The Plusquellic Administration is promoting a new start-up headquarters resident of Akron's Global Incubator.
The new resident is Nervomatrix, an Israeli company that uses neurostimulation to help treat back pain. The company says it raised $3.5 million dollars with an Akron-based partner and will open a headquarters locationhere by 2014. Joe Kanfer, GOJO CEO, will also serve as the company's chairman of the board.
News release - City of Akron:
Nervomatrix Ltd., an Israeli medical technology start-up company focusing on neurostimulation to curb back pain, has announced that it has raised $3.5 M in Series A financing, led by an Akron early stage investor, Everett Partners, Ltd. With this financing, the company announced that it is planning to open its North American headquarters in Akron, OH where it will establish sales and marketing, customer service, finance and administration and final assembly for the company. Nervomatrix expects to create dozens of jobs by 2014.
"This is a milestone for the Greater Akron Investment Partnership," said Mayor Plusquellic. "Five years ago the City, the County, Summa, and several local private investors came together to form a partnership and make an investment in the Targetech Innovation Center, in Netanya, Israel. The vision was that the most promising companies emerging from Targetech would set up operations in Akron when they looked to expand to the US. Nervomatrix is the first company to achieve that milestone and we welcome the Company and the jobs it will bring to Akron."
Nervomatrix, founded at the Targetech technology incubator in Netanya, Israel, has developed a revolutionary non-surgical, drug-free treatment for low back pain. Combined in one software-driven device, Nervomatrix’s product acquires the electrical properties of more than 1000 points in an injured back in less than a minute and then pinpoints locations for treatment. Treatment consists of a series of electrical pulses delivered to the targeted locations. Nervomatrix has already received FDA approval and is well on its way to becoming the non-surgical, drug-free treatment for back pain.
"To take an idea, turn it into a prototype medical device, obtain FDA clearance and achieve initial sales in less than four years with relatively little seed capital is a significant achievement" said Joe Kanfer, who in addition to his ongoing role as GOJO Chairman and CEO, will become Nervomatrix’ Chairman. "The back pain market is growing in the US and around the world. We believe this Company is well positioned to exploit this growing market opportunity and become a significant player in the back pain market."
Cleveland’s BioEnterprise also has been working with Nervomatrix to bring its technology to customers. "By locating its North American headquarters in Akron, NervoMatrix is positioned to take advantage of both the growing cluster of neurostimulation excellence and the rich history of orthopedic technologies in Northeast Ohio," said Baiju R. Shah, President and CEO of BioEnterprise. "We welcome
NervoMatrix to the region and look forward to continuing our relationship with the Targetech incubator to see more Israeli companies establish U.S. headquarters in Akron."