SEATTLE – Otomagnetics will use an investment from angelMD to develop its magnetic injection delivery system for drugs and other therapeutics. “We are a company that was started based on an unmet clinical need, and we are excited to gain the support and backing of angelMD and their network of physicians and investors, who understand first-hand our solutions,” said Benjamin Shapiro, CEO of Otomagnetics, in a statement. The company has developed a method to effectively deliver drugs and other therapeutic payloads to challenging locations such as the ear, eye and skin using magnetic forces. The Otomagnetics system replaces a needle by leveraging magnetic forces that deliver drugs, genes or proteins through tissue barriers to hard-to-reach targets. The system has demonstrated drug delivery to the hard-to-reach inner ear in test situations, and has also shown improved dosing and therapeutic effects in preclinical models of tinnitus and noise-induced hearing loss, and it has proven to prevent hearing loss due to chemotherapy regimens.
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