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Dublin: 8 °C Monday 16 September, 2019

Taoiseach to announce $16 million Enterprise Ireland collaboration with US clinic

Enterprise Ireland and the Mayo Clinic will create 10 new companies as part of the deal.

A technician at the Mayo Clinic in Rochester, Minnesota.
A technician at the Mayo Clinic in Rochester, Minnesota.
Image: AP/Press Association Images

ENTERPRISE IRELAND WILL today unveil a new partnership with the Mayo Clinic in America.

The $16 million programme will see 20 US medical technologies commercialised, with 10 spin-out companies created in the process. The collaboration will happen over the next five years.

The Taoiseach will today launch the collaboration, which has already gotten under way at NUI Galway.

He says that the deal is “highly significant from an economic perspective and builds on an Irish connection with Mayo Clinic extending back to the 19th century when the founders of the Mayo Clinic, brothers Will and Charlie Mayo, attended the Royal College of Surgeons of Ireland”.

Under the deal, the Irish government will provide up to US$16M (€11.7M) through Enterprise Ireland’s Commercialisation Fund for the co-development and licensing of novel medical technologies developed at Mayo Clinic U.S. into Ireland where they will be commercialised.

There will then be further development of the technologies by research teams in Irish higher education institutes, and introductions to investors to bring the technologies to market.

NUIG is currently being advised by two US venture companies on the establishment of the companies from their projects, which surround the treatment of pancreatitis.

Read: The Irish Cancer Society and Science Foundation Ireland are joining forces to battle the disease

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