The Smart Temperature Management System™ was invented by Professor Kenneth Diller at The University of Texas at Austin supported by millions of dollars of federal and state grants from the National Institute of Health, the National Science Foundation, and the TX Ignition Fund. After hundreds of experiments on human subjects at the Diller Bioheat Transfer Lab in Austin, the technology was refined and ready to be commercialized.
The research and intellectual property were spun out of UT-Austin into a proof-of-concept company, CoolCore Biomedical Technologies, founded by Ken Diller and Brian Patrick. After several years of perfecting the science behind the technology and developing a strong understanding of the market, Diller and Patrick realized that the product was ready for commercialization. They identified an ideal strategic partner in Cleveland-based Innovative Medical Equipment (IME), which had developed and currently manufactures a thermal therapy system designed to consistently cool or warm specific body parts to promote healing and recovery after surgical procedures or sports injuries. IME had already invested significant time and money on perfecting the thermoelectric technology that drives their Thermazone device, developing a full quality system, registering with the FDA, and developing its full manufacturing at scale.
In early 2015, Patrick and Brad Pulver (President of IME) came to terms on an agreement to form Mercury Biomed and establish business operations in Cleveland, Ohio. The resulting joint venture combines the methods, patents, technology assets, market knowledge, experienced management skills and talents of the legacy companies to efficiently develop and commercialize the SmartCool and WarmSmart product applications of the Smart Temperature Management System. With the assistance of a $1.4 million dollar technology commercialization loan from the State of Ohio’s Third Frontier Initiative, Mercury Biomed, LLC was born and founded in Cleveland, Ohio.
Pending expected positive clinical trial results, Mercury Biomed plans to obtain 510(k) clearances and launch WarmSmart in 2016 and SmartCool in 2018. Clinical trials for WarmSmart are already underway at a top medical institution in Cleveland, Ohio and are led by world-leading experts in perioperative patient warming. Clinical trials for SmartCool are scheduled for early 2016 in collaboration with the same clinical investigators involved in past landmark therapeutic hypothermia trials.
Mercury Biomed is currently pursuing its Series A round of financing.