A medical device startup is moving from Tennessee to Cincinnati. Along the way, it's getting up to $2 million in venture capital and a new, locally based CEO.
NanoDetection Technology, relocating from Oak Ridge, is about two years from bringing its first product to market. Its patented Biosensor Detection System finds genes, antibodies or pathogens within a biological or environmental sample. It's designed to be used in emergency rooms, doctor's offices or by food safety or law enforcement organizations. The system works quickly; it takes just minutes instead of days to detect infections or bio threats, making it a potential game changer.
The company is currently looking for lab space in Cincinnati. CincyTech, the city's nonprofit venture capital investor, was instrumental in recruiting NanoDetection. This is the first company CincyTech has attracted from outside the state, and the nonprofit is participating in what's expected to be a $2-million venture capital round.
In the first round of financing, CincyTech has pledged $250,000, Southern Ohio Creates Companies is investing $100,000, and an unnamed private investor is putting in a sizeable stake. The U.S. Department of Agriculture awarded NanoDetection a $175,000 grant to research food-safety applications.
Joel Ivers, an experienced Cincinnati area executive, will come on as the NanoDetection's new CEO. Ivers has worked in biomedical fields in Greater Cincinnati and Northern Kentucky for more than 30 years, most recently as president of Union Springs Pharmaceuticals in Northern Kentucky.
"The funds raised now will allow the company to complete clinical trials and obtain regulatory approval to launch the system in the health-care market in early 2013," Ivers says.
Source: CincyTech
Writer: Feoshia Henderson