2024-07-30

Japanese medtech startup, CoreTissue BioEngineering, becomes first company accepted into accelerator program backed by Mitsubishi Corporation (Americas) and Fogarty Innovation

CoreTissue BioEngineering Inc. (“CTBE”), a medical device start-up developing an artificial ligament derived from decellularized animal tissue, is the first company to be accepted by R Accelerator Program, a joint initiative backed by Mitsubishi Corporation (Americas) (“MCA”) and Fogarty Innovation. This program is currently focused on helping high-potential Japanese medtech companies commercialize their products in the U.S. Over the course of the six-month program, CTBE will work closely with leadership from MCA and Fogarty Innovation to craft a business development plan for the U.S. market including regulatory and reimbursement strategies. 

More than 800,000 patients worldwide undergo anterior cruciate ligament (ACL) reconstruction surgery each year including approximately 20,000 patients in Japan and 200,000 patients in the U.S. CTBE aims to create better options for patients by developing an artificial ligament that offers the same biocompatibility and strength as an autologous transplant without requiring the patient’s own tissue. The company will start its pivotal clinical study in Japan later this year.  

R Accelerator Program

R Accelerator Program, led by Mitsubishi Corporation (Americas), helps Japanese startups prepare to enter the U.S. market. Collaborating with top-tier partners in the innovation ecosystem, the program provides approximately six months of support in Silicon Valley, a global hub for innovation and business development.

Comments from program organizers

Mr. Shotaro Wakasa from Mitsubishi Corporation (Americas)

Under the strong leadership of its CEO, CTBE has crafted a business plan for expanding into the U.S. market. We are pleased to support the CTBE team as they develop innovative solutions.

Mr. Mike Regan from Fogarty Innovation, Chief Innovation Officer

We are working closely with the CTBE team to provide the strategic guidance and regulatory expertise needed to successfully navigate the complexities of the U.S. market. We are thrilled to support such an enthusiastic and motivated team, and we look forward to seeing all that they accomplish.

Company Overview

CoreTissue BioEngineering Inc. (CTBE)

CTBE is a medical device start-up focusing on the development of artificial ligaments for Anterior Cruciate Ligament (ACL) reconstruction surgery through unique decellularization technology. The company is led by CEO Chiaki Waki, who has nearly two decades of experience in medtech, including high-level positions at Abbott, Boston Scientific, and BD. 

URL : https://www.coretissue.com/english/

 

Mitsubishi Corporation (Americas)

Mitsubishi Corporation (Americas) is a wholly owned subsidiary of Mitsubishi Corporation, a global integrated business enterprise with eight business groups that operate across virtually every industry. These include Environmental Energy, Material Solution, Mineral Resources, Urban Development and Infrastructure, Mobility, Food Industry, Smart-Life Creation, and Power Solution.

URL : https://www.mitsubishicorp.com/northamerica/

 

Fogarty Innovation

Fogarty Innovation is a nonprofit educational medtech incubator dedicated to advancing human health worldwide. The company’s seasoned leadership team provides full contact mentoring to help young companies navigate the path to commercialization, delivers practical educational programming to stakeholders across the ecosystem, and forges alliances that accelerate the invention, development, and deployment of new medical technologies into clinical care. Founded by Thomas J. Fogarty, MD, a world-renowned cardiovascular surgeon, inventor, and entrepreneur, Fogarty Innovation is headquartered on the El Camino Health campus in Mountain View, California. 

URL : https://www.fogartyinnovation.org/