If you or one of your kids have ever experienced a perforated eardrum, you know it’s nothing to sneeze at. You can’t hear, you might be dizzy or have ringing in your ears. Left untreated, hearing loss can be permanent. Here’s the kicker: there are 5.3 million cases of perforated eardrums each year in the United States alone.
VisionTech’s May 13th virtual pitch presenter, Elaine Horn-Ranney, CEO and Co-founder of Tympanogen, will introduce a solution, a literal patch that replaces traditional treatments. Tympanogen is moving quickly to commercialization. You don’t want to miss this pitch! This deal came to VisionTech through another angel network.
Here’s the problem: traditional treatments for eardrum perforations are outdated.
Some physicians treat eardrum perforations, tears in the membrane separating the ear canal and the middle ear, with antibiotics and, well, waiting. Healing can take as long as six months.
The primary standard of care since the 1960s is hospital-based surgery. The procedure takes two to four hours, healing can take up to eight weeks, and the typical cost for surgery is $18,000. It’s not a simple procedure either. It involves anesthesia, incisions and grafts. This can be very stressful, particularly for kids.
Tympanogen is poised to change this with the patented Perf-Fix™ Otologic Gel Patch.
This pioneering technology is a solution for eardrum tears that can be applied in a doctor’s office in a ten-minute visit. There’s no trip to the hospital. No anesthesia. No incisions. And it’s so much less stressful. Success rates are as high as surgery. Healing typically takes just three weeks. The good news for parents is that is as tolerable by kids as young as five.
Tympanogen’s Perf-Fix is also appealing to payers.
The procedure costs under $3,000, a significant savings over surgery. An existing CPT billing code streamlines reimbursement.
Tympanogen’s IP is well protected.
The company has six global patents issued on its methods of use. It has nine patent applications in process on its Perf-Fix formulations and another three on parts.
When will Perf-Fix be commercialized?
Horn-Ranney anticipates their solution will be on the market in less than 12 months. Details on this timeline and go-to-market strategy will be shared during the May 13th pitch.
What do ENTs think about Perf-Fix?
They definitely see the value. More than 200 ENT—Ear, Nose and Throat experts—are on Tympanogen’s wait list for Perf-Fix.
What round is this?
Tympanogen is raising a $5 million Series A Round of which $1.4 million has been raised as of May 1. Keiretsu Mid-Atlantic, an angel investing group based in Philadelphia, is leading the round. Funds raised will be used to support commercialization, including hiring a sales lead and scaling production capacity. Notably, no additional fundraising rounds are planned after this round closes. Additionally, Tympanogen has secured $6.8 million in nondilutive grant funding, including $3.23 million from the National Institutes of Health.
Why invest in Tympanogen?
Horn-Ranney offered three reasons: Tympanogen has a unique solution in an established, large market that relies on traditional, inefficient and costly solutions. Perf-Fix is de-risked and has a short timeline to success. Acquirers are interested.
VisionTech’s Virtual Pitch Event featuring Tympanogen CEO Elaine Horn-Ranney on Tuesday, May 13 begins promptly at 12 noon ET. We will have a full hour for the pitch and questions from participants. VisionTech virtual pitch events are open to our member-investors. Guest interested in joining our group are welcome with advance approval. Please register here.
