Avitus Orthopaedics Secures $350,000 Investment from Connecticut Innovations
Farmington, CT (March 20, 2014) — Avitus™ Orthopaedics Inc.
(formerly BOSS Medical Inc.), a developer of orthopaedic tools that aim to improve clinical outcomes while decreasing healthcare costs for patients, surgeons, and hospitals, today announced it has received a $350,000 investment from Connecticut Innovations
. The funds will help the company to relocate its headquarters from Maryland to Connecticut; finalize the product manufacturing process; prepare filings for U.S. Food and Drug Administration (FDA) clearance; and fund marketing initiatives to support pilot sales.
The product being developed is a minimally-invasive bone graft harvesting device that provides surgeons with an intuitive, safe and efficient way to harvest bone grafts. The device is a disposable manual surgical instrument that cuts and collects bone from the patient with a streamlined process.
“This is a very exciting time for our organization,” said Maxim Budyansky, chief technology officer of Avitus Orthopaedics (Avitus). “We are in the process of completing development of our novel technology, which will offer spine and orthopaedic surgeons a safe and efficient tool to harvest gold standard autologous bone graft for their patients.”
Avitus was founded in 2011 by biomedical engineers in the Johns Hopkins University Center for Bioengineering Innovation and Design
and leading spinal surgeons from the Johns Hopkins Medical Institute. In 2013, the company began its relocation process and is now headquartered at the University of Connecticut Technology Incubation Program
in Farmington, Conn.
“Avitus was established with the mission of developing new orthopaedic technologies that improve clinical outcomes while decreasing healthcare costs compared to current procedures and devices,” said Neil Shah, CEO of Avitus. “This surgical device will allow surgeons to use the gold standard material for bone grafts, help to increase the efficacy and safety of the process, and decrease the overall cost.”
“The area of orthopedics is poised for growth and Avitus has demonstrated the ability to develop an innovative tool that will improve results and lower costs for hospitals,” said Patrick O’Neill, director of investments at Connecticut Innovations. “We were delighted to attract such a high level of talent from Johns Hopkins and look forward to supporting the efforts of the organization as they bring their product to market.”
About Avitus Orthopaedics Inc.
Avitus Orthopaedics Inc. (formerly BOSS Medical Inc.) was established with the mission of developing new orthopaedic technologies that improve clinical outcomes while decreasing healthcare costs compared to current procedures and devices. Currently, the company is developing a novel surgical device that will enable surgeons to use gold standard autologous bone graft material. Current bone graft solutions are suboptimal in terms of efficacy, safety and cost. Avitus Orthopaedics aims to introduce disruptive technologies in order to improve the lives of its patients worldwide.
# # #
For more information, please contact us at email@example.com