News: Kentucky Seed Capital Fund Invests in Innovative Medical Device Start-Up
Intellirod Spine Emerges from UofL Research Center with Spinal Fusion Diagnostic Device
LOUISVILLE - The Kentucky Seed Capital Fund announced today that it led a $1.1 million Series A funding for Louisville-based medical device start-up, Intellirod Spine
"Intellirod Spine has all of the qualities we seek in potential investment opportunities," explained George Emont, managing partner of the fund. "With an innovative concept and strong scientific and management leadership, we are pleased that Intellirod Spine is our first device company investment."
Capitalizing on the University of Louisville's Mico/Nano Technology Service Center clean room and MEMS fabrication capabilities, Intellirod Spine Inc. has developed an innovative diagnostic system that will allow orthopaedic surgeons to accurately monitor spinal fusion progress.
Approximately 527,000 spinal fusion surgeries were performed worldwide in 2006. Ten to twenty percent required a secondary exploratory surgery at an annual cost of over $1.5 billion. to verify non-fusions when the patient's pain persists; yet up to 50 percent are found to be fusing properly. The Intellirod Spine technology will be able to verify fusion without expensive re-operations.
"This is a battery-less device," explained Intellirod Spine CEO Tim Prell. "It is designed to remain in the patient's body and respond when needed for life."
Intellirod Spine was founded, along with Prell, by a diverse team of UofL researchers, engineers and physicians, including Bill Hnat, Ph.D.; Ronaldo Puno, M.D., John Naber, Ph.D.; Kevin Walsh, Ph.D.; and Michael Voor, Ph.D.
Joining KSCF in this funding are Queen City Angels, Cardinal Ventures, Kentucky Science & Technology Corp., Commonwealth Seed Capital Fund, and the company's founders.
"This investment will allow Intellirod Spine to complete its manufacturing design and then move through a series of animal tests to prepare for FDA clinical trials," Emont said. "We support the company's plan to bring this exciting technology to market in the next two to three years."
Investors in KSCF include the Commonwealth of Kentucky through Commonwealth Seed Capital, Humana Inc., the University of Louisville Foundation, Baptist Hospital Health System, Kosair Charities, James Graham Brown Foundation, Jewish Hospital HealthCare Services, and several individuals.
According to Emont, the fund will invest in companies at the earliest stages of development, providing a pipeline of investment opportunities for later-stage venture investment.
Intellirod Spine™ Acquires New IP, First patient with LOADPRO™, and over $1M in New Financing (External Link)
Look for our abstract accepted at the North American Spine Society 32nd Annual Meeting in Orlando, FL October 25-28, 2017. (External Link)
Intellirod Spine Raises Over $1M (External Link)
Intellirod Spine Receives $1.6 Million Ohio Third Frontier Award
An Orthopedic Sensor To Report Progress of Spinal Fusion Aims to Reduce Use of CT Scans (External Link)
City of Akron Backs Intellirod Spine with $1.1 Million (External Link)
JumpStart Invests $250,000 in Intellirod Spine (External Link)
Intellirod Spine Arrives in Ohio with a Sensor Device for Spine Surgeries & $1.1M in New Investments (External Link)
About Intellirod Spine
Intellirod Spine™ (formerly OrthoData Inc.) was founded by renowned spine surgeon Rolando M. Puno, M.D. and professors from the University of Louisville. The company is developing a wireless implantable microelectronic spinal rod strain sensor. This innovative strain monitoring system will allow spine surgeons to objectively assess the strain on implanted spinal fusion rods.