Tympanogen, The Eardrum Patch Startup Company Receives $44K.
A New Orleans startup company with non surgical patch for treating holes within eardrums, named Tympanogen LLC, ha recently won $44,000 in a amazing graduate-level student startup competition.
Over 500 startups form various places around the world had applied for the Rive university Business plan Competition, with over 42 startup from eight different countries selected to compete within Houston.
Tympanogen was one of the lucky winners to gain three prizes that totaled $44,000 after being chose as one of the six finalists. The company managed to win over $25,000 for its first prize during April 11th at the Tulane University Business Model Competition.
Tympanogen has being trying to commercialize a gel patch named Perf-Fix, which was developed at Tulane. The patch could eventually lead to be used for every year on more than 700,000 patients who have holes on there eardrums. The patch will be applied within a clinic without the necessary need for surgery or anesthesia, and it has gained a success rate that doubles that of the surgical treatment options, which only has a success rate that as low as 40 percent.
“The cash awards will support our next phase of testing, and the connections we made to investors, surgeons and experienced biotech entrepreneurs are invaluable,” Tympanogen co-founder Elaine Horn-Ranney said of the Rice competition.
The startup company continued to pitch its product four time over the course of the weekend long competition and earned $4,000 as its fifth-place finisher. It also gained another $20,000 award from the nCourage Entrepreneurs Investment Group for the top women led-startups at the competition, along with another $20,000 from NASA Earth/Space Human & Performance Innovation cash prize. This prize was earned for having the best life science startup whose technology is possible application for NASA and their space program.
“The feedback from the judges of the competition, who are mostly investors, was extremely positive,” Horn-Ranney said.
“Many had children who had undergone the surgery our product will replace, and they could easily relate to the issue Perf-Fix resolves,” she said.
“This gave us further validation that Tympanogen is on the correct path to commercializing this much-needed gel patch and getting it to patients and their families quickly.”
In preparation for its competitions, the team made up for Tympanogen biomedical engineers and physician developed a business plan and pitched it with free support from the New Orleans BioInnovation Center. The center itself is a not-for-profit technology business incubator that fosters entrepreneurship and support biomedical and clean technology innovation within the southeast are of Louisiana.