After Releasing Inaugural Product, Iconacy Announces Expansion Plans

Warsaw, Ind.-based Iconacy Orthopedic Implants LLC, a young orthopedic device company, is planing to expand its operations in its home city by adding up to 50 jobs by 2015. The company, which produces and markets a total hip replacement system, invested $2.63 million to lease, renovate and equip a new facility in Warsaw to house the company’s growing operations. While the company was founded in 2009, the 50,000 square-foot facility opened its doors in August.

“Whether it is scientific research or medical device manufacturing, Indiana continues to provide a vibrant life science sector for innovative companies like Iconacy to not only grow, but create a foundation for its future success,” said Dan Hasler, Secretary of Commerce and CEO of the Indiana Economic Development Corporation.

Being a new company, Iconacy currently employs just 14 people. But beginning next year, the company intends to create more engineering, finance, marketing and administrative positions

“With over 100 years of rich experience and seasoned talent in orthopedics, Warsaw is the ideal strategic setting for doing business in this entrepreneurial endeavor focused on changing the orthopedic space,” said Tom Allen, president and CEO of Iconacy. “As the healthcare landscape changes over the next three or more years, we are poised to be the nimble player in a market driven by diminishing reimbursement and complex distribution models.”

Iconacy released its first product earlier this month. The I-Hip is the result of founders Tom Allen, Roy Hori, W. Andrew Hodge and Ann Harman’s vision of providing a clinically proven and economically priced hip implant system. The company’s goal is to keep all production inside the United States.

The Indiana Economic Development Corporation offered Iconacy up to $575,000 in conditional tax credits based on the company’s job creation plans. These tax credits are performance-based, meaning until Indiana residents are hired, the company is not eligible to claim incentives. The city of Warsaw approved additional property tax abatement at the request of the Kosciusko Economic Development Corporation.

“With the founding of DePuy in 1895, Zimmer in 1926 and Biomet in 1977, Warsaw has established itself as a world class community of orthopedic industry excellence,” said Warsaw Mayor Joseph Thallemer. “Today, I am pleased to welcome Iconacy Orthopedics with their line of hip, knee and shoulder systems, as our newest innovator. Iconacy will join a community of orthopedic manufacturers and support industries committed to improving the quality of life worldwide for those suffering from joint related disease and injury, strengthening Warsaw’s reputation as the ‘orthopedic capital of the world.’ ”