Shapiro's Otomagnetics Recipient of BioMaryland Center Award
Otomagnetics, a startup with roots in the Clark School, was recently named one of seven innovative life sciences companies to receive a Biotechnology Development Award through the BioMaryland Center, an office within Maryland’s Department of Business and Economic Development.
The BioMaryland Center awarded up to $200,000 to each of the companies and one educational institution, totaling $1.5 million in funding to accelerate the commercialization of a wide range of treatments and technologies.
Led by Fischell Department of Bioengineering and Institute for Systems Research (ISR) Professor Benjamin Shapiro, Otomagnetics is a magnetic particle drug delivery system for treatment of sudden hearing loss and, eventually, common ear infections. Along with ISR Associate Research Scientist Dr. Didier Depireux and the rest of the Otomagnetics team, Shapiro has worked to design a minimally invasive platform technology that directs and delivers therapeutics to the middle and inner ear to enable treatment of conditions such as sudden hearing loss, tinnitus and middle ear infections.
About the BioMaryland Biotechnology Development Award
Since its inception in 2010, the BioMaryland Biotechnology Development Awards program, a key component of Maryland Governor Martin O’Malley’s Bio 2020 initiative, has provided more than $6 million to 32 Maryland life sciences companies.
Published March 14, 2014