PhotoniCare Announces More Than $7 Million in Funding for Commercial Expansion of First-In-Class Ear Imaging Technology
Summary
The company also announced that it has received a $2.1 million Phase II Small Business Innovation Research (SBIR) grant from the National Institutes of Health (NIH). More than ten million children per year experience ear infections in the U.S. alone; however, the current gold standard of otoscopy is a rudimentary tool that looks only at the surface of the eardrum, leading to misdiagnosis rates as high as 50%. A recent 70-patient study with Children’s National Health System in Washington, D.C., demonstrated 91% sensitivity and 90% specificity for TOMi Scope’s technology for detecting fluid through the intact eardrum. Most recently, Mr. Hydar served as Vice President of Sales at Kent Imaging where he led product launches to commercialization and developed strategic partnership agreements to expand company awareness and market presence. “ This funding milestone, and the addition of Jeff to our team, will help us deliver on our vision to advance a new gold standard technology for ear health,” said PhotoniCare co-founder and CEO Ryan Shelton.