Columbia company expanding, plans to create local jobs

1 year 2 months 4 weeks ago Friday, April 21 2017 Apr 21, 2017 Friday, April 21, 2017 5:02:00 PM CDT April 21, 2017 in News
By: Lexi Larson, KOMU 8 Reporter
loading

COLUMBIA - Nanova Inc. secured $10 million in investments in 2016 and plans to use the money to continue innovating and to add jobs in Columbia. 

Nanova works in developing medical and dental devices, environmental products and pharmaceutical therapies.

The company was started in 2007 by a University of Missouri Engineering Professor Hao Li, along with another faculty member and two other researchers. 

"I’ve been always thinking to make something useful for the society when I was a graduate student, and then after I came to Columbia, I met a few more people who share the same vision with me," Li said. "So basically we wanted to team up to make something useful to the people’s health."

Nanova currently has surgical, dental and orthopedic devices that are cleared by the FDA for clinical use. Some products include a whitening gel, a dental fluoride varnish and a universal dental composite. 

Nanova Director of Regulatory Affairs Andrew Ritts said he thinks Nanova has been successful in gaining investments because of its smart business practices. 

"It’s a mixture of having the right people and also taking the right types of risks when it comes to running a successful business," Ritts said. "You need to always take some sort of a risk, but you need to make sure that the risks that you’re taking are reasonable and are going to be worthwhile."

Ritts said the investments are going toward research and development, FDA approval and marketing.

Nanova currently employs over 40 people, and plans to add around 20 more positions in 2017. 

"We are expecting to have more revenue and probably the additional investments also helps," Li said. "So basically we needed more people to work on manufacturing and marketing and sales."

The University of Missouri also benefits from Nanova expanding.

MU gets a cut of any profit a professor makes through inventions created during university research. 

Wayne McDaniel is the associate director of the Office of Technology Management and Industry Relations at MU, which handles all faculty inventions. 

"Our office, just the Columbia campus, in the last fiscal year brought in about $14.5 million in royalties, and that money gets split between the system, the campus, the department and the inventors," McDaniel said. 

McDaniel said inventions and companies created by MU professors benefit the community.

"Almost $5 million was paid back to inventors as bonus, and the other two thirds of that money gets reinvested in protecting the next generation of intellectual properties," McDaniel said. "So it definitely benefits the university, and then the jobs in Columbia benefit the community as well."

McDaniel said Nanova has not brought in too much revenue yet because it is fairly new, however he fully expects the company to be very profitable within the near future.

I think they’re going to be very successful, I think that they have innovative products, they continue to expand their product line," McDaniel said.  

Ritts said he sees the company expanding even more in the future. 

"I know we’re always working on new projects, new ideas," Ritts said. "Once we get one company up and running and manufacturing and selling, we’re going to move on to focus our time on another set of products."

More News

Grid
List
LAKE OF THE OZARKS - 64 years later, a different lake and nearly triple the death toll, the duck boat... More >>
13 hours ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 9:12:00 PM CDT July 20, 2018 in News
(CNN) -- Russian intelligence operatives attempted to hack into the online accounts of staffers on three congressional campaigns in the... More >>
13 hours ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 8:46:27 PM CDT July 20, 2018 in News
CHARLOTTE, N.C. (AP) — As Charlotte, North Carolina, celebrates being chosen Friday to host the 2020 Republican National Convention, an... More >>
14 hours ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 8:05:32 PM CDT July 20, 2018 in News
(CNN) -- A cardiologist who treated former President George H.W. Bush was killed Friday morning in a bicycle-to-bicycle drive-by shooting... More >>
15 hours ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 7:34:02 PM CDT July 20, 2018 in News
COLUMBIA - The Columbia Police Department will move into a new neighborhood over the next few weeks. In July,... More >>
16 hours ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 6:41:00 PM CDT July 20, 2018 in News
CALLAWAY COUNTY - A Steedman man was sentenced to 12 years in prison after pleading guilty to charges of domestic... More >>
17 hours ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 5:22:00 PM CDT July 20, 2018 in News
ST. JOSEPH (AP) — A Missouri man has pleaded guilty in the fatal beating of his 77-year-old grandmother while he... More >>
18 hours ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 3:59:00 PM CDT July 20, 2018 in News
(CNN) -- The FBI is in possession of a recording between President Donald Trump and his former personal attorney Michael... More >>
19 hours ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 3:38:16 PM CDT July 20, 2018 in Continuous News
JEFFERSON CITY – House Minority Leader Gail McCann Beatty will resign from the Missouri House of Representatives effective Sunday in... More >>
21 hours ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 12:57:00 PM CDT July 20, 2018 in Top Stories
COLE COUNTY — The Cole County Sheriff’s Department responded to possible weapons violation on Thursday night. When the officers... More >>
22 hours ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 11:47:00 AM CDT July 20, 2018 in Top Stories
(AP) - President Donald Trump has indicated that he's willing to hit every product imported from China with tariffs and... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 8:52:00 AM CDT July 20, 2018 in News
BRANSON - Missouri Attorney General Josh Hawley will meet with investigators Saturday at Table Rock Lake to receive a briefing... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 7:23:00 AM CDT July 20, 2018 in News
BRANSON (AP) — About 300 people gathered in a parking lot outside a tourism business to remember the 17 people... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 7:16:00 AM CDT July 20, 2018 in News
BRANSON - The recent boat incident that killed 11 and injured seven in Branson isn't the first time Ride the... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 2:06:00 AM CDT July 20, 2018 in News
COLUMBIA - Thursday evening around 9:00 pm, two cars collided head-on at the intersection of Worley St. and W. Boulevard.... More >>
1 day ago Thursday, July 19 2018 Jul 19, 2018 Thursday, July 19, 2018 11:14:00 PM CDT July 19, 2018 in News
KANSAS CITY (AP) — A southern Missouri sheriff and a subordinate with whom he was having a romantic relationship have... More >>
1 day ago Thursday, July 19 2018 Jul 19, 2018 Thursday, July 19, 2018 10:46:00 PM CDT July 19, 2018 in News
COLUMBIA - The City of Columbia confirmed Friday the household hazardous waste collection is cancelled. The waste collection was... More >>
1 day ago Thursday, July 19 2018 Jul 19, 2018 Thursday, July 19, 2018 10:16:00 PM CDT July 19, 2018 in News
(CNN) -- More illnesses have been reported across the United States in two separate cyclospora outbreaks, federal health officials said... More >>
1 day ago Thursday, July 19 2018 Jul 19, 2018 Thursday, July 19, 2018 9:31:35 PM CDT July 19, 2018 in News
Columbia, MO
Broken Clouds 79°
11am 81°
12pm 84°
1pm 86°
2pm 87°