OtoNexus (Seattle) has raised more than $4.4 million as it continues to develop its ultrasound medical device technology to diagnose middle ear infections, according to a U.S. Securities and Exchange Commission Form D filed this month.
OtoNexus has been seeking a nearly $8.3 million from the money-raise. It previously raised $7.8 million in 2017.
Funders and supporters listed on OtoNexus’ website include the Children’s Hospital of Philadelphia, the National Institutes of Health, the National Science Foundation, Future in Review, AdvaMed and the Philadelphia Pediatric Medical Device Consortium.
Dr. George A. Gates, an emeritus professor at the University of Washington, and Mark A. Moehring, PhD, founded OtoNexus and invented the company’s device, which uses air-coupled ultrasound technology to enable more accurate diagnosis of middle ear infections, also called otitis media. Pediatricians will hopefully be able to better determine whether a child needs an antibiotics prescription.
OtoNexus officials claim their device could save the health system money by reducing overprescription of antibiotics – while also better ensuring that children who need the antibiotics get them.
Development appears to be moving forward. The company announced in a LinkedIn post two months ago that it has a partnership with the Fraunhofer Institute for Photonic Microsystems, a major organization for integrated circuits, microsystems and nanoelectronics in Germany and Europe.
