Intellirod Awarded $1 Million in “Angel” Funding
Elizabeth Hofheinz, M.P.H., M.Ed. • Wed, July 26th, 2017
Intellirod Spine, based in Akron, Ohio, has told OTW that it has been awarded “just over $1 million” from new and existing investors led by the OhioHealth Innovation Development Fund and Queen City Angel First Fund V.
“Funds will be used to reach key milestones toward the commercialization of the company’s sensor technologies and related lumbar fusion implants,” says the June 28, 2017 company news release.
“Intellirod Spine recently had the first human use of LOADPRO in an approved clinical study at Norton Leatherman Spine Center by Dr. Jeffrey Gum. The company’s intraoperative LOADPRO sensor was used to record strains on spinal rods during a kyphotic deformity correction surgery…This is meant to help surgeons quantify their tactile feel of the forces being applied during the deformity correction. The company is pursuing a de novo 510(k) at the FDA and is simultaneously seeking a CE Mark for LOADPRO.”
The company also announced new intellectual property relating to in-home remote monitoring through its IntelliBrace project. The new IP will allow Intellirod to offer physicians autonomous data collection using the company’s wireless implant, the ACCUVISTA rod strain sensor.
This new data capture technology will provide caregivers more information about the state of the implant and other measured parameters thereby improving patient compliance and decreasing mobility related complications.
Intellirod has also signed a license agreement with the Cleveland Clinic to take its microelectronics and sensing know-how and technology into other parts of the spine via a therapeutic device fitted with an integrated sensor.
Intellirod intends to leverage its platform of inductive powering and wireless communication technologies into a platform of therapeutic devices which would represent a next generation “Smart” implant.
Ric Navarro, Intellirod CEO, told OTW, “We are poised for success with approval milestones in sight, patient data, and an expansion of our sensor line into therapeutics and wearables.”
“The IntelliBrace project is underway paving the way for another approved product in 2018. Intellirod’s technology has the potential to change surgical technique and monitor and improve outcomes based on data previously unavailable to surgeons and caregivers.”