(Photo by Flickr user Elvert Barnes, used under a Creative Commons license)
The Herndon, Va.-based Center for Innovative Technology (CIT) announced that its CIT GAP Funds is investing in Richmond, Va.-based Tympanogen, a medical technology company that develops ear, nose, and throat (ENT) treatment devices based on a proprietary gel patch technology.
“We have a great opportunity to take over what many consider to be a neglected market. ENT surgeons want a faster, safer procedure for eardrum repair while patients and parents want to avoid surgery,” Elaine Horn-Ranney, cofounder and CEO of Tympanogen said in a statement. “Tympanogen is committed to transforming traditional tympanoplasty procedures into a quick, safe office visit. We are grateful for the support of CIT GAP Funds, whose contributions will play an important role in eliminating medical complications for thousands of patients.”
The investment will be used to add several new hires to Tympanogen’s team as well as go toward the manufacturing and validating the company’s flagship product, Perf-Fix. The gel patch acts as a scaffold that allows cells to grow across a perforation while resorbing the material, a press release states. The gel solution alleviates anesthesia complications for patients and makes a more time efficient process for medical professionals, allowing them to treat more patients per hour.
It was also tested in space.
Today's the day Bio+Tech Center company Tympanogen is heading to the International Space Station! Watch CEO, Dr. Elaine Horn-Ranney, speak about the project at 930am here: https://t.co/8kh6LpZjYx #RVA #vabiotech #vabiotechpark #activationcapital pic.twitter.com/SswcBrRvkt
— VA Bio+Tech Park (@VABiotechPark) December 3, 2018
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