Orlando, FL – October 23, 2008-Enterprise Florida today announced that the Florida Institute for the Commercialization of Public Research has selected MDI Partners LLC (MDI) to evaluate new medical device technologies and determine their path to commercialization.
MDI focuses on developing innovative medical devices, and Navroze Mehta, the company’s managing director, will be the primary liaison to the Institute.
Based in Boca Raton, Mehta has 15 years’ experience in managing life science and technology companies. Until recently he was president and CEO of Novavision Inc., a venture-backed neurostimulation medical device company that he co-founded in 2002. Initially, he and the MDI team are evaluating two inventions developed at Florida Atlantic University-Boca Raton.
The Institute was formed as a result of legislation passed in 2007 to assist in the creation of spinout companies from technology developed at Florida’s publicly funded research institutions. Gary Keller, the Institute’s newly hired executive director, has begun to evaluate technologies throughout the state to determine their commercial potential. Commercially viable discoveries are paired with seasoned entrepreneurs, or “Entrepreneurs-in-Residence,” and investors to accelerate their growth and success.
“Florida is home to dozens of executives who either are re-engaging after a previous success or are simply looking for new opportunities and ways to contribute to the local economic landscape, and they embody the type of leadership needed to create companies and commercialize new technologies successfully,” said Keller. “Navroze has a proven track record in starting and growing companies, including having guided Novavision’s Vision Restoration Therapy through FDA clearance, accumulating 50 Partners Centers, and completing three rounds of financing. We look forward to his contributions as Institute operations get underway.”
David Day, director of the Office of Technology Licensing for the University of Florida, added that Navroze and his partners bring a wealth of expertise in starting, funding and exiting new science and technology ventures. “He has raised in excess of $40 million for his companies, and we are delighted that MDI Partners is leading this first commercialization effort on behalf of the Institute,” said Day, who also serves as principal investigator and a board member of the Institute.
“Formation of the Florida Institute for the Commercialization of Public Research was a great step forward in helping to uncover promising new technologies developed right here in our state, and bring them to the commercial marketplace,” Mehta said. “Working with the Institute provides MDI Partners with an opportunity to have a significant impact on Florida’s economic development, and we look forward to harnessing the great potential that lies within its publicly-funded research institutions.”
About MDI Partners LLC
MDI Partners LLC specializes in early stage medical device development. The company was founded as a result of the mutual recognition by four experienced medical device leaders that there is an unmet need for financial support and management expertise in the development of promising medical device technologies for smaller markets that are below the threshold of interest for traditional venture capital. In general, these products are innovative medical devices with strong patents, a fairly straightforward design, development and regulatory pathway, and multiple potential acquiring companies with an interest in the specific area of technology. The entire MDI Partners team is actively involved in every project, each bringing their expertise to ensure success. For more information regarding MDI Partners please visit www.MDIPartnersllc.com.
About Enterprise Florida
Enterprise Florida, Inc. (EFI) is a partnership between Florida's business and government leaders and is the principal economic development organization for the state of Florida. Headquartered in Orlando, EFI’s mission is to diversify Florida’s economy and create better-paying jobs for its citizens by supporting, attracting and helping to create businesses in innovative, high-growth industries. In pursuit of its mission, EFI works closely with a statewide network of economic development partners and is funded both by the State of Florida and by private-sector businesses.