Incentive to Attract Medical Device Startup

The Dubois County Area Development Corporation Board of Directors announced today that they have extended an offer to loan up to $200,000 to assist start-up medical device company NANO-RAD LLC with financing costs associated with testing and related activities necessary to obtain regulatory approval for a new medical device.

NANO-RAD LLC, a Purdue Research Park affiliate, is a startup medical device company that has developed a vanishing (biodegradable) radioactive implant for the treatment of cancer. NANO-RAD is actively pursuing regulatory approval for the medical device, and a site for a corporate headquarters. The terms of the loan offer is for a three (3) year loan and includes a commitment by NANO-RAD to make Dubois County the site of their corporate headquarters and manufacturing operations.

Rich Mussmann, President and CEO of NANO-RAD, LLC, presented detailed information about the vanishing radioactive implants and the company’s business plan to the Dubois County Area Development Corporation Directors at a board meeting earlier this month. Mr. Mussmann has 30-years of executive experience, including medical device companies Johnson & Johnson, Medtronic, Roche Diagnostics, and Hill-Rom. Mr. Mussmann explained that NANO-RAD has developed a unique radiation device for treating cancer. The device enables doctors to precisely place these safer, low dose rate radiation devices directly at the tumor bed with a single, needle implant procedure in an outpatient setting. Benefits include reduced clinic time and cosmetic effects. Following therapy, all traces of the radioactive material and its bio-degradable carrier are naturally cleared from the body.

Bob Grewe, President of Dubois County Area Development Corporation, noted, “We are excited to be able to provide this loan incentive to NANO-RAD. The Dubois County Area Development Corporation appreciates the anticipated growth in the bio medical and the healthcare sectors and welcomes the opportunity to attract this type of potentially high growth company to Dubois County. While the NANO-RAD team has additional due diligence to consider before making a final selection of investment partners and location of their facility, the entire Dubois County Area Development Corporation Board is eager to assist NANO-RAD and look forward to the possibility that Dubois County would be selected as their headquarters.” Mr. Grewe went on to say, “NANO-RAD’s location here would bring the need for highly skilled researchers and technicians - just the type of opportunities the DCADC is seeking to diversify our local economy. We must remember this is not yet a “done deal” and that this type of company is truly entrepreneurial and high risk, but many of Dubois County’s most successful companies were “home grown” here in much the same way.

A decision by NANO-RAD LLC on their final selection expected is the coming months.