Intellirod Spine secures debt financing from Ohio Third Frontier award

Intellirod Spine has secured debt financing of $1.6 million from the Ohio Third Frontier’s Commercial Acceleration Loan Fund, according to a press release.

The company, which is based in Akron, Ohio, announced plans to use the funding to pursue CE Mark and FDA approvals, add a companion pedicle screw system to its product offering and hire additional staff. It will also accelerate its plan to commercialize the Intellirod Sensor, an implantable microelectronic spine fusion sensor that is designed to enable surgeons to assess the progress of spinal fusion while minimizing costs from CT scans and exploratory surgery. The sensor system targets downstream cost reductions and surgeon decision making to improve patient outcomes and provides an evidence-based approach to managing and customizing a patient’s recovery, according to the press release.

“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,” Ric Navarro, chief executive officer and president of Intellirod Spine, stated in the release.