Intellirod Spine Secures New Funding

Intellirod Spine, an implant company developing implantable wireless sensor technology to aid in the assessment of spine fusion, secured debt financing of $1.6 million from the Ohio Third Frontier’s Commercial Acceleration Loan Fund (CALF). The award allows the company to accelerate its plan to market the Intellirod sensor and related lumbar fusion implants.

The Akron, Ohio-based medical device company plans to use the funding to pursue CE mark and U.S. Food and Drug Administration approvals, add a companion pedicle screw system to its technology offering and hire additional staff.

“We appreciate this award from the Ohio Third Frontier Commission as it enables us to not only accelerate our timeline to obtain regulatory approvals and a companion pedicle screw system but also expand our staff—all critical milestones,” said RIc Navarro, Intellirod Spine’s CEO and president.

The company recently hired Robert Eberle as vice president of clinical affairs, adding more than 25 years of orthopedic clinical research and study management experience from orthopedic companies such as Medtronic Inc.’s spinal division and Zimmer.

Intellirod Spine’s implantable microelectronic spine fusion sensor, the Intellirod system, is designed to enable surgeons to assess the progress of spinal fusion while minimizing costs from CT scans and exploratory surgery. The system targets downstream cost reductions and surgeon decision-making to improve patient outcomes, officials noted. The system is intended to be more quantifiable than imaging, providing an evidence-based approach to managing and customizing a patient’s recovery.

Rolando Puno, M.D., a co-founder of Intellirod Spine and spine surgeon at the Norton Leatherman Spine Center predicts Intellirod will be a “valuable tool” to determine when bone healing in spine fusion is complete.

“Currently used plain X-rays or CT scans are but a snapshot in time, generally done three to six months following surgery, when complete healing probably occurs sooner,” Puno explained. “Having the Intellirod indicate when healing is complete means patients may be able to return to work sooner and bring significant positive economic benefits. With the Intellirod, fusion will be determined more physiologically without the need for radiation, saving the patient from exposure to high doses of radiation.”

Intellirod Spine recently raised $1.1 million in equity capital and plans to close on additional equity investments in the current quarter.

“We’re very appreciative that Ohio supports innovation through programs like Third Frontier and CALF to help technology companies like ours reach key milestones much quicker so we can help patients and help the region’s economy,” Navarro said.

Intellirod Spine, which formerly was known as OrthoData, was formed in 2008 by professors at the University of Louisville (Kentucky) and Puno.

The goal of the Ohio Third Frontier is to accelerate the development and growth of key technology industries in Ohio.