Purdue Research Foundation assumes oversight of AMIPurdue
WEST LAFAYETTE, Ind. - The Alfred E. Mann Foundation for Biomedical Engineering (AEMFBE) and Purdue Research Foundation (PRF) have agreed to end their collaboration at the request of Alfred Mann.
In an agreement with AEMFBE, PRF will assume sole oversight of AMIPurdue, the non-profit corporation jointly created by PRF and AEMFBE in 2007. Under the agreement, the AEMFBE will fund AMIPurdue's operations for another year, and AMIPurdue will retain all intellectual property developed in the five-year collaboration. PRF has released the AEMFBE from its pledge to fund a $100 million endowment for AMIPurdue.
"It's been five years, and there have been many changes in the world as well as in our foundation's focus. Purdue has been an exceptional partner in this joint research commercialization initiative, moving discoveries from the laboratory to the marketplace, and we wish them continued success," said David Hankin, president of AEMFBE.
AMIPurdue's mission is to commercialize Purdue technologies by providing early-stage seed funding and business-related guidance to help move promising discoveries to the marketplace.
Since early 2008, AEMFBE has donated $15.5 million to AMIPurdue, which has developed 11 technologies in electrical, mechanical and biomedical engineering; analytical chemistry; chemistry; pharmacy; and speech, language and hearing sciences. Startup companies taking AMIPurdue technologies to market include: QuantIon Technologies Inc., SpeechVive Inc., ImpactGuard and BioRegeneration Technologies LLC.
"The unique AMI model at Purdue, which integrates the continuing efforts of faculty and student inventors in partnership with industry experience and guidance provided by the institute, has proven to be a very effective commercialization model on all fronts," said John C. Hertig, executive director of AMIPurdue. "The relationship with Al Mann has allowed us to lay a solid foundation for the next generation of technology that will fuel Purdue for decades to come."
AMIPurdue was launched through the efforts of the California-based Alfred E. Mann Foundation for Biomedical Engineering and donations by Alfred E. Mann.
Writer: Chris Sigurdson, 765-496-2644, firstname.lastname@example.org
Source: John Hertig, 765-838-0670, email@example.com