On April 8, 2017, Forest Devices, Inc. from Carnegie Mellon University was awarded OFW Law’s Regulatory Strategy Prize at the 2017 Rice Business Plan Competition in Houston, Texas. Forest Devices bested 41 other competitors hailing from some of the world’s top universities in the overall competition, as well, earning about $700,000 in prize money. Forest Devices is a medical device startup located in Pittsburgh that is developing AlphaStroke, the first stroke screening device that can potentially be used by all medical personnel in any environment to identify stroke, enabling early diagnosis which is critical to stroke patients to assuring optimal treatment.
OFW Law firmly believes that medical technology innovators like Forest Devices and their worthy competition, who are working to globally advance the medical state of the art, should be given the best possible chance to succeed in this heavily regulated sector. The award of this prize is reflective of OFW Law’s belief that a solid understanding of the regulatory pathway is necessary to develop a sound regulatory strategy, and that such a strategy is a critical element to a life science company’s business plan. As part of its prize, OFW Law will provide its expertise and guidance on developing a regulatory strategy, including its reimbursement strategy, to Forest Devices which has demonstrated strong potential in the field.
OFW Law is based in Washington, D.C. and offers a full spectrum of FDA regulatory legal services.