Agreement includes largest up-front licensing fee
COLUMBUS, Ohio - The Ohio State University today announced the signing of an exclusive worldwide agreement with a new company formed by Signet Enterprises: Signet Accel LLC. The new company will license a portfolio of cutting-edge Ohio State-developed software technologies for health care data sharing and advanced analytics through the Ohio State Innovation Foundation.
Signet Accel will provide technology solutions in a variety of health care and life sciences areas. The company’s applications will enable data sharing and analytics ranging from improving the design and conduct of clinical trials to supporting quality improvement in health care delivery in the United States and throughout the world.
The agreement between Ohio State and Signet Enterprises is projected to generate several million dollars in licensing fees during the life of the agreement, as well as equity for the university. It includes the largest up-front licensing payment to Ohio State -- $275,000 that already has been received from Signet Enterprises. These fees will result in direct benefit to the university and the College of Medicine.
“Most research and industry sectors see the value of leveraging big data and realize how instrumental the analysis is to the progress of our global society,” Provost Joseph Steinmetz said. “The foundation of the university’s first Discovery Themes initiative is comprised of research involving data analytics. Ohio State continues to focus on data analytics and providing opportunities for students and researchers to further explore this ever-expanding field.”
While the focus of the new company is global, the company plans to locate in central Ohio near the Ohio State campus, allowing it to take advantage of a highly skilled biomedical and computational work force being trained at the university.
Signet Accel’s technology will enable the rapid and efficient analysis of all types of health care data, allowing providers, patients and health care companies to enhance wellness and make treatment decisions based on the most current, accurate evidence.
The technologies involved in the venture were developed during the past decade by the Department of Biomedical Informatics at The Ohio State University College of Medicine, led by Philip R.O. Payne, chair of the department. Payne and Peter J. Embi, vice chair of the department, are the Ohio State faculty members who serve as co-founders of the new company.
“Our innovative technology platform allows health care organizations to share and analyze data in ways that have not previously been possible, eliminating the technical and regulatory challenges that result from trying to centralize sensitive information and enabling those entities to generate critical insights from distributed and complex data in a highly secure and on-demand manner,” Payne said.
Tim Wright, vice president of Technology Commercialization at Ohio State, called the collaboration a great example of an agreement that provides long-term value for the university and global society. “Our goal is to support Ohio State’s researchers in the commercialization process,” Wright said.
Signet Enterprises has widespread experience in business development and project and corporate financing. Signet Chairman Anthony Manna is an Ohio State alumnus.
“Signet and Ohio State share a passion for advancing faculty-developed technologies into the global marketplace,” Manna said. “The team from Signet, led by Aaron Bates (COO) and George Ammar (CFO), worked with Ohio State to advance this technology and develop a model that Ohio State and Signet will use for future opportunities. As an Ohio State alumnus, I am very proud of this collaboration that also benefits my alma mater.”
Dave Billiter, director of the Informatics Core at The Research Institute at Nationwide Children's Hospital, recently accepted the position of executive vice president of Signet Accel and will join the team at end of March.
About The Ohio State University
The Ohio State University is a dynamic community of diverse resources, where opportunity thrives and where individuals transform themselves and the world. Founded in 1870, Ohio State is a world-class public research university and the leading comprehensive teaching and research institution in the state of Ohio. With more than 63,000 students (including 57,000 in Columbus), the Wexner Medical Center, 14 colleges, 80 centers and 175 majors, the university offers its students tremendous breadth and depth of opportunity in the liberal arts, the sciences and the professions.
About Signet Enterprises:
Signet Enterprises is the 4th largest private equity firm in Ohio. Signet Enterprises unites an entrepreneurial vision with the experience to turn opportunities into realities. With decades of experience, Signet’s principals provide highly specialized knowledge and expertise in distinct disciplines including real estate development, international initiatives, start-ups, technology, and mergers & acquisitions. Signet Enterprises includes Signet Development, Signet Ventures and Signet International.