News | 5 min read
InnoSound Technologies, Inc. selects Va. Biotechnology Research Park
April 14, 2014
News | 5 min read
April 14, 2014
RICHMOND, VA — InnoSound Technologies, Inc., has selected the Virginia Biotechnology Research Park in Richmond, Va., as the location for its first sales and service facility. Manufacturers and distributors of ultrasonic surgical equipment and devices, InnoSound Technologies has been distributing their devices in Asia and will now be entering U.S. markets from their location in the Virginia Biotechnology Research Park.
“We were very pleased to meet with former Gov. Bob McDonnell when he visited Tuspark at Tsinghau University in Beijing when he was in China in April 2013 as part of the Virginia Economic Development Partnership’s marketing mission and learn more about the business advantages of Virginia for biotechnology and medical device companies,” said Dr. Wenyong Shi, Chief Executive Officer and founder of the company. “Representatives from the Virginia Economic Development Partnership (VEDP) and Greater Richmond Partnership were helpful in introducing us to the Virginia Biotechnology Research Park, which we feel will be a perfect location for us to begin entering the U.S. and North American markets with our products.”
“Our Biotechnology Research Park continues to attract world class companies, and we welcome Dr. Shi and InnoSound Technologies to RVA!” said Mayor Dwight C. Jones. “Adding another life sciences related company from China to our Biotech Park adds to the diversity of the business base in the City and illustrates the strong business climate the City has to offer.”
Ultrasonic surgery is relatively new and innovative because of its breadth of applications and improvements over conventional surgical procedures that are more invasive and require longer patient rehabilitation. Applications for devices that InnoSound Technologies currently manufactures can be used in general surgical procedures as an alternative to traditional steel scalpels, electrosurgery and laser surgery devices, they can also be used for debridement of wounds and infections, and for cataract removal surgeries. The principle of ultrasonic surgery is to transform electrical power into ultrasonic energy, allowing for more precise operations next to key organs, tissue and nerves, as well as simultaneous sealing of the blood vessels as soft tissues are cut during the surgical procedures.
“We are pleased to welcome InnoSound Technologies to our scientific community and to the Richmond region,” said Carrie Roth, Interim President & CEO of the Virginia Biotechnology Research Park. “The Research Park offers a dynamic and growing life sciences community, including a number of international companies who have found the Park to be an excellent location for entering the U.S. with their unique technologies and services.”
The City of Richmond and Greater Richmond Partnership worked with Dr. Shi during his visits to the region to address steps to starting a business in the U.S., including scheduling meetings for legal and accounting advice. “InnoSound is a small company now, but with a tremendous upside,” said Greg Wingfield, President and CEO of the Greater Richmond Partnership. “From the start, we felt that Dr. Shi’s business could succeed in the Biotech Park with the innovative community and resources that are provided by the state, City of Richmond and Virginia Commonwealth University.”
Virginia Economic Development Partnership first encountered Dr. Shi during a marketing mission. “It is rewarding to see this project come to fruition after meeting with Dr. Shi in Beijing during VEDP’s marketing mission in April 2013,” said VEDP CEO Martin Briley. “There is great value in expanding our reach into international markets to uncover leads like InnoSound Technologies that result in a project and a new corporate partner to Virginia. The Greater Richmond Partnership and the City of Richmond were tremendous in partnering to ensure that the company found a fit for its needs, and we are delighted that the Virginia Biotechnology Research Park will be home to InnoSound’s first sales and service operation,” he continued.
InnoSound Technologies will begin by leasing a laboratory and office in the Virginia Biotechnology Center. Initially, the company will be focused on securing FDA approval for their line of ultrasonic surgical equipment so they can begin selling and distributing in the U.S. The surgical equipment including the generators, cutters, aspirators, handpieces and ancillary equipment are manufactured in the company’s facilities in Tianjin, China. Eventually, the company expects to expand to manufacture and assemble their lines of equipment in Virginia as well as continuing to provide sales and service support. The company expects to employ 25 full time people and invest $1 million within the next two years.
InnoSound Technologies, Inc. was founded in the Biotechnology Research Park in Richmond, Virginia in 2012. The company offers unique ultrasonic surgical products and their related services to global surgeons. These techniques reduce the difficulty for surgeons in precision surgery procedures and bring patients the most minimal injuries. The company has an R & D center located in the Science Park of Tsinghua University in Beijing and a 20,000 square feet factory (including a 10,000 square feet GMP qualified workshop for the producing of disposable ultrasonic surgical cutters) in Tianjin, China.
The Virginia BioTechnology Research Park is located in the center of the nation’s East Coast pharmaceutical and biotechnology corridor. The Park’s dynamic and growing life sciences community is home to over 60 life science companies, research institutes, state/federal laboratories and is adjacent to Virginia Commonwealth University, a “Top 100″ life sciences research center.
The Greater Richmond Partnership, Inc. was launched in 1994 as a pioneering regional public-private initiative to serve as the regional economic development group for the City of Richmond and counties of Chesterfield, Hanover and Henrico. The mission is to help grow the regional economy through the attraction of high quality jobs and new capital investment, the retention of existing businesses, and the continued improvement of the region's business climate. Please visit www.grpva.com.