Raleigh, NC-based Rex Healthcare has announced the launch of Rex Strategic Innovations a major new initiative which includes a $10 million investment fund focused on emerging medical technologies called Rex Health Ventures.
The fund will also seek $10 million from outside investors to put into deals and will have three mandates: making money, improving health care, and creating new local jobs.
Investments will be focused on health IT, medical devices, healthcare services and biopharmaceuticals.
In addition to the investment fund, Rex will also be launching several complementary initiatives in the interest of promoting communal innovation and improving patient care in the region.
Other components of Rex Strategic Innovations include:
Rex Impact Grants:
a program to provide grants to a wide range of businesses and organizations that are working to help improve patient care or community health status.
Rex Innovation Facilitator:
a formalized way for Rex co-workers and thought leaders in the community to submit innovative ideas and receive technology commercialization and company-building services for promising concepts that could lead to new products or services.
Rex Joint Ventures:
a program to partner with thought leaders in the local and regional technology, research, and entrepreneurial communities. The goal of such partnerships will be to team up to develop new products and services that can improve healthcare technology and delivery.
“Rex’s efforts fit well with the city of Raleigh’s commitment to find new ways to increase job creation by supporting innovation and small businesses,” said Raleigh Mayor Nancy McFarlane. “We welcome Rex’s initiative and expect that this community and beyond will enjoy the benefits for years to come.”
In some cases, Rex will serve as an incubator or laboratory for new concepts and as a customer for new products and services. For healthcare practitioners, Rex Health Ventures will provide the opportunity to consult and play an active role in bringing new advances in medical care to patients.
“This is an important endeavor for Rex, and an exciting time for innovation in the Triangle. This effort will create new opportunities to advance research and develop breakthrough products and treatments,” said Dr. Ravish Sachar, an interventional cardiologist with Wake Heart & Vascular, one of the Triangle’s largest specialty physician practices. “As a physician, I look forward to helping important innovations and concepts become a reality.”
“This effort will allow Rex to become a key innovation player in the Triangle and help make this region an even more attractive place for entrepreneurs to grow and succeed,” said Joan Siefert Rose, President of CED, the southeast’s largest entrepreneurial support organization. “Rex is uniquely qualified to help drive healthcare innovation and CED looks forward to working with Rex as it moves forward.”
See a video from Bill Moore on Rex Health Ventures:
See a video from Mary Ann Baldwin on Rex Strategic Innovations: