These 4 medtech companies just got funding to help with FDA approval - Technical.ly Baltimore

Business

Jul. 20, 2016 2:24 pm

These 4 medtech companies just got funding to help with FDA approval

TEDCO dished out the first round of funding from its Life Science Investment Fund.

A mock-up of Vasoptic's device and pre-clinical imaging.

(Courtesy image)

FDA approval is one of the big reasons biohealth startups often take longer to get off the ground than other categories, like software.

So when TEDCO took over a fund that specifically catered to the category amid last year’s reorganization, the state’s quasi-governmental investment arm decided to specifically target companies that needed some more runway as they sought the government-guarded milestone.

On Wednesday, TEDCO announced the first round of companies that will receive money from the Life Science Investment Fund, and three are from Baltimore. The $200,000 investments are made in the form a five-year convertible note.

Here’s who got funding:

  • Sonavex, a Johns Hopkins spinout that makes a system to improve blood clot detection during surgeries.
  • AsclepiX Therapeutics, a Johns Hopkins spinout developing pharmaceuticals that can replicate the body’s natural processes.
  • Vasoptic Medical, a Locust Point-based company which is making a device that allows primary care doctors to give eye exams to diabetes patients, rather than an eye doctor.
  • Gel-e, a College Park-based company that is commercializing hemostatic medical devices.
-30-
Stephen Babcock

Stephen Babcock is the lead reporter for Technical.ly Baltimore. A graduate of Northeastern University, he moved to Baltimore following a stint in New Orleans, where he served as managing editor of online news and culture publication NOLA Defender. While there, he also wrote for NOLA.com/The Times-Picayune. He was previously a reporter for the Rio Grande Sun of Northern New Mexico.

Advertisement

Sign-up for regular updates from Technical.ly