State dollars spur move by medical device co. to Trumbull
A startup that has developed a low-cost, portable ultrasound system will relocate to Trumbull from Ithaca, N.Y., after securing a $1.3 million investment from Connecticut Innovations.
ZetrOZ L.L.C. was co-founded in 2009 by CEO Bryant Guffey, COO JoAnne Guarino and Chief Science Officer George Lewis and launched its first portable ultrasound device, UltrOZ, in the spring of 2011 to treat pain in horses and other animals.
The investment by Connecticut Innovations, a quasi-governmental authority, was announced April 8 and came as part of a $2.6 million Series A funding round conducted by ZetrOZ.
While UltrOZ primarily serves the equine market, ZetrOZ is conducting clinical trials and seeking the approval of the U.S. Food and Drug Administration (FDA) for a portable ultrasound system that would treat pain in human patients.
ZetrOZ is seeking FDA approval for its ZTX system to treat pain resulting from arthritis, tendonitis, back pain and other musculoskeletal problems, according to Connecticut Innovations. The technology was developed by Lewis during his PhD studies at Cornell University, where the three co-founders met.
“With an initial staff of 12, the company is a strong addition to the state’s growing medical device community,” said Claire Leonardi, CEO and executive director of Connecticut Innovations, in a prepared statement. “This is the type of company the [administration of Gov. Dannel P. Malloy] seeks to support as the state continues to establish itself as a national leader in this sector.”
“We’re looking forward to creating new clinical and manufacturing relationships in the region to generate even more jobs and cutting-edge technology,” said Guffey in a prepared statement.