Published on: Thursday, 10 April 2014

For more details on MedTech Idol www.medtechidol.com/dublin

CIT researchers and AventaMed founders, Olive O’Driscoll and John Vaughan, have won the MedTech Idol Competition at the Invest in Innovation (IN3) Medical Device 360° conference. The IN3 conference brought together a diverse group of Medtech's key thought leaders including corporate business development execs, venture capital and angel investors and start-up entrepreneurs and featured an outstanding agenda of panels, networking sessions and meet-and-greets with industry.
 
The conference included the MedTech Idol competition for early stage Medtech companies which gave 4 selected companies, from an original entry of 30+ international companies, the opportunity to pitch their business plans and products to a panel of world-class Medtech investors. As winners, AventaMed will represent CIT at the IN³ Medical Device 360° Summit from 5th - 7th November in San Francisco.

AventaMed is commercialising a novel disposable ENT device  (V-tube) which is usedfor the placement of tympanostomy tubes (grommets) in the eardrum. The device inserts a pre-loaded grommet into the eardrum in less than 2 seconds and will allow the procedure to be carried out in a clinical setting without the need for the use of the traditional general anaesthetic in an operating theatre.

The placement of grommets for drainage and ventilation of the middle ear is a large, worldwide, problem, with approximately 1 in every 15 children undergoing the procedure by the time they are 7 years old. The time consuming procedure is currently carried out in an operating theatre setting, under general anaesthetic and requires high levels of manual dexterity, multiple surgical instruments and a team of 4. The use of general anaesthetic in such young patients also carries inherent risks.
 
In close consultation with world leading experts in otolaryngology, CIT and AventaMed have pioneered this device which will reduce procedural costs by over 50%. Its intuitive design, safety features, and cost-saving benefits, have been met with great enthusiasm in the medical field.
 
The device has been developed by researchers in CIT’s Medical Engineering Design and Innovation Centre (MEDIC) through an Enterprise Ireland Commercialisation Fund project.
 
“Grommet insertion is the most common surgery in children, and the risks associated with childhood anaesthesia makes current grommet surgery a frightening experience for parents and these young children. Our world renowned surgeons and design team have developed a device which allows grommets to be placed quickl,y and safely, in a doctor’s office, without general anaesthetic. This cuts healthcare costs and makes grommet surgery a stress-free experience for patients and their families.” Olive O'Driscoll, CEO, AventaMed.
 
About AventaMed
AventaMed is an emerging MedTech company focused on simplifying ENT (Ear, Nose and Throat) surgical procedures in order to reduce healthcare costs and improve patient safety.
 
About MEDIC
The Medical Engineering Design and Innovation Centre in Cork Institute of Technology specialise in the discovery and design of medical devices bringing together the full set of skills required, including an extensive network of clinicians, inventors, Quality and Regulatory specialists, and industry partners. The centre’s goal is to develop innovative solutions in all areas of the medical industry adhering, at all times, to best practice and complying with the highest standards.

.............................................................................................................................................................................................................................................

Published 3rd April 2014

CIT Spinout Company Shortlisted for Medical Device Competition

A CIT spin out company, AventaMed, has been shortlisted for the MedTech Idol Competition at the Invest in Innovation Medical Device 360° Event in Dublin on April 9th. It brings together all the players in the medical device industry and will feature start-up company presentations, along with financing, business development, clinical trial and networking sessions and meet-and-greets with industry experts. The competition will give four companies the opportunity to present their devices to a panel of world-class investors in the medical field.

AventaMed has developed a novel disposable device which addresses a very common problem. The V-tube device, inserts a pre-loaded grommet into the eardrum in less than 10 seconds. This will allow the procedure to place grommets in a child’s ear to be carried out in clinics without the need for a hospital visit.

The placement of grommets (tympanostomy tubes) for drainage and ventilation of the middle ear is a large, worldwide, problem, with approximately 1 in every 15 children undergoing the procedure by the time they are 7 years old. The time consuming procedure is carried out in an operating theatre setting, under general anaesthetic and requires high levels of manual dexterity, multiple surgical instruments and a team of 4 staff members. The use of general anaesthetic in such young patients also carries inherent risks.

In close consultation with the world’s leading experts in Otolaryngology, AventaMed have pioneered this device which will reduce procedural costs by over 50% and allow it to be performed in clinics, which will free up theatre time in hospitals and remove the requirement to place the child under general anaesthetic. Its intuitive design, safety features and cost-saving benefits have been met with great enthusiasm in the medical field. Significant Seed Fund was also granted in 2012 through Enterprise Ireland’s Commercialisation Fund.

“Grommet insertion is the most common surgery in children, says Olive O'Driscoll, CEO, AventaMed “and the risks associated with childhood anaesthesia makes current grommet surgery a frightening experience for parents and these young children.  Our world renowned surgeons and design team have developed a device which allows grommets to be placed quickly and safely, in the doctor’s office, without general anaesthetic. This cuts healthcare costs and makes grommet surgery a stress-free experience for patients and their families.”

The V-tube is the first in a pipeline of innovative devices that AventaMed will be bringing to the market to simplify medical procedures and improve patient safety.