Biotech expansion boosts jobs
Early stage biotechnology startup Nanova Biomaterials Inc. (NBI) announced plans to expand in Columbia. The company will invest $1.5 million and create 50 new jobs in the expansion, according to a press release from the Missouri Department of Economic Development.
NBI is a research and development company that uses nanotechnology to manufacture orthopedic and dental products, such as dental fillings and bone screws. Nanova Inc., the parent company, was founded in 2007 by a group of four researchers, two of whom are from the University of Missouri. Utilizing grants and venture capital funding, NBI was spun out in 2013 to focus on nanotechnology research which has led to groundbreaking discoveries in the biomaterials industry and launched the company’s expansion.
“Mid Missouri has been a great place to launch a tech startup,” said Hao Li, president of NBI. “Missouri’s innovative economic toolkit has made the state a go-to place for startups, and being in close proximity to the University of Missouri, a prominent research institution, we’ve had access to extensive resources and world-class talent.”
Jim Gann, director of Technology Business Development for the University of Missouri’s Small Business Technology and Development Center, said, “In my role of supporting Dr. Li and his team in the commercialization of MU technology, it has been an honor to work with a group that understands how people’s lives can be improved through science. Dr. Li demonstrates a level of business knowledge uncommon for a scientist, and I am certain that with his leadership Nanova will grow to be a significant business within the state.”
To assist NBI with its expansion, the Department of Economic Development has authorized a strategic economic incentive package that the company can receive if it meets strict job creation and investment criteria.