OsteoVantage™ Receives Supplemental Grant from the National Science Foundation
Medical instrumentation company to continue development of device that can minimize pain and improve mobility for sufferers of back injuries.
FAYETTEVILLE, Ark.– 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.