October 3, 2024
Healthcare News and Deals – October 2nd, 2024
1. Starburst, NASA, TRISH, and Microsoft Select 12 Startups for Space-H Accelerator
Starburst, in collaboration with NASA’s Human Research Program, the Translational Research Institute for Space Health (TRISH), Methuselah Foundation, and Microsoft, announced the 12 startups selected for the inaugural Space-H Space Health Accelerator. The startups are developing solutions for autonomous health and performance systems needed for Lunar and Mars missions. Companies like ANYg Labs, Delta Biosciences, and Ejenta are among those selected to advance space health technologies. (Link)
2. Henry Ford Health and Ascension Michigan Finalize $12 Billion Joint Venture, Forming One of Michigan’s Largest Healthcare Systems
Henry Ford Health and Ascension Michigan have finalized a joint venture, creating a $12 billion organization under the Henry Ford Health name. Henry Ford holds an 80% stake, with Ascension retaining 20%. This merger, which includes 17,000 Ascension employees, expands Henry Ford to 550 care sites, including 13 hospitals. The newly combined system surpasses Corewell Health in patient revenue, hitting $8.7 billion in 2022. Henry Ford Health is also investing $2.2 billion to rebuild its Detroit campus, emphasizing a value-based care model while preserving Catholic traditions in former Ascension facilities. (Link)
3. Qure.ai Raises $65M in Series D Funding Led by Lightspeed and 360One Asset, with contributions from Merck Global Health Innovation Fund and Kae Capital
Qure.ai, a global healthcare AI innovator, has raised $65 million in a Series D funding round led by Lightspeed and 360One Asset, with contributions from Merck Global Health Innovation Fund and Kae Capital. The funds will be used to accelerate expansion into the US and other global markets, enhance foundational AI models, and acquire complementary med-tech companies. Existing investors, including Novo Holdings and Health Quad, also participated. Qure.ai’s AI solutions are deployed in over 90 countries, aiding in the identification and management of critical diseases. (Link)
4. AAMI and CTA Partner to Develop AI Standards for Healthcare
The Association for the Advancement of Medical Instrumentation (AAMI) and the Consumer Technology Association (CTA) have signed a memorandum of understanding to collaborate on developing industry standards for AI and machine learning in healthcare. This partnership aims to ensure the safe and effective use of AI-enabled tools, impacting medical device manufacturers and health IT fields. The collaboration will include post-market surveillance methodologies and evaluation criteria for AI products. (Link)
5. HeartX, Powered by HealthTech Arkansas and MedAxiom, Selects Caristo, Haermonics, MultiplAI Health, and Peerbridge Health for 2024 Cardiovascular Accelerator Program
HeartX, powered by HealthTech Arkansas and MedAxiom, has announced the selection of four startups for its 2024 accelerator program. The chosen companies, Caristo, Haermonics, MultiplAI Health, and Peerbridge Health, will receive $150,000 each and access to clinical trials and pilot projects. These startups bring innovative solutions in areas such as coronary inflammation detection, post-operative bleeding management, AI-powered diagnostics, and ambulatory cardiac monitoring. (Link)
6. MATTER and BARDA Launch Paratus Digital Health Hub Readiness Accelerator
MATTER, a healthcare incubator, has launched the Paratus Digital Health Hub Readiness Accelerator as part of the BARDA Accelerator Network. This program aims to develop digital health solutions for health security threats, including public health emergencies and emerging infectious diseases. The accelerator will provide mentorship, resources, and access to BARDA and industry leaders, focusing on tools that enhance preparedness, clinical capacity, and equitable access to medical countermeasures. (Link)
7. Dartmouth Digital Health Accelerator Awards $175,000 to Three Projects
The Dartmouth Innovations Accelerator for Digital Health (DIADH) awarded $175,000 to three winning projects from its second cohort. The winners include Playbl, which creates video games for mental health; Vox Cura, an AI-driven platform for medical information; and ENTerpoint, a surgical navigation system for ENT surgeries. The accelerator, a partnership between the Magnuson Center, the Center for Technology and Behavioral Health, and the Geisel School of Medicine, supports digital health innovations from Dartmouth College and Dartmouth Health. (Link)
8. Springboard Enterprises Reveals 2024 Healthcare and Technology Accelerator Cohort
Springboard Enterprises announced its inaugural 2024 Healthcare and Technology Accelerator Program cohort, featuring nine women-led companies. The selected startups, including Cellens, Concerto Biosciences, and Panakeia Technology, address critical areas such as cancer diagnostics, antimicrobial resistance, and at-home diagnostics. The program offers an intensive boot camp and expert-led workshops to accelerate growth and innovation in healthcare. (Link)
9. SMU, UCSF, and Sutter Health Lead $2.3B Investment Surge in Oakland CA's Healthcare Expansion
Oakland CA’s healthcare sector is expanding rapidly, with over $2.3 billion invested by Samuel Merritt University (SMU), UCSF Benioff Children’s Hospital, and Sutter Health. SMU is constructing a $240 million downtown campus, doubling enrollment and creating 1,100 jobs. UCSF is investing $1.6 billion to modernize its children's hospital, tripling bed capacity. Sutter Health, in partnership with Stanford Medicine, is building a $377 million cancer center. The sector, employing over 40,000 people, is projected to grow by 14% by 2026, reinforcing Oakland’s status as a major healthcare hub. (Link)
10. MedTech Innovator Announces 2024 Grand Prize and Execution Award Finalists
MedTech Innovator, the world’s largest medtech accelerator, announced the finalists for its 2024 Grand Prize and Execution Award. Five early-stage startups, including BrainSpace and Flow Medical, will compete for the $350,000 Grand Prize. Additionally, five companies, such as AccurKardia and SanaHeal, will vie for the Execution Award. The winners will be decided at The MedTech Conference in Toronto on October 16. (Link)
11. ADA Forsyth Institute Secures $6.2 Million Grant for Dental Material Research
The ADA Forsyth Institute received a $6.2 million grant from the National Institute of Dental and Craniofacial Research to develop next-generation smart materials for dental fillings. These materials will feature self-healing and antimicrobial properties, using AI to accelerate testing and development. The project aims to create durable, cost-effective dental composites that respond to changes in the oral environment, potentially revolutionizing dental care. (Link)
12. Yale’s BIDS Secures $7.88M NIH Grant for AI-Driven Mental Health Research
Yale School of Medicine’s Department of Biomedical Informatics and Data Science (BIDS) has been awarded a $7.88 million grant from the National Institute of Mental Health (NIMH). This five-year project, led by Dr. Hua Xu, will establish a Coordinating Center for the Individually Measured Phenotypes to Advance Computational Translation in Mental Health (IMPACT-MH) Program. The initiative aims to revolutionize mental health research by integrating advanced computational tools and AI to study personalized mental health phenotypes, improving diagnostic accuracy and treatment plans. (Link)
13. Spark Biomedical Launches Fellowship Program for Medical Device Innovation
Spark Biomedical has launched the Spark Biomedical Innovation Fellowship, a year-long program designed to empower resident clinicians in medical device innovation and entrepreneurship. The fellowship will provide hands-on experience in clinical trial management, FDA regulatory science, and investor engagement. The inaugural cohort includes two fourth-year neurological surgery residents, Ryan Chiu, MD, and Keith George, MD, who will work on developing and implementing clinical trials for new biomedical devices. (Link)
14. Lumicell Secures $400,000 NIH Grant to Develop Endoscopic Imaging Platform for Early Cancer Detection in Barrett’s Oesophagus
Lumicell has been awarded a $400,000 Phase I Small Business Innovation Research (SBIR) grant from the US National Cancer Institute to develop a flexible endoscopic imaging platform for detecting cancerous lesions in patients with Barrett’s oesophagus. The Massachusetts-based company will use the funds to enhance its Lumisight (pegulicianine) fluorescence imaging technology. This platform aims to identify potentially cancerous tissues in real-time. Lumicell’s technology already aids breast cancer detection, having received FDA approval earlier in 2024. The global diagnostic imaging market is expected to reach $55 billion by 2033. (Link)
15. $2.5M Federal Grant Funds New Rural Health Research Hub to Advance Health Equity in Pacific Northwest
The National Institutes of Health has awarded $2.5 million to establish a new Primary Care Rural and Frontier Clinical Trials Innovation Center. Oregon Health & Science University’s Oregon Rural Practice-based Research Network (ORPRN) and the WWAMI Practice and Research Network (WPRN) will lead the hub, focused on improving health outcomes and equity in rural communities. The PRaCTICE network will support innovative studies like BeatPain Utah and Co-Care, while fostering engagement with underrepresented populations. The initiative aims to integrate cutting-edge research into routine primary care settings across Oregon and the WWAMI region. (Link)
16. Bloomberg Philanthropies Donates $600 Million to Support Historically Black Medical Schools, Boosting Research and Diversifying Healthcare
Bloomberg Philanthropies is donating $600 million to strengthen the endowments of four historically Black medical schools: Howard University, Morehouse School of Medicine, Meharry Medical College, and Charles R. Drew University. This funding, part of the Greenwood Initiative, will double the endowments of three schools, improving research and operations while stabilizing tuition costs. A $5 million grant will also go to Xavier Ochsner College of Medicine. This investment continues Bloomberg's commitment to reducing health disparities and promoting racial equity in healthcare by increasing the number of Black physicians. (Link)
17. GE HealthCare’s MIM Software Receives FDA Clearance for Alzheimer’s Detection Tool
GE HealthCare’s MIM Software has received FDA clearance for its Centiloid scaling tool, which quantifies amyloid plaque in brain imaging to aid in Alzheimer’s disease diagnosis. The MIMneuro software, now cleared for clinical use, provides a standardized metric to help clinicians measure amyloid plaque density, enhancing diagnostic accuracy and patient care. This tool is part of GE HealthCare’s broader portfolio aimed at improving Alzheimer’s disease management. (Link)
Meet with HDIG team members at the follow upcoming events:
- Oct 9 Midwest Pediatric Device Consortium (MPDC)
- Oct 16 McDermott Will & Emery Hospitals and Health Systems Innovation Summit 2024
- Oct 20-23 HLTH USA Las Vegas NV
- Dec 4 SE Innovation Bamberg Health Atlanta GA
