A Missouri biotech company is expanding its operations, which likely means more jobs are coming to the area.
The Missouri Department of Economic Development announced the expansion project of Nanova Biomaterials, which the company expects to create 50 new jobs in five years.
The Columbia-based company 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 companyâ??s expansion.
â??Mid Missouri has been a great place to launch a tech startup,â?? said Dr. Hao Li, President of NBI. â??Missouriâ??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, weâ??ve had access to extensive resources and world-class talent.â??
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.