The blog of the John S. and James L. Knight Foundation
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.”