Texas spinout Microtransponder raises $5.5m as it successfully completes a trial for a treatment for stroke patients.
Microtransponder, a US-based medical device maker spun out of Texas University, has raised $5.5m from the university’s UT Horizon Fund, Green Park & Golf Ventures and undisclosed investors.
UT Horizon is a $50m program of University of Texas system’s tech transfer arm Office of Technology Commercialization. The fund invests in companies that have relationships with the university.
Founded in 2007 as a spinout from Texas University at Dallas, Microtransponder develops medical devices to help patients recovering from strokes or those living with tinnitus.
The company recently successfully completed a trial for its nerve stimulation rehabilitation treatment for stroke patients.
In 2013, Microtransponder raised $3.4m in seed funding from Green Park & Golf Ventures and the UT Horizon Fund. In September 2010, the company raised $2.7m and in April 2010 it raised $2m.
Clay Heighten, partner at Green Park & Golf Ventures, said: “We think that both the stroke and the tinnitus therapies have a large potential market, due to the significant numbers of patients whose lives are severely disrupted by these conditions and the lack of sufficient treatment options.”