11/17/2010 8:12:29 AM
CincyTech is participating in a $2 million venture capital round that will bring an Oak Ridge, Tenn., startup company to Cincinnati, where it will be led by former Union Springs Pharmaceuticals President Joel Ivers.
The company, NanoDetection Technology, was founded by Knoxville physician Charles Barnett. Barnett invented a quick and cost-effective system for the detection of pathogens, DNA and biomarkers in the health care, food safety and bio-terrorism industries.
The system could be used in emergency rooms, doctor’s offices and other point-of-care locations to help health-care providers diagnose infections and other biological problems in minutes rather than days. It also could be used by food safety workers and law enforcement groups.
CincyTech invested $250,000 in NDT, its 18th portfolio company. The investment round also includes $100,000 from Southern Ohio Creates Companies and an investment from a private investor that has brought the round to nearly $1 million so far. The company also has received a $175,000 grant from the U.S. Department of Agriculture to research food-safety applications.
“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, CEO of NDT.
NDT is looking for lab space in the region and will move a lab technician to Cincinnati from Oak Ridge.
CincyTech executive-in-residence Jan Rosenbaum, Ph.D., learned about NDT from a researcher at the University of Cincinnati and worked for a year with Dr. Barnett to determine the potential of the technology.
Ivers has worked in biomedical fields in Greater Cincinnati and Northern Kentucky for more than 30 years, most recently serving as president of Union Springs, where he led product development as well as worldwide sales and marketing for MyClyns® personal-protection spray.
Ivers also was CEO of Hill Top Research and worked in various hospital and health-care marketing roles from 1979-2001.
CincyTech is a public-private venture development organization that invests in startup businesses in high-tech industries in Southwest Ohio. With substantial support from Ohio Third Frontier and corporations, foundations, civic organizations and individuals here, it is stimulating the growth of venture-worthy companies in information technology, bioscience and advanced manufacturing.
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