In this week’s edition of InnovationRx, we look at Phil Knight’s significant cancer donation, Medallion’s healthcare credentialing clearinghouse, a new fibromyalgia treatment, and more. To receive it in your inbox, subscribe here.
Nike Founder Phil Knight
Ethan Pines for Forbes
Nike cofounder Phil Knight and his wife Penny have donated $2 billion to Oregon Health & Science University’s Knight Cancer Institute, making it the largest pledge to a university. Prior to this announcement last week, the couple had already donated $600 million to the institute. With a net worth of $35.6 billion, according to Forbes, the Knights’ generous gift will support ongoing research into cancer treatments and diagnostics at the institute. Brian Druker, who is returning as president with this donation, emphasized the importance of this funding amidst federal cutbacks in research spending, stating that it could help attract top talent to the institute. This donation surpasses Michael Bloomberg’s $1.8 billion contribution to Johns Hopkins in 2018.
The focus of the institute will also include enhancing the care experience for cancer patients, alleviating the burden of navigating the complex healthcare system during such a challenging time. Druker highlighted the current struggles patients face in managing multiple appointments, dealing with insurance companies, and addressing work-related issues while coping with a cancer diagnosis. The goal is to simplify the care process for patients, providing support for various needs such as mental health consultations and nutritional assistance, while handling administrative tasks like insurance approvals. The institute plans to implement a streamlined care navigation system in the coming months.
Health Startup Medallion Is Rolling Out A National Credentialing Clearinghouse
Medallion’s Derek Lo
Jasmin Kemp Photography
Doctors can only practice medicine in states where they’re licensed, and each insurer they work with must verify their credentials. This process, costing over $1 billion annually, is riddled with inefficiencies. Medallion’s Derek Lo aims to simplify this system by introducing software that eliminates redundant credentialing efforts, reducing paperwork and ensuring the legitimacy of medical practitioners. The startup recently launched CredAlliance, a national clearinghouse designed to standardize credential verification across various health plans. Several payers have already signed up, with major health plans considering joining the alliance.
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BIOTECH AND PHARMA
Gene therapy startup Kriya Therapeutics secured a $313 million investment from undisclosed investors, a significant amount in today’s challenging biotech funding landscape. Led by cofounder and CEO Dr. Shankar Ramaswamy, the company is focused on developing treatments for chronic diseases such as type 1 diabetes and trigeminal neuralgia. With a total funding of $931 million, Kriya Therapeutics aims to address unmet medical needs through innovative gene therapy solutions.
In addition, Tonix Pharmaceuticals received approval for Tonyma, a new nonopioid analgesic for fibromyalgia, the first of its kind in over 15 years. This pill is designed for rapid absorption into the bloodstream, with plans for launch in the fourth quarter.
DIGITAL HEALTH AND AI
Epic, a leading electronic health recordkeeping company, is introducing new AI tools for healthcare providers and patients. With technology utilized by thousands of hospitals, clinics, and millions of patients globally, Epic’s latest innovations include a virtual assistant named Emmie, aimed at enhancing patient education by addressing inquiries before appointments.
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MEDTECH
The FDA has cleared a novel device for treating trigeminal neuralgia, a condition impacting 150,000 individuals annually in the U.S. Developed by NeuroOne, a publicly traded company, the minimally-invasive device utilizes radiofrequency energy to disrupt nerve fibers, interrupting pain signals to the brain. NeuroOne plans to launch the OneRF device in the fourth quarter.
PUBLIC HEALTH AND HOSPITALS
The American Academy of Pediatrics has recommended that infants and toddlers aged 6 months to 23 months receive the COVID vaccine, in contrast to recent federal guidance changes. The organization’s decision to abstain from participating in immunization discussions reflects concerns over recent policy shifts.
WHAT WE’RE READING
An individual following ChatGPT’s advice to substitute table salt with sodium bromide and experienced hallucinations, leading to hospitalization.
The New Yorker explores the lives of teenagers with progeria, a rare condition that accelerates aging, shedding light on the quest for a cure and insights into the aging process.
Sarepta Therapeutics recently sold Arrowhead Pharmaceuticals shares to raise funds, highlighting financial challenges in the gene therapy sector.
A decade-long study revealed that providing $1,000 to poverty-stricken families is the most effective way to reduce children’s mortality rates.
The transformation of NYU Langone into a $14 billion hospital powerhouse through strategic data utilization and board leadership is examined in a recent article.
Following disappointing clinical trial results, Viking Therapeutics experienced a 42% stock decline.
Precigen received FDA approval for its immunotherapy treatment Papzimeos targeting a rare disease caused by HPV infection.
An analysis of flawed studies used to support the debunked link between vaccines and autism, attributed to David and Mark Geier, is explored.
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