Early-stage life sciences startup Vasoptic Medical has been testing a hand-held device that can be used by primary care physicians for the early detection of diabetic retinopathy. That’s damage to the retina caused by diabetes that can lead to blindness.
The tests, being held at the Johns Hopkins Wilmer Eye Institute, are required for federal Food and Drug Administration approval. When done in 2014, the Columbia company will seek FDA clearance to market and sell the device.
While the startup estimates “it will cost $7.5 million to bring the device to market,” each device will sell for around $10,000.
Vasoptic Medical, which is based out of the Maryland Center for Entrepreneurship in Howard County, was one of 33 semi-finalists in the inaugural InvestMaryland Challenge and has received $75,000 in investment from the Maryland Technology Development Corporation.-30-