Your browser does not support JavaScript I want to

REPORT
FIND
Contact Info and Maps
News and Entertainment
APPLY FOR
Documents
Permits/Jobs
Services/Assistance
PAY/BUY
SCHEDULE
FILE
Akron, Ohio

Nervive, Inc., Opens Operations in the Akron Biomedical Corridor

PREVIOUS
NEXT

Nervive is developing a breakthrough new product to help stroke victims.

City of Akron Press Release
From the desk of stephanie york
Published: 01-08-2014

          Akron, Ohio (January  8, 2014) –  The Akron Development Corporation, through its Akron BioInvestment Funds, LLC, has announced that Nervive, Inc., a biomedical company from Northern California, will be consolidating various business units and opening up new headquarters in Akron, Ohio at the Akron Global Business Accelerator, an initiative of the City of Akron, or other Akron site.

          Nervive has received Akron BioInvestment funding to commercialize its VitalFlow stimulator, a non-invasive medical device that increases blood flow to the brain as an emergency treatment for ischemic stroke patients.  The VitalFlow can treat stroke patients at the earliest opportunity, in the field or immediately upon a patient’s arrival at the hospital, improving the odds of a good clinical outcome by as much as 170%.  This breakthrough treatment could save $518 million in acute healthcare costs and $7.2 billion in lifetime healthcare costs and lost productivity in the U.S. alone.  The Akron BioInvestment funding will help Nervive pursue product development and clinical testing of the VitalFlow. 

Stroke is the most common cause of disability and the second most common cause of death worldwide, and the number of its victims and its economic burden is expected to increase into the foreseeable future.  In the U.S., nearly 800,000 cases of stroke occur each year, where as in Europe there are 1.1 million cases of stroke each year.  Worldwide, there are 16.9 million cases of stroke annually of which 5.7 million prove fatal.  The first version of the VitalFlow would be made available to treat stroke patients in approximately 5,500 hospitals in the U.S. and 16,000 hospitals in Europe.  A second, portable version of the VitalFlow would be made available in 48,000 ambulances in the U.S. and 110,000 ambulances in Europe.

          “We created the Akron BioInvestment Funds, LLC in order to attract companies like Nervive and, earlier this year, Quest Medical,” said Mayor Don Plusquellic.  “These companies will expand our biomedical infrastructure and create more jobs for our citizens.” 

            Nervive is led by a veteran Chief Executive Officer, Jerry Gibson, who has to date built a team of 9 scientists and product designers.  The company will pursue further product development work with local firms under the direction of Chief Technology Officer Subba Shankar Ph.D., a Case-Western trained biomedical engineer and neuroscientist who has an extensive background in medical device development.  By 2015, Nervive expects to have the first clinical version of the VitalFlow ready for testing in stroke patients, which will be done through research collaboration with Ohio-based hospitals under the direction of Chief Medical Officer and VitalFlow inventor, Dr. Mark Borsody, who is himself a stroke neurologist.

          “Akron provides an excellent location for our global headquarters,” says CEO Gibson, “one that is unique in terms of product development domain experience,  excellent engineering,and executive talent.  Furthermore, the central location provides good access to customers and allows for worldwide production of the VitalFlow.  We came to this decision after considering several options in the U.S. and Europe, and I am confident it will prove to be a wise one.” 

          “Ohio is home to several world-class hospitals that are interested in the VitalFlow technology,” adds CMO Borsody, who studied medicine at the Ohio State University and the Cleveland Clinic.  “We intend to first demonstrate the VitalFlow’s benefit in stroke patients right here in Akron.”

 About:

The Akron BioMedical Corridor public-private partnership is a unique cluster of hospitals, universities, biomaterials R&D organizations, and startup biomedical companies that merges the city’s established expertise in biomaterials science with strong healthcare assets and cutting-edge technology. For more information, visit http://www.akronbiomedicalcorridor.com

 Akron BioInvestments Funds, LLC, an initiative of the Akron Biomedical Corridor, was established by Mayor Plusquellic in 2011 with capitalization of over $1.5 million in the first Fund (Funds I). The goal of the Fund is to support growth and attraction of national and international companies that focus on orthopedics, wound healing, imaging, cardiovascular science, the use of biomaterials, the use of medical information technology, and the development of medical devices.   Investors in the Funds I include Medical Mutual, First Energy, NEOMED and Cascade Capital. Plans are in progress to start raising funds for Funds II.

The Akron Global Business Accelerator, an initiative of the City of Akron, provides entrepreneurial support to technology-based start-ups in diverse fields, including biomedical, energy, advanced materials, IT, instruments, controls and electronics.  The Accelerator has been nationally recognized for its innovation, having assisted client companies in securing $115 million in investment, and generating 639 new high-paying jobs, $295 million in sales, and $104.5 million in payroll since 2008. For more information, visit http://www.AkronAccelerator.com

###

For further information, contact:
stephanie york
communications director
Phone: 330-375-2345
E-mail: [email protected]

Subscribe to news


Top Requests
and Concerns


Mayor Don  Plusquellic

Search | Sitemap | Terms of Use | Privacy Policy | Careers | Contact Us

© 2016 City of Akron. All Rights Reserved.


This page was printed from the City of Akron Web site
Visit us online at www.http://www.akronohio.gov
© 2015 City of Akron. All Rights Reserved.