The Alfred Mann Foundation announced Wednesday it will create a new medical device company called Medallion Therapeutics Inc. that will aim to provide targeted delivery solutions for pharmaceuticals and biologic therapies.

Medallion’s product line centers around its recently introduced drug delivery infusion pump, which was designed by Mann employees to deliver small doses of concentrated medication to a targeted site in the body to relieve pain.

Medallion launched about two weeks ago and is operating from an existing Mann building in Valencia. The Valencia-based Alfred Mann Foundation was founded in 1985 by serial entrepreneur Alfred Mann.

Donald Deyo will serve as the chief executive for the new firm, and Eric S. Harris will serve as the chief commercial officer.

The company’s product is awaiting approval from the Federal Drug Administration, which Harris hopes to receive mid-year after Medallion completes a clinical study. The study involves nine hospitals across the country.

Incoming CEO Deyo released the following statement:

“Engineers have created a tremendous platform that addresses major needs associated with currently marketed implantable delivery devices, as well as opens the door to targeted delivery of large molecules associated with novel biologic therapies,” said Deyo in a statement.