MetroNational is launching a technology-based health care division to fill a void left by Tropical Storm Allison.
The local land owner and real estate developer is establishing MetroNational Healthcare Ventures with an initial $5 million investment to provide the local and state medical community access to a high-tech imaging cyclotron that will replace a similar device destroyed in the Medical Center during June's devastating floods.
The 55-ton device produces an isotope solution used to diagnose and monitor cancer, heart and brain diseases. A future application also includes early detection screening and diagnosis of Alzheimer's.
MetroNational Healthcare is currently in negotiations to purchase the device -- worth more than $2 million -- and set up operations near the Texas Medical Center.
The new venture will be staffed by about eight people, including physicians and researchers. The project also will involve training services.
Michael Lewis, a 20-year health care veteran, has been named CEO of the new company. Lewis has served as vice president for Memorial City Hospital and administrative director of imaging services for Memorial Hermann Healthcare System.
Lewis says since the city's only cyclotron was submerged during at The University of Texas-Houston Health Science Center during the floods, MetroNational realized a significant opportunity in the medical field that could also create value for the company.
The isotope product will be marketed to hospitals and imaging operators, similar to a pharmaceutical operation.
In the future, Lewis says the company hopes to develop new products and possibly market them oversees.
MetroNational Healthcare is scheduled to be up and running in a new facility by next summer.
Company Spokesman Todd Riedel, says the new venture will be a natural transition, as health care is one of the firm's core competencies.
Aside from numerous office, retail and multifamily developments, MetroNational for years has been a major player in the health care industry. From 1971 until 1994 the company owned and operated Memorial City Medical Center, before the facility merged with Memorial Hermann Healthcare System. Now MetroNational just owns the facility.
The company also owns at least six senior living facilities throughout Houston. Within the past year, MetroNational has taken major steps to diversify and invest in new entrepreneurial businesses.
In January, the company launched its first spin-off enterprise. Kimberley Partners, described as part real estate company, part venture capital firm, develops real estate and invests in emerging companies.
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