Fayetteville, Arkansas (PRWEB) May 29, 2013
OsteoVantage, Inc. has received a National Science Foundation (NSF) Phase IB Small Business Innovation Research grant of $30,000 to continue the development of a specially designed screw used in lower back fusion surgery. This award follows the achievement of a Phase I grant of $150,000 received by the company in January.
The Phase IB award is a supplement that can be granted if the recipient has demonstrated to the NSF that it has made good progress with the Phase I study, and was able to achieve additional third party investment. OsteoVantage closed funding from the VIC Growth Fund, an Arkansas angel investment fund established for the sole purpose of making investments into high-growth potential technology companies.
OsteoVantage’s spinal instrumentation technology was developed in response to a need for better outcomes in spinal fusion surgery, particularly for improving intervertebral bone growth and improved surgical screw retention. The company’s unique implantable system stimulates the body’s own repair mechanisms, resulting in bone fusion that is faster, stronger, and less likely to fail over time.
NSF Phase I project completion will make OsteoVantage eligible to compete for a Phase II project and award of up to $750,000 for a two-year prototype development program.
OsteoVantage, Inc. was formed in 2012 to commercialize patent pending spinal fusion technology exclusively licensed from Washington University School of Medicine (St. Louis). The goal of spinal fusion surgery is to create a stable, bony union between adjacent vertebrae in order to stabilize the spine and alleviate pain. OsteoVantage’s unique spinal instrumentation technology enhances bone formation at the site of implantation, thereby improving clinical outcomes. OsteoVantage™ is a VIC Technology Venture Development™ portfolio company.
Read the full story at http://www.prweb.com/releases/2013/5/prweb10777251.htm.
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