Fogarty Institute Startups Make Strides; Raise Funds

by | Feb 26, 2019 | Companies, Funding | 0 comments

It’s often said that the only constant is change. Here at the Fogarty Institute, we embrace that sentiment because in the world of medtech, change is inevitable to continue to enhance patient care. That’s why we are delighted with recent advances in funding – while the funding environment can be challenging, the industry has demonstrated resilience and agility as startups seek to get innovative devices to market.

In fact, as many of our current companies-in-residence and graduates have been proactive in seeking different sources of investments, they have found success in securing capital that will eventually help them make a global impact with innovative devices. Here are some noteworthy highlights from the past several months:

G-Tech: The Helmsley Charitable Trust has awarded a $1 million grant to study the use of the G-Tech wireless patch system in patients with Crohn’s disease.  The Stanford-based study will test patients reporting acute flare symptoms and then follow them over six months, comparing them with healthy controls. The grant also covers significant engineering work to bring G-Tech’s system into compliance with emerging data security requirements.

Materna: The startup recently received a $2.3 million National Institutes of Health (NIH) Small Business Innovation Research (SBIR) grant to fund a 200-patient clinical study of its birthing device, which is aimed at preventing maternal pelvic injuries during childbirth and shortening delivery time. The company has made great progress towards refining the design of this product, while its second device, Milli, used to treat pelvic pain, is now available commercially.

Radial Medical: This company leveraged funds raised in late 2018 to hire a new VP of Clinical Affairs, Tammy Morton, and is starting a clinical trial for restless leg syndrome, a common condition that affects approximately one in 10 adults in the U.S. The startup also published an article in the prestigious Journal of Vascular Surgery and received a second patent for its second-generation device, Cirvo. Watch for more growth-related announcements as Radial continues to build its team as it aims to close Series A funding.

MedicalCue: Thanks to funds raised in 2018, the startup has completed the data collection and analysis for three case studies on the efficacy of NeoCue, a bedside device that guides medical teams through newborn resuscitation, greatly increasing the accuracy of care delivered. While aiming to raise additional funding, the team is in the process of documenting its case studies and has added an experienced board member to its board, Dr. Laurence Platt.

With all this good news – and more on the horizon – the Fogarty Institute is proud of the progress its companies and graduates have made, but more importantly, the impact these developments will have on improving outcomes and lowering costs – with patient satisfaction always the goal.

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