A Baltimore medical device startup, Perceptive Navigation, has raised $500,000 to put towards securing federal regulatory approval of its ultrasound device.
They have been backed by the Maryland Venture Fund and the Abell Foundation. It is building on a $1.4 million grant from the NIH. The CEO Todd Chappell expects the approval to take place in late 2016.
Their device was developed by Dr. Theodore P. Abraham, a Johns Hopkins cardiologist. Perceptive will now be doing an animal study to test how effective it is and then a clinical study.
They are also hoping to get regulatory approval to sell the device in Europe.