The Austen BioInnovation Institute in Akron (ABIA) has created its first company: a firm that’s developing a noninvasive spinal fixation system for children with scoliosis.
APTO Orthopaedics’ device is designed to eliminate the need for repetitive, painful and costly surgeries for children with scoliosis, who can require up to two surgeries per year to adjust implants for their growing spines, according to a statement from the ABIA.
“This technology would allow surgeons to lengthen the spinal implants in an incision-less manner that would enable reduction in the expense, trauma and risk that accompany current procedures,” said Dr. Todd Ritzman, cofounder of the company and a physician at Akron Children’s Hospital.
APTO’s key next steps involve continuing work to develop a prototype of the device, and after that, beginning to test the device on animals, an ABIA official said.
The U.S. spinal implants market is valued at $6.8 billion annually, according to the statement.
The ABIA was formed in 2008 as a result of the collaboration among several Akron institutions: Akron Children’s Hospital, Akron General Health System, Northeast Ohio Medical University, Summa Health System, The University of Akron and the John S. and James L. Knight Foundation.
Within a decade, the ABIA wants to create 2,400 new jobs and attract at least $50 million worth of investments annually in area healthcare companies, the Akron Beacon-Journal reported.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
[Photo from flickr user nowhere Zen New Jersey]
