M2D2 FUNDS TWO NEW MED DEVICE STARTUPS
Mass High Tech Online, Wednesday, November 26, 2008
By Mass High Tech Staff
The Massachusetts Medical Device Development Center (M2D2) reported providing “fast-lane” funding last week to two early-stage companies, MedicaMetrix of Wayland and VeinAid LLC of Fairfield, Conn.
MedicaMatrix, founded by Christopher LaFarge, makes the “ProstaGlove,” a disposable glove, with an embedded sensor, used to measure quantitative prostate volume. In addition to funding, the company received clinical trial help and materials development from M2D2.
VeinAid, launched by Thomas Kottler, helps relieve varicose vein associated pain and circulatory issues with its medical device applied externally. The M2D2 funds will aid marketing efforts of the device and assist with venture capital access and mold development.
The funding amount that M2D2 provided for the companies was not disclosed.
M2D2, a cooperative effort between the University of Massachusetts Lowell and UMass Worcester, began the startup funding program in spring 2007 and has since helped 23 companies bring their products through development. The M2D2 initiative, originally supported with seed funding from the office of the UMass president, also receives support from the Massachusetts Technology Collaborative’s John Adams Innovation Institute and the commonwealth of Massachusetts. The initiative aims to bring Massachusetts-developed medical devices into production.
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