A Medical Device Daily
Active Control (San Jose, California), newly incorporated in Delaware, reported its formation and the initiation of fund-raising through private sources, initially seeking, it said, to raise $4 million.
Active Control says it is focused on advanced mathematical modeling techniques used in process engineering for its healthcare devices.
The company also reported the signing of a worldwide exclusive license with Intersection Lifesciences of New Zealand. Active Control said it receives development and commercialization rights for a range of healthcare products in development since 2002 along with "a substantial body" of intellectual property.
"With the signing of the license agreement, Active Control has created an instant pipeline of proprietary products with our first product, The Rule, expected to be cleared by the FDA for marketing in the summer of 2007," said Kurt Amundson, president/CEO.
The rule is designed to factor in key human health indicators allowing an intensive care unit medical team to achieve and maintain tight control of blood sugar levels of patients. Recommending nutrition and insulin inputs on a patient by patient basis, the product is expressed in the form of a simple-to-read slide rule.
In 2006 the SPRINT Wheel won New Zealand's Health Innovation Award for its product category and was chosen as the Supreme Winner.
Amundson said, "We are at a point in our company development that generally takes emerging companies three to four years to achieve. With a dedicated research staff in New Zealand through our partner, Intersection Lifesciences, our speed to market is greatly reduced."
Intersection Lifesciences owns the rights to the products, the technology and any further developments, as well as new applications. The Rule product (which is the second generation of the currently used SPRINT Wheel) has been in clinical practice in the Christchurch Hospital since August 2005, according to the company
Intersection Lifesciences is a specific purpose corporation organized to hold the intellectual property. It is owned 50% by the Canterbury Development Corporation and 50% by Professor Geoffrey Chase of the University of Canterbury and Dr. Geoffrey Shaw of Christchurch Hospital.
Chris Pickrill, CEO of Canterbury Development, said, "We have made this program our lead program in an effort to better capture the value of the innovation and intellectual property created through our universities. Through the capturing of the value we expect to facilitate job opportunities for our graduating students as well as our populace at large."
Amundson said, "We have filed 13 provisional patents with the U.S. Patent Office and are now preparing our patent filings. In clinical practice at Christchurch Hospital since 2005, the technology has reduced mortality in ICU more than 30% and shortens many hospital stays by up to one day."
R&D efforts will be managed out of the U.S. by Joel Douglas, chief technology Oofficer of Active Control, with a product development team of more than 12 researchers in New Zealand. Active Control said it will file a 510(k) with the FDA by the end of May 2007 with clearance expected this summer.
Active Control was incorporated in January in the state of Delaware with corporate headquarters in California.