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Intellirod Spine Receives $1.6 Million Ohio Third Frontier Award
Funds Used to Accelerate Development of Novel Sensor Technology
Intellirod Spine, the spinal implant company developing implantable wireless sensor technology to aid in the assessment of spine fusion, secured debt financing of $1.6 million from the Ohio Third Frontier’s Commercial Acceleration Loan Fund (CALF). This award allows the company to accelerate its plan to commercialize the Intellirod™ Sensor and related lumbar fusion implants.
The Akron-based medical device company plans to use the funding to pursue CE Mark and FDA approvals, add a companion pedicle screw system to its technology offering and hire additional staff. "We appreciate this award from the Ohio Third Frontier Commission as it enables us to not only accelerate our timeline to obtain regulatory approvals and a companion pedicle screw system but also expand our staff – all critical milestones," stated Intellirod Spine’s CEO and President, Ric Navarro. Intellirod Spine recently hired Robert Eberle as Vice President of Clinical Affairs, adding more than 25 years of orthopedic clinical research and study management experience from orthopedic powerhouses Medtronic and Zimmer.
Intellirod Spine’s breakthrough implantable microelectronic spine fusion sensor, known as the Intellirod™ System, will enable surgeons to assess the progress of spinal fusion while minimizing costs from CT scans and exploratory surgery. The system targets downstream cost reductions and surgeon decision making to improve patient outcomes. In addition, the Intellirod system is more quantifiable than imaging, providing an evidence-based approach to managing and customizing a patient’s recovery.
Dr. Rolando Puno, a co-founder of Intellirod Spine and spine surgeon at the Norton Leatherman Spine Center stated, "I believe the Intellirod™ will be a valuable tool to determine when bone healing in spine fusion is complete. Currently used plain X-rays or CT scans are but a snapshot in time, generally done 3 to 6 months following surgery, when complete healing probably occurs sooner. Having the Intellirod™ indicate when healing is complete means patients may be able to return to work sooner and bring significant positive economic benefits. With the Intellirod™, fusion will be determined more physiologically without the need for radiation, saving the patient from exposure to high doses of radiation."
Intellirod Spine recently raised $1.1 million in equity capital and plans to close on additional equity investments in the current quarter. "We’re very appreciative that Ohio supports innovation through programs like Third Frontier and CALF to help technology companies like ours reach key milestones much quicker so we can help patients and help the region’s economy," says Navarro.
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Latest News
Intellirod Spine Launching iLink® Wearable Sensor (External Link)
Intellirod Spine Receives First Ever Spine FDA De Novo Approval (External Link)
Intellirod Listed as Top 10 Biomechanics Solution Provider (External Link)
Intellirod Spine's New High-tech Measurement of Spine Healing (External Link)
Intellirod Spine recognized as a leading HealthTech Innovator in the 2017 Global Digital Health 100 (External Link)
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.
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