Non-invasive Magnetic Delivery Company Closes Series A of $2.33M

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Otomagnetics, an innovative drug delivery company, that uses magnetic nanoparticles to deliver payload has raised $2.33M from its lead investor Mrs. Neela Chipalkatty and other high net-worth individuals.

Otomagnetics’ delivery system allows replacement of needle by non-invasive magnetic forces that safely and effectively deliver therapy to difficult targets, including the cochlea.

The funding will help the company complete R&D milestones to complete pre-clinical studies and initiate human clinical trials.

“We are pleased that Otomagnetics’ ground-breaking technology will offer, pediatric patients with otitis media, an alternative to transtympanic surgery,” commented Abhita Batra, CEO of Otomagnetics, Inc. “We are excited that our technology can provide pediatric patients a choice between effective chemo and lifelong hearing loss.”

About Otomagnetics:

Otomagnetics is developing a non-invasive method to effectively deliver drugs and other therapeutic payloads to hard-to-reach targets in the body, to ear compartments, to the eye, and into the skin. You can learn more by visiting:

Contact: Abhita Batra, CEO, 215-301-7097

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