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CIT Gap Funds invests in medtech startup

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.”

July 18-19th | Charlottesville, VA
The University Gap Fund/Accelerator Summit
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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.

 

 

Source: CIT Gap Funds invests in medtech startup Tympanogen – Technical.ly DC

By |2019-03-13T14:44:41+00:00March 13th, 2019|Venture Capital, Virginia|0 Comments

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