Seattle, Washington (PRWEB) July 26, 2017
Today, angelMD announced an investment into Otomagnetics, the developer of a magnetic injection delivery system. The investment was arranged through an angelMD member syndicate, and the group is led by Aditi Mandpe, MD and Orrin Ailloni-Charas, MD, MBA. This is angelMD’s first investment into Otomagnetics.
Otomagnetics, a company founded out of the University of Maryland, College Park, developed a method to effectively deliver drugs and other therapeutic payloads to challenging locations such as the ear, eye and skin using magnetic forces. The Otomagnetics system replaces a needle by leveraging magnetic forces that deliver drugs, genes or proteins through tissue barriers to hard-to-reach targets.
For example, Otomagnetics’ system has demonstrated drug delivery to the hard-to-reach inner ear in test situations. It has also shown improved dosing and therapeutic effects in preclinical models of tinnitus and noise-induced hearing loss, and it has proven to prevent hearing loss due to chemotherapy regimens.
"We are a company that was started based on an unmet clinical need, and we are excited to gain the support and backing of angelMD and their network of physicians and investors, who understand first-hand our solutions," said Benjamin Shapiro, Ph.D., chief executive officer of Otomagnetics.
Syndicate leads Mandpe and Ailloni-Charas are both practicing physicians based out of Northern California. Mandpe specializes in head and neck surgery. Ailloni-Charas is a practicing physician in Northern California, and he received his medical degree at the New York University School of Medicine before earning an MBA at Columbia University.
“The Otomagnetics team is in the perfect position to benefit from an angelMD investment syndicate. They have worked hard to bring a much-needed product to the testing phases, and we’re proud to be a part of the funding that will help them bring it to market,” added Jens Francis, chief investment officer of angelMD.
# # #
angelMD is an investment platform and marketplace connecting innovative medical startups, physicians, investors and industry partners. Leading physicians from all over the US have joined the angelMD Scientific Advisory Board and Leaders Club to help source, evaluate and advise companies in biotechnology, medical device and healthcare technology. For more information, visit http://www.angelmd.co.
Otomagnetics was founded with the mission to achieve drug delivery to hard-to-reach targets. The company’s system is based on the research of Dr. Benjamin Shapiro, PhD, a Full Professor at the Fischell Department of Bioengineering at the University of Maryland, College Park.
Otomagnetics’ senior leadership has experience in neuroscience and bioengineering, with extensive backgrounds in other medical device startups. Founded at the University of Maryland in 2012, Otomagnetics remains headquartered in Maryland.