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TECHCOLUMBUS GRANTS
Medical technology flourishing in central Ohio
TechColumbus recently supplied $1.6 million in grants as partof its effort to promote technology-based businesses.
Monday, January 19, 2009 5:16 AM
BYMARGARET HARDING 
THE COLUMBUS DISPATCH
Saving lives also could be the way to help save Ohio's economy.Five of the nine companies that received $1.6 million in funding fromTechColumbus produce medical devices.It's an area of strength in central Ohio, said Ted Ford, president andchief executive of TechColumbus, an organization that supports thedevelopment of technology-based enterprises."We do think, as we come through the current economic situation,Columbus is going to be very well-positioned with these youngcompanies coming up to really make a mark," he said.The funding comes from TechColumbus' $22.5 million initiative topromote technology-based businesses."The entrepreneurial environment is actually quite good. We'reseeing a lot of strong growth in the number of companies that arecoming forward," Ford said.The money is split between investments of up to $500,000 for moreestablished companies and grants for up to $50,000 for newbusinesses.Some of the medical products set to receive funding could helpprevent strokes, develop cures for diseases and diagnose jointdisorders."Columbus has actually got a pretty substantial strength in the
Investments
TechColumbus justinvested $1.6 million innine tech-basedcompanies through twofunding programs.
Regional CommercializationFund, up to $500,000 each:
 •Cardiox Corp.:Developing anoninvasive method of detecting right-to-leftheart shunts•Toobla Inc.: ProvidingaWeb application, or widget, storage utilitythat works with allwidgetsacross differentplatforms•Znode Inc.: Creating a
Page 1of 3The Columbus Dispatch : Medical technology flourishing in central Ohio1/19/2009http://www.columbusdispatch.com/live/content/business/stories/2009/01/19/techcolumbus...
 
medical-device market," Ford said. "It's an area that we have a lot of strength in, so that's a natural outgrowth."Philip E. Eggers, Cardiox founder and chief executive, said he willuse the $500,000 investment to continue testing his device, and heplans to conduct clinical trials by the end of the year.Cardiox has developed a noninvasive method of detecting right-to-left shunts in the heart, abnormal natural channels that can lead tostrokes. It works by injecting an indicator into a vein and placing asensor at the earlobe, Eggers said. The patient then is asked to doabreathing maneuver to detect the shunt."We're trying to catch it before it happens," Eggers said.If a shunt is detected, the problem can be corrected throughsurgery.The detection method also can be used after surgery to make surethe problem is solved, Eggers said.Advanced materials is another strength for the Columbus area,Fordsaid, adding that people come out of Battelle and Ohio StateUniversity to start businesses.One such business is NanoMed Inc., which has created a way togenetically modify cells to rapidly prototype new gene therapies,which are used to come up with cures fordiseases.The technology came out of Ohio State and was used in anentrepreneurship class."Students have the opportunity to work out a license or optionagreement to take the technology and turn it into a real business,"said Seth Cramer, a mentor for the class and chief financial officer of NanoMed.The NanoMed technology won the school's business-plancompetition and was awarded a $50,000 grant from TechColumbusto test more cell lines and conduct market research.Cramer said the system improves cell-test success rates, raisescell-survival rates in tests and reduces the time it takes to produceresults."We believe the technology is different and it delivers some distinctbenefits," Cramer said. "Faster advancements ultimately mean
software platform thatallows businesses toquickly build onlinestorefronts
TechGenesis Grants,up to $50,000 each:
 •Epico LLC: Creating amedical device thatmeasures visualimpairment of cataractpatients at night•JoeMetric Inc.:Developing a way tocreate custom virtualmarket-research panels•Joint Sound HoldingsLLC: Creating a devicethat uses soundsensors andultrasonicsto diagnose abnormal joint conditions•NanoMed Inc.:Developing a systemfor researchers torapidly prototype newgene therapies with abetter test-success rate,higher cell-survival rateand quicker result timethan other methods•ThermoBuffer LLC:Developing a travelcoffee mug that heatsand holds hot coffee atan ideal drinkingtemperature
Page 2of 3The Columbus Dispatch : Medical technology flourishing in central Ohio1/19/2009http://www.columbusdispatch.com/live/content/business/stories/2009/01/19/techcolumbus...
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