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The Innovation Institute in La Palma, founded with an investment from Irvine-based St. Joseph Health, said today that the Franciscan Missionaries of Our Lady Health System has become its fourth member and investor.

The not-for-profit institute is intended to develop new products and services. It is made up of an incubator for medical technology, an investment fund, and a shared services group.

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Franciscan Missionaries of Our Lady is a Catholic hospital operator with corporate offices in Baton Rouge, La. John Finan, the organization’s chief executive, said that it invested in the institute in order to maximize the potential of ideas generated by doctors and team members.

Children’s Hospital of Orange County in Orange and Maryland-based Bon Secours Health System are the other two investors in the institute.