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TechGROWTH Ohio portfolio company OsteoDx receives $2M grant from the National Institutes of Health Published: May 19, 2021 Author: Staff reports
OsteoDx Inc., a TechGROWTH Ohio portfolio company, has been selected for funding through a Small Business Innovation Research (SBIR) Phase II grant with the National Institutes of Health.
The grant will provide $2M in support of a multicenter study to further measure and validate the efficacy of the company’s proprietary Cortical Bone Mechanics Technology (CBMT), designed to identify patients at risk of fracture due to osteoporosis.
“The National Institutes of Health selected OsteoDx in a very competitive process, which is yet another level of significant external validation of the potential value of our technology,” OsteoDx Chief Executive Officer Gary Wakeford said. He further explained that the 2.3 million fragility fractures each year in the U.S. is costing the healthcare system $19 billion. This problem will
TechGROWTH Ohio Fund, the Ohio Third Frontier-Ohio University investment fund focusing on early-stage technology companies, announces its investment in OsteoDX, Inc. (formerly known as AEIOU Scientific). OsteoDx is developing and commercializing its pioneering Cortical Bone Mechanics Technology (CBMT), which non-invasively assesses bone strength.
The investment will help OsteoDx prepare for Small Business Innovation Research (SBIR) Phase II funding. Jane New, TechGROWTH Ohio director, said OsteoDx was selected because its promising technology presents a tremendous market opportunity for accurately assessing bone strength.
“Our main goal with this investment is to help build a bridge for the company to secure the SBIR Phase II funding award and secure additional follow-on funding,” New said. “We believe this will allow the company to achieve the technology validation that is critical for initial market entry.”