CoapTech, a US-based feeding tube technology spinout from University of Maryland, Baltimore, has obtained $2.4m in a seed round backed by the system’s tech transfer office UM Ventures, Baltimore Business Journal reported on Tuesday.
The round also featured Maryland Industrial Partnerships, a university program designed to connect University of Maryland System research to industry partners.
CoapTech’s other seed backers are US public health body National Institutes of Health, state government-owned economic development agency Maryland Technology Development Corporation (Tedco) and unnamed angel investors.
Founded in 2016, CoapTech has created a medical device called Puma-G System that combines ultrasound and magnet technology to help clinicians accurately align feeding tubes within a patient. Puma-G is scheduled to launch in 2019.
The technique, which has undergone pre-clinical trials on dogs, has been designed to be less invasive than conventional feeding tube positioning, which often requires substantial specialist training and time in the operating theatre.
CoapTech advances research by co-founder and chief medical officer Steven Tropello, who practises as a clinical instructor at University of Maryland Medical Center’s Midtown Campus.
The money will help CoapTech begin clinical trials as the company aims to secure US regulatory approval for its device by the first quarter of next year.
CoapTech could seek a further $500,000 to $1m in bridge funding to support its data gathering and finances in the hope of paving the way for future commercialisation partnerships.
