Mayo Clinic and Massachusetts-based med-tech manufacturer Boston Scientific Corp. are launching a multi-million-dollar medical technology accelerator to develop new technologies and products that address unmet medical needs. The launch is being officially announced today at noon in Rochester. According to a press statement, Motion Medical will accelerate the development of medical technology and new minimally invasive treatments for “unmet medical needs.”
"Mayo Clinic is committed to accelerating the pace of discoveries to bring new technologies and treatments to patients faster," Gianrico Farrugia, president and CEO of Mayo Clinic said in a statement. "This collaboration and others like it will continue to strengthen Rochester and Minnesota as a biomedical innovation and economic powerhouse."
The 1,800-square-foot Motion Medical accelerator will be a key tenant in One Discovery Square, the bioscience center in the Discovery Square research district. One Discovery Square, which is being developed by Golden Valley-based construction firm M. A. Mortenson Co., anchors the 16-block Discovery Square research district, part of the $5.6 billion Destination Medical Center economic development initiative. Motion Medical is expected to open this fall.
Motion Medical won’t be the first time Mayo Clinic and Boston Scientific have worked together. For the past decade, the two entities have brought together their clinical and engineering expertise on new technologies in interventional cardiology, neuromodulation, and urology, filing eight joint patent applications and collaborating on two clinical trials.
"This collaboration between Mayo Clinic and Boston Scientific builds on our experience working together to support the shared goal of advancing patient-centered innovation," Boston Scientific chairman and CEO Mike Mahoney says. "This approach combines the unique strengths of our two organizations, and we look forward to working together to solve complex health care challenges."
Boston Scientific has long had an extensive presence in Minnesota. Its Arden Hills-based cardiac rhythm management group, which develops and markets products such as heart pacemakers and implantable defibrillators, generates roughly 20 percent of Boston Scientific’s total sales.
In its second-quarter 2019 results released July 24, Boston Scientific (NYSE: BSX) posted sales of $2.631 billion, compared to $2.49 billion for the prior year period. Earnings were$154 million, down from $555 million in the second quarter of 2018. Still, Boston Scientific's share price has risen over 22 percent since the beginning of 2019.