The University of Toledo LaunchPad Incubation Program will celebrate the grand opening of two groundbreaking biomedical technology companies, OsteoNovus Inc. and Spinal Balance Inc., Thursday, July 16, from 4:30 to 9 p.m. in the Nitschke Technology Commercialization Complex.
The program will begin at 4:45 p.m. and feature speakers including UT President Sharon L. Gaber; Dr. Nagi Naganathan, dean of the UT College of Engineering; Robert Holden, former Missouri governor and chair of the Midwest U.S. China Association; and Robin Young, CEO of Pearl Driver Inc. and publisher of Orthopedics This Week.
OsteoNovus and Spinal Balance are early-stage orthopaedic medical device companies founded by Dr. Anand Agarwal, UT professor of bioengineering and Dr. Vijay Goel, UT Distinguished University Professor Endowed Chair and McMaster-Gardner Professor of Orthopaedic Bioengineering, along with Arthur Karas, co-founder of Spinal Balance, and Dr. Sarit Bhaduri, UT professor of engineering and co-founder of OsteoNovus.
OsteoNovus focuses on the development of biologic materials to support and regenerate bone. Its product, NovoGro, is a bone regeneration biomaterial that grows a robust bone in six weeks and is available as a moldable putty or injectable bone substitute. NovoGro is suitable for several clinical applications, including bone voids, treatment of various fractures and spinal disorders.
Spinal Balance designs, develops and manufactures advanced spinal hardware and the mechanical implementation necessary for spinal surgery. Spinal Balance has three products in development, including the Libra Pedicle Screw System, a facet screw system and interbody cages, which are necessary for the treatment of degenerative diseases and spine deformity. With its products, the company aims to enhance the surgical experience, improve patient outcomes, and reduce procedural costs.
After months of construction and entrepreneurial assistance from UT LaunchPad Incubation, OsteoNovus Inc. and Spinal Balance Inc. have established new research, development and manufacturing facilities, including a lab space, a custom clean room, and a controlled inventory storage area.
The companies have secured funding through grants and support from the UT LaunchPad Incubation Program, which provides entrepreneurial assistance, state-of-the-art facilities, and other valuable resources to early-stage, technology-based startup companies.