Herndon, VA, Feb. 28, 2019 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) announced today that CIT GAP Funds has invested in Richmond, VA-based Tympanogen, Inc., a medical technology company that develops ear, nose and throat (ENT) devices based on a proprietary gel patch technology. CIT’s investment will be used to advance the manufacturing and validation of Tympanogen’s flagship product, Perf-Fix™, as well as adding several new key hires.
Middle ear infections are the most common childhood disease worldwide, and while surgical procedures have been the standard-of-care solution since the 1960s, the average cost is around $18,000 and requires up to four hours of operative time, plus six to eight weeks of healing time. Out of the 1,000,000 procedures conducted each year, approximately 170,000 result in chronic eardrum perforations, which in most cases causes additional ear infection, hearing loss, and nerve damage. Perf-Fix transforms traditional tympanoplasty procedures, the surgical operations performed to reconstruct the eardrum or bones of the middle ear, into quick offices visits that do not require general anesthesia.
“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,” says Elaine Horn-Ranney, Co-founder and CEO of Tympanogen. “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.”
Tympanogen’s Perf-Fix gel patch acts as a scaffold that allows cells to grow across the perforation while resorbing the material. There are significant benefits for both patients and medical professionals when using the Perf-Fix solution. For patients, all surgical and anesthesia complications are eliminated, which makes the procedure less painful. For medical professionals, the procedure itself is more efficient, reducing time and stress while also being able to treat more patients per hour.
“Surgery of any type is stressful for everyone involved, from the patients to their families to the medical staff. Tympanogen is eliminating that stress and fear by offering a nonsurgical solution, and CIT is thrilled to be a part of that mission,” said Thomas Weithman, Managing Director of CIT GAP Funds and Chief Investment Officer at MACH37. “We look forward to being part of Tympanogen’s journey to bring this much needed solution to medical offices worldwide.”
CIT GAP Funds, a family of funds placing equity investments in Virginia-based technology, life science, and cleantech companies, has invested in over 200 high-potential, early-stage companies likely to achieve rapid growth and generate significant economic return. Since it’s 2005 formation, CIT GAP Funds has infused an additional $600M+ of private placements onto the balance sheets of portfolio companies. Funds have come from over 900 different investment sources, with 80 percent including out-of-state and blue-chip funding sources from across the U.S. For more information, please visit https://www.cit.org/.
About Tympanogen, Inc.
Tympanogen, Inc. develops innovative ear, nose, and throat devices based on our proprietary gel technology. Our lead product, Perf-Fix™, will transform traditional tympanoplasty procedures into a quick office visit. Perf-Fix can be applied in an office setting within 10 minutes, without general anesthesia or margin freshening. This gel patch encourages regeneration of the full tympanic membrane structure at the same high success rates of traditional tympanoplasty. For more information, please visit: http://www.tympanogen.com/.
About CIT GAP Funds
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds’ investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.citgapfunds.org.
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