KBA investing $375K in medical device company
Published on -3/6/2013, 6:45 AM
OLATHE, Kan. (AP) -- The Kansas Bioscience Authority is investing $375,000 in an Olathe (oh-LAY'-thuh) company that develops medical devices.
The Lawrence Journal-World reports (http://bit.ly/14oHXTz ) the authority's executive committee approved the equity investment for Novita Therapeutics on Monday.
Novita has received a total of $900,000 in equity investments from the KBA in 2011 and 2012. It's based at the headquarters of the Bioscience Authority, which is an autonomous agency created by Kansas lawmakers to nurture and invest in emerging biotechnology.
Among Novita's medical products being developed are devices to aid in dialysis treatments and treat brain aneurysms.
A Novita official says the company aims to provide the authority with a return of five to 10 times its investment.