A year after winning a $1 million grant from Ohio’s Third Frontier technology support program, medical device firm OrthoHelix Surgical Designs is looking for another state grant to help launch a new product line.
Medina, Ohio-based OrthoHelix is seeking another $1 million grant for what the company calls a (pdf) “pocket plating system,” according to documents filed with the state. The success OrthoHelix had with last year’s Third Frontier grant makes CFO Cameron Rubino confident that the company could achieve similar results if it wins another state award.
“We’re the ideal type of company that fits into one of these grants,” he said. “We’ve demonstrated we can take a project and commercialize it in a fairly short period of time.”
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The company estimates the project would create 28 jobs over three years. OrthoHelix has about 55 employees. The company specializes in making surgical instruments and implants, such as plates and screws, for bones in the hands, wrists, ankles and feet.
Citing competitive reasons, Rubino was hesitant to reveal specifics of the new product line. “It’s something that we’ll be able to apply to our existing products and will allow us to further differentiate ourselves from our competition,” he said.
The state is expected to announce grant winners in its biomedical program in July.
About a year ago, the company added $4.6 million to its $14 million series C fundraise, which started in 2008. Since 2005, OrthoHelix has raised more than $21 million in investor funds. The company’s shareholders include Mutual Capital Partners in Cleveland and River Cities Capital Fund in Cincinnati.
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OrthoHelix isn’t planning to raise additional capital in the near future, Rubino said.
