AngelMD has put an undisclosed amount into Otomagnetics, a developer of a magnetic injection delivery system based on research at University of Maryland, College Park.
Otomagnetics, a US-based drug delivery technology developer spun out from University of Maryland, College Park, has raised an undisclosed sum from an angel syndicate through investment platform AngelMD.
Founded in 2012, Otomagnetics is working on a needle-less, magnetic injection delivery technology that offers an effective way of delivering drugs, genes or proteins through tissue to challenging locations such as the eye or the ear.
The approach is based on research undertaken by Benjamin Shapiro, full professor at the Fischell Department of Bioengineering at University of Maryland, College Park. Shapiro now serves as chief executive of the spinout.
In December 2016, Otomagnetics obtained capital from Tedco, the economic development agency for the state of Maryland. Tedco invested a total of $1.9m in 19 startups at the time.
Shapiro said: “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.”
Jens Francis, chief investment officer of AngelMD, said: “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.”