– Start-up Company Developing Safer, Less Expensive Gastrostomy Method
– CoapTech Receives Maryland Innovative Initiative Award to Further Advance the Technology
BALTIMORE, Nov. 29, 2016 /PRNewswire/ — University of Maryland (UM) Ventures and CoapTech, LLC, announced today that the University of Maryland, Baltimore (UMB) has granted CoapTech exclusive licensing rights for the commercial development of a platform technology called Coaptive Ultrasound. CoapTech will use the technology, initially, to bring to market a medical device allowing non-surgical providers to safely perform feeding tube placement at the bedside through a novel procedure termed PUG (Percutaneous Ultrasound Gastrostomy). PUG is a minimally invasive and more cost-effective method for the placement of permanent gastrostomy (feeding) tubes into stomachs of patients who need long-term nutritional supplementation.
CoapTech also announced that the Maryland Innovation Initiative (MII), which was established to foster technology transfer from Maryland universities and boost early-stage development of startups, has awarded the company a Phase III award for $150,000 to help position CoapTech for follow-on investments from venture capital firms and angel investors. Read more.