The Ohio Controlling Board yesterday approved Theken Spine LLC for a $200,000 Rapid Outreach grant to buy new machinery and equipment.
The Akron, Ohio-based maker of implantable hardware for spinal fusion surgery is consolidating four facilities at a Medina building, which will be renovated and used for offices, warehousing and product manufacturing, the Ohio Department of Development said.
Theken Spine designs, develops, makes and distributes a range of spinal fixation products and devices. Its $1.6 million project is expected to create 83 jobs and retain 77, according to the development department.
Founded in 1998 by northeast Ohio orthopedic devices entrepreneur Randy Theken, the family of four spine companies was acquired by Plainsboro, N.J.-based Integra LifeSciences Holdings Corp. in 2008 for $75 million in cash and the potential for $125 million more in milestone payments.