Cleveland Clinic Spin-off Reaps Investment

Originally Published MDDI March 2004NEWSTRENDS

March 1, 2004

2 Min Read
Cleveland Clinic Spin-off Reaps Investment

Originally Published MDDI March 2004

NEWSTRENDS

Prognostix is based upon the work of Stanley Hazen, MD, PhD.

Erik Swain

A company spun off from the Cleveland Clinic has received a $6 million investment to develop and sell new diagnostic tests.

Prognostix is a company based upon the work of Stanley Hazen, MD, PhD, head of the clinic's Section of Preventive Cardiology and Cardiac Rehabilitation. The company is getting the funding from ExOxEmis Inc. (Little Rock, AR), a company that develops products based on research on the role of oxygen in biological systems.

Prognostix is developing new diagnostic approaches to inflammatory diseases by identifying signature compounds linked to the origin of specific diseases. It hopes to use that information to create diagnostic markers. Its lead product is a blood test that aims to identify those at risk for a heart attack by the level of myeloperoxidase in the bloodstream. 

“The development of such tests will help physicians determine more quickly and accurately the diagnosis of patients with inflammatory diseases, such as asthma and coronary artery disease, and assess their response to treatment,” said Eric J. Topol, MD, the clinic's chief academic officer and chairman of its Department of Cardiovascular Medicine.

Prognostix will be located on the clinic's campus and is expected to be operational in April 2004. The company anticipates collaborating with LPL Technologies, a cancer diagnostic company located on the Cleveland Clinic campus, as well as the Frantz Medical Group (New York City). The latter is a consortium of research, engineering, and manufacturing companies that produce medical devices, which has an office in Mentor, OH, near Cleveland.

Copyright ©2004 Medical Device & Diagnostic Industry

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