COLUMBIA — More than $1 million of tax credits have been granted to a biotech start-up in Columbia.
Nanova Biomaterials Inc., a biotechnology company still in its early stage, plans to expand to a new building in north Columbia, purchase new equipments and make renovations, company President Han Li said.
The company received $7 million of venture capital funding this March from China, $1.5 million of which will go toward the expansion, 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.
The company chose its location mainly because of its academic relationship with MU, where previous research of its products was conducted. The co-founders of the company are also MU faculty members, Li said.
This year, the company has shifted its focus from research to production, which is well aligned with its need for capital investment, Li said.
The incentives from the state comes with conditions.
The company must create 50 or more new jobs to get $1.09 million in Missouri Quality Jobs tax credits and $50,000 in Development Tax Credits, said Amy Susan, director of marketing and communication for the Missouri Department of Economic Development.