Tuesday, December 10, 2013

Texas $1.75M TEFT Grant To Minimus Spine

Minimus Spine, Inc. received a Texas Emerging Technologies Fund (TEFT) grant of $1.75 million to help commercialize non-surgical spinal disk herniation technology.

Minimus maintains its corporate headquarters in Austin, Texas. They have been a leader in non-surgical solutions to back and spine conditions since 2006. They acquired two new patents issued in October 2013, increasing their bank of patents to five.

The latest patents involve emerging technology to improve on a non-surgical procedure for bulging or herniated disks that have been in use in Europe for the past 15 years. The new patents are hopeful for FDA approval for use in the US where the European technology has failed to meet FDA standards. The process involves injecting ozone into injured or degenerative disks in order to regenerate them, avoiding patients' need to have vertebrae surgically fused together.

Dr. David Hooper, PhD, founder and CEO of Minimus Spine, Inc. makes this claim about the patents:

“With five issued US patents, we continue to build protection around our approach to creating, measuring and delivering ozone for spinal injection. While many physicians and patients are excited by the international medical literature, it is understood that improvements to the existing ozone solutions are needed for wider adoption by the medical community. Our system addresses the drawbacks of the currently available technology."
The grant is for the commercialization of their TrioJection syringe cartridge to be used in these non-surgical procedures. The company is working closely with researchers and students at Texas A & M University, who has been at the forefront of recent TEFT and STEM grants. TAMU and Minimus continue work towards making the product available on the market in the near future.

Of the TEFT investment, Dr. Hooper stated:

 "We are pleased to have the state of Texas as an investor in our company and vision. This funding will enable us to build upon the successes we have had this year, support our first clinical work in Europe and pave the way for future growth. Austin has a strong entrepreneurial culture and is home to a number of successful spine companies. There is a great deal of local talent. We look forward to growing the business in Austin, but most importantly, improving the lives of patients with our innovative approach to ozone as a therapeutic modality."

In presenting the grant to Minimus, Governor Rick Perry had the following remarks:

"Texas continues to foster an environment that encourages world class companies and researchers to develop technologies that have a profound impact on people's lives around the world. Minimus Spine's innovative medical application technology has the potential to provide a new treatment option for spinal disorders, and further strengthens the culture of innovation we've fostered in the Lone Star State."

This latest TEFT grant comes with a year of accolades and successes for Texas businesses and the state's economic policies. In a country where only 1.8 million jobs have been created in the past 4 years but 11 million people have "gone Galt", retired early or sought out Social Security Disability Insurance rather than work, Texas has led the way in job creation and economic stability.

Milken University recently named several Texas cities as among the best cities for economic performance and business opportunities:

"This year's Best Performing City, Austin, is a case study in concocting the proper recipe for economic vitality. A rising technology center, it is creating high-quality jobs that improve the region's overall wage structure."

Out of Milken's top 25 best performing cities, seven are in Texas. Texas is the only state with three in the top ten. Houston ranked 8th and Dallas ranked 7th. San Antonio Texas ranked 12th in the nation. Fort Worth, Laredo, and Corpus Christi also made the top 25 list.

Of Milken's findings, Governor Perry stated:

"The Lone Star State continues to set a national example for job creation thanks to our model of low taxes, smart regulations and fair courts. Combined with a highly skilled workforce prepared to take on new challenges in a diverse array of industries, these principles continue to make Texas the best state in the nation to live, work, raise a family and run a business."