Biomedical startup acquired by global medical technology firm
AURORA, Colo. (May 1, 2018) – A medical device company founded by two University of Colorado Denver and CU Anschutz Medical Campus professors was recently acquired by Stryker, one of the world's leading medical technology companies.
Dr. Omer Mei-Dan, a sports surgeon and associate professor of orthopedics at the CU School of Medicine and Dr. Robin Shandas, chair of bioengineering in the College of Engineering and Applied Sciences at the University of Colorado Denver | Anschutz Medical Campus collaborated on the Pivot Guardian, the industry's first post-free hip distraction system, designed to mitigate groin complications and heel slip associated with hip arthroscopy.
Working with Dr. Jacob Segil, Instructor in Engineering Plus at the University of Colorado Boulder, and Brett Schumer, an orthopedic device consultant, Drs. Mei-Dan and Shandas created MITA LLC to bring Dr. Mei-Dan's novel hip distraction technique to market. The terms of the sale were not disclosed.
The acquisition shows the impact of pairing clinical faculty with bioengineers to bring promising ideas to market. The total time between initial discussions and company exit was less than two years.
"The fact that our Bioengineering Department is located on the CU Anschutz Medical Campus really facilitates such multi-disciplinary interactions," said Professor Shandas, founding chair of the department who has co-founded several other companies with clinical faculty. "We built a technical team very quickly to execute on Dr. Mei-Dan's vision to help his patients, while at the same time building the startup company to carry the idea into commercial reality."
Dr. Mei-Dan agreed.
"Having biomedical engineers as in-house partners who can quickly understand the clinical need, assemble a business-savvy technical team, and iterate through multiple prototypes efficiently is a huge great asset we have here on campus," he said. "This great success gives me much confidence for future endeavors."
About the Department of Bioengineering, College of Engineering and Applied Science, University of Colorado Denver | Anschutz Medical Campus
The Department of Bioengineering at the University of Colorado Denver | Anschutz Medical Campus performs interdisciplinary research and training at undergraduate, graduate and post-graduate levels in bioengineering, focused on catalyzing technology development to cure and prevent disease. One of the few cross-campus programs in Colorado, Bioengineering also partners with clinicians and entrepreneurs to bring products to market efficiently and quickly. More information is available at http://www.ucdenver.edu/bioengineering
About Sports Medicine, University of Colorado School of Medicine
The CU Sports Medicine division treats competitive and recreational athletes of all types and ages across the Colorado Front Range, encompassing care for hip, knee, hand, foot & ankle, elbow & shoulder, and spine. CU Sports Medicine physicians lead their field performing groundbreaking procedures including stem cell therapies, orthobiologics, innovative devices and clinical trials. They are also the head team physicians for the Denver Broncos, Colorado Rockies, Denver Nuggets, Colorado Avalanche, Colorado Mammoth as well as NCAA teams at the University of Colorado and the University of Denver.