Columbia Biotech Startup Gets $1 Million In State Tax Credits

Photo courtesy of Creative Commons
Nanova Biomaterials was founded by faculty members at the University of Missouri. | Photo courtesy of Creative Commons

Nanova Biomaterials Inc., a biotechnology company still in its early stage, has been granted $1 million in Missouri Quality Jobs tax credits and $50,000 in Development Tax Credits. The company, which plans to expand to a new building in north Columbia, purchase new equipment and make renovations, must create 50 or more jobs to get the tax credits.

The company, co-founded by University of Missouri faculty members, received $7 million of venture capital funding this March from China, $1.5 million of which will go toward the expansion, President Han Li said. The company adds nano materials to dental fillers and bone screws in order to improve their mechanical and biological properties, Li said. The company’s first dental product, which will go on the market in 2014, can also enhance the tooth cavity resistance for both children and adults, he said.

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