Feb. 05, 2021
From left: Flavia Araujo, Michael Dunavant and Jared Greer of Lapovations LLC.
A medical device company founded by University of Arkansas alumni has reached two major milestones — registration with the U.S. Food and Drug Administration and its first United States sale.
Lapovations LLC, which is led by biomedical engineering alumnus Jared Greer, has launched AbGrab, a trademarked device used for lifting the abdominal wall at the start of laparoscopic surgery. The device "provides a more reliable, less invasive alternative to existing methods, improving outcomes for patients and surgeons," Greer said.
FDA registration was more than a regulatory milestone, Greer said — it shifted the company into a new chapter.
"For a Class I device, FDA registration is the final regulatory requirement for the device to be legally sold in the U.S. So, it's a huge milestone for Lapovations as it moves us from a pre-revenue company to a revenue producing company," he said.
Lapovations was formed in the graduate-level New Venture Development Course taught by professor Carol Reeves. The team includes alumni from the College of Engineering and the Sam. M. Walton College of Business.
The company, based in Fayetteville, will deploy its technology to benefit patients in Arkansas, Greer said. The first AbGrab used in surgery occurred at North Arkansas Regional Medical Center in Harrison.
In 2018, Lapovations became the most successful startup competition team in U of A history, winning seven state, regional and national business plan competitions, placing second in two others and earning more than $305,000 in cash and investment prizes.
Lapovations was awarded a $50,000 grant by Arkansas Economic Development Commission in 2019 as part of the Arkansas Small Business Innovation Research Matching Grant Program. Lapovations has also participated in two competitive Arkansas accelerator programs, the Delta I‐Fund and Health InnovatAR (now HealthTech Arkansas), that provided an additional $100,000 in combined investment along with valuable mentorship for the company and introductions to key stakeholders in the startup and medical communities.
Greer said his time at the University of Arkansas set him on the path to success.
"My time at the U of A was instrumental in the development of this company and this product," he said. "Without the tremendous support we received from the College of Engineering and Walton College, Lapovations may never have progressed past a new product idea intended to solve a pain being experienced by a laparoscopic surgeon. It may have remained a dream and a sketch on the back of a restaurant napkin. The U of A is still supporting Lapovations in different ways to this very day and we are forever grateful for that partnership."
Lapovations is a member company in the U of A Startup Village.
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February 05, 2021 at 01:11PM
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Alumni Startup Celebrates Milestones | University of Arkansas - University of Arkansas Newswire
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