The Austen BioInnovation Institute in Akron recently announced the formation of APTO Orthopaedics, the first medical device company created by the institute.
APTO Orthopedics was formed in partnership with a pediatric surgeon at Akron Children's Hospital. Its device will address early onset scoliosis in children and eliminate multiple surgeries by using magnets to lengthen a spine implant for the condition.
At the announcement, Dr. Frank Douglas, president and CEO of the BioInnovation Institute said: "APTO represents what [the institute] was formed to do: to fill clinical needs with innovative patient-centered products that can be commercialized to help fuel the Akron economy."
The Austen BioInnovation Insistute, supported by Knight, is a collaboration of five major clinical and academic institutions focused on making the Northeast Ohio region a leader in the use of polymer technology for patient-centered health care solutions.
The Akron Beacon Journal covered the partnership citing the overall goal of the institute: “Within a decade, the Akron-area partnership wants to create 2,400 new jobs and attract at least $50 million worth of investments annually in area health-care companies.”