Expect three Ohio healthcare companies recently approved for state technology investment tax credits to start knocking on investors’ doors.
LifeHealth Science LLC (agent located in Solon), Physician Technology LLC in Toledo and SpineForm LLC in Cincinnati were approved for state tax credits for their investors at the Ohio Technology Investment Tax Credit committee meeting last week (pdf), according to Ohio Department of Development spokeswoman Katie Sabatino.
The technology tax credit program provides a 25-cent credit toward Ohio income taxes for every $1 invested by a qualified investor. Approved companies can offer a maximum of $375,000 in tax credits for investments totaling $1.5 million, Sabatino said.
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LifeHealth Science, which is just being formed, makes nutritional products that may eventually be used to treat cancer, Sabatino said.
Physician Technology is the developer and maker of WilloMD, a medical device that uses light and heat to treat pain — especially knee pain — without the use of drugs.
The fifth generation of the device — launched at the National Community Pharmacists Association convention in February — is based on the research and practices of Dr. Ronald Shapiro, a nephrologist who also practices integrative medicine, and Dr. Richard Dunlap, a dentist. Both physicians are executives for Physician Technology.
The Toledo company is introducing its device to U.S. pharmacies and hopes to begin selling the device during the second quarter, the company said in a release (pdf).
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SpineForm is a spin-off from Cincinnati Children’s Hospital Medical Center that since 2005 has been developing a spinal implant to correct a curvature of the spine known as scoliosis. Based on the research of Dr. Eric Wall, an orthopedic surgeon, and Donita Bylski-Austrow, a biomechanical engineer, the HemiBridge System is a series of devices implanted into a patient’s spine through minimally invasive surgery, according to Soapbox Cincinnati.
SpineForm raised more than $1.2 million last year from investors including CincyTech and Queen City Angels. The Cincinnati company received Food and Drug Administration approval late last year to start clinical trials of its implants, according to a letter of intent to the Ohio Third Frontier program requesting a $1 million grant for the trials.
Spineform expects to begin selling the implant in some markets outside of the United States in two or three years, its chief executive, Joe Reynolds, recently told Soapbox.
