An Oak Ridge, Tenn. medical device company that specializes in detecting biological hazards and diseases is moving to Cincinnati, and will be lead by former Union Springs Pharmaceuticals' President Joel Ivers.
NanoDectection Technology is a startup that's making its way to Cincinnati to grow. The company's first product, the patented Biosensor Detection System, finds genes, antibodies or pathogens within a biological or environmental sample. It could be used in emergency rooms, doctor's offices or by food safety or law enforcement organizations. It works quickly, taking just minutes instead of days to detect infections or bio threats. The system is about two years from hitting the market.
At least $1 million will be invested in the company, including $250,000 from
CincyTech. 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.
NanoDetection was founded by Knoxville physician Charles Barnett, whose professional relationship with Ivers was a factor in bringing the company to Cincinnati. Ivers has worked in biomedical fields in Greater Cincinnati and Northern Kentucky for more than 30 years, most recently as president of Union Springs.
"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," said Ivers, now company CEO.
A lab technician will be joining Ivers here in Cincinnati; company founder Barnett will remain in Tennessee. This is CincyTech's 18th portfolio company, and marks the first time the nonprofit venture development investor has attracted a company from out of state.
"We were impressed by the platform potential and performance of the NDT biosensor as an in-vitro diagnostic device in the clinical environment, coupled with the data collection and transmission capabilities, in a low-cost, simple-to-use, portable format,” said CincyTech executive-in-residence Dr. Jan Rosenbaum.
Writer: Feoshia Henderson
Source: CincyTech
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