A Johns Hopkins spinout was awarded $3 million in federal funding to commercialize its ultrasound system that provides medical imaging from within the body.
Perceptive Navigation plans to use the Phase IIB Small Business Innovation Research grant from the NIH’s National Heart, Lung, and Blood Instituteto further develop the product and conduct studies as it works toward regulatory approval to market its device. CEO Todd Chappell said the funding would make a “huge difference” as the startup seeks FDA approval, which is a major milestone for medical device companies.
“We are embarking with this money on regulatory-directed studies in order to get FDA approval,” said Chappell, who became CEO of the company in 2015 following a stint as entrepreneur in residence at BioHealth Innovation. The grant also provides funding for a separate, multi-site clinical study that would come after FDA approval.
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