A start-up company launched with technology licensed from the University of Maryland School of Medicine was bought by Royal Philips, the global health technology firm announced.
Baltimore-based Analytical Informatics Inc. and its technology will be rolled into the Philips unit Philips Radiology Solutions, expanding its offerings more quickly.
“Integrating Analytical Informatics’ software tools and applications into our current offerings will enable us to accelerate the delivery of next-generation technology, software and services, to bring the power of operational intelligence and decision support to radiology,” said Sham Sokka, general manager of radiology solutions at Philips.
Netherlands-based Philips did not disclose the financial details of the deal. Philips is a global giant with more than $20 billion in annual sales that employs 73,000 people.
Analytical Informatics was founded in 2011 as a University of Maryland, Baltimore start-up after licensing the technology that is a collection of tools and applications aimed at providing real-time information and solving workflow problems in medical imaging through the use of data. Other hospitals and tech companies already use the products.
It’s the latest example of commercialization of research from the University of Maryland’s School of Medicine. The school works with the university’s Office of Technology Transfer and other school offices to determine what findings from the labs are marketable as new technologies, pharmaceuticals or other health-related products. Sometimes the findings serve as the basis for companies, others are made available through licensing deals.
In recent years, university researchers also have licensed a treatment for celiac disease and has attracted investment to develop a diagnostic tool for inflammatory bowel disease, a portable artificial lung and a radiation therapy device to treat breast cancer and a drug to treat stroke.