas, the passion and the commitment to develop technologies having the potential to benefit patients in the community and worldwide. This new investment supports faculty innovation and, importantly, diversifies revenue potential.
Wake Forest Innovations expects to work with Pappas Capital to invest in approximately 25 early-stage technologies over the next three to five years to develop technologies for licensing to industry. In partnership with Pappas Capital, the Technology Development Program will seek matching funds from foundations, non-profits, industry and other life science organizations.
The Center for Technology Innovation & Commercialization, part of Wake Forest Innovations, works with faculty and staff at Wake Forest Baptist to help move product ideas through the stages of technology evaluation. Services provided include pursuing patent protection, conducting market analytics, and preclinical and clinical development, all culminating in potential licensing of the technology to industry, including startups. The Center (formed recently through a merger of the Departments of Product Innovation Services and Industry Relations & Business Development) handles all proprietary technologies of the Medical Center including therapeutics, vaccines, diagnostics, medical devices and digital health technologies.
Faculty and For more information about the Technology Development program or how to secure funding for your technology, please contact the Center for Technology Innovation & Commercialization at firstname.lastname@example.org or call +1.336.716.3729.