PADT is building on 15 years of success in the energy and aerospace sectors by investing in our medical device group – PADT Medical. Part of this investment involves developing new products founded on concepts provided by Doctors, entrepreneurs, inventors, and tech transfer offices. PADT began building its medical device capability in 2002 and formed PADT Medical as a formal group in 2006. The group has been FDA compliant since 2007 and will be certified ISO13485 in Q3, 2009.
Since late last year, we have been working to find products for PADT Medical to develop and to date we have collected and reviewed ~ 60 concepts. Four of these concepts have made it through our initial investigation and we are now pursuing the next preliminary phase of development. We hope to make it to full scale development on 1 or 2 products each year.
We are looking for two very distinct types of product opportunities: one that is simple enough for PADT to fund largely on our own, or with some Angel level support, and could conceivably be to market in 18 months; and one that is much more technically cutting edge and that we would work to gather government and VC funding for and would take ~ 4 years to bring to market. An example of a simple product that we are funding on our own is a one-piece plastic tool that would be used in hospitals for routine exams. An example of a cutting edge device that we are pursuing is an aortic graft. In the case of this graft, we have partnered with a leading doctor and entrepreneur to apply for an NIH grant to develop a proof of concept.
Simple product IP that we would be interested to review could come from almost any discipline, but cutting edge concepts would best fit us if they were endovascular, endoscopic, laparoscopic, diagnostic, natural orifice, or orthopedic in nature.
We are excited about bringing this business opportunity to doctors and entrepreneurs in Arizona and look forward to hearing your ideas and concepts. If you are interested, we invite you to contact us to further explore the potential of commercializing your IP.
Since late last year, we have been working to find products for PADT Medical to develop and to date we have collected and reviewed ~ 60 concepts. Four of these concepts have made it through our initial investigation and we are now pursuing the next preliminary phase of development. We hope to make it to full scale development on 1 or 2 products each year.
We are looking for two very distinct types of product opportunities: one that is simple enough for PADT to fund largely on our own, or with some Angel level support, and could conceivably be to market in 18 months; and one that is much more technically cutting edge and that we would work to gather government and VC funding for and would take ~ 4 years to bring to market. An example of a simple product that we are funding on our own is a one-piece plastic tool that would be used in hospitals for routine exams. An example of a cutting edge device that we are pursuing is an aortic graft. In the case of this graft, we have partnered with a leading doctor and entrepreneur to apply for an NIH grant to develop a proof of concept.
Simple product IP that we would be interested to review could come from almost any discipline, but cutting edge concepts would best fit us if they were endovascular, endoscopic, laparoscopic, diagnostic, natural orifice, or orthopedic in nature.
We are excited about bringing this business opportunity to doctors and entrepreneurs in Arizona and look forward to hearing your ideas and concepts. If you are interested, we invite you to contact us to further explore the potential of commercializing your IP.
