Tympanogen, a local medical device maker, seeking to raise $5M before launching first product

A Richmond-based medical device manufacturer, Tympanogen, is on the cusp of launching its first product after over a decade of development. The company has successfully closed a $280,000 capital raise, with further plans in motion for a larger $5 million raise, spearheaded by Keiretsu Mid-Atlantic. Elaine Horn-Ranney, Tympanogen’s CEO, expressed gratitude towards CAV Angels for their initial investment, highlighting the synergy between the company and the investor.

Tympanogen’s innovative product, the Perf-Fix Otologic Gel Patch, is set to revolutionize the treatment of perforated eardrums by providing a non-surgical repair solution. This polymer hydrogel patch promotes minimally invasive repair of the tympanic membrane, eliminating the need for the costly surgical procedure currently used to address this common condition affecting over 5 million Americans. Horn-Ranney emphasized the affordability and ease of the Perf-Fix treatment, underscoring its potential to make a significant impact on patient care.

The company is currently conducting clinical studies at several US sites, including VCU, in preparation for a broader rollout in 2026. Once the studies are completed by the end of 2025, Tympanogen anticipates obtaining FDA approval for the Perf-Fix, leading to its commercial availability by the summer of 2026. The journey to this pivotal point has been marked by dedication and perseverance from the founding team, including Horn-Ranney and her co-founders Parastoo Khoshakhlagh and Jesse Ranney.

Through strategic grant funding initiatives, Tympanogen has secured around $7 million in nondilutive funding, enabling the company to advance its product development and testing. An NIH grant of $3.23 million awarded in 2023 has been a significant boost for the company, along with other grants from agencies such as the Department of Defense. The successful completion of an efficacy study comparing the Perf-Fix to a discontinued competitor product has also garnered attention from investors, paving the way for the current fundraising efforts.

Horn-Ranney acknowledged the challenges faced during the product development phase, particularly in refining the manufacturing processes to ensure product quality and stability. The recent capital infusion, including the $280,000 from CAV Angels, will be instrumental in preparing for the product launch, which involves ramping up manufacturing capabilities, hiring key personnel, and establishing customer support systems. As Tympanogen looks towards scaling up its operations, plans are underway to relocate from the VA Bio+Tech Park to a new downtown Richmond location by the end of the year.

With a growing team of employees and contractors, Tympanogen is poised for expansion and continued success as it moves closer to bringing its groundbreaking product to market. The company’s unwavering commitment to innovation and patient care underscores its vision to transform the landscape of ear, nose, and throat medical treatments.