Otomagnetics Raises Funding Round

Otomagnetics, a Maryland-based developer of a magnetic injection delivery system, raised a funding round of undisclosed amount.

The funding was arranged through an angelMD member syndicate, led by Aditi Mandpe, MD and Orrin Ailloni-Charas, MD, MBA.

Founded out of the University of Maryland, College Park and led by Benjamin Shapiro, Ph.D., chief executive officer, Otomagnetics developed a method to effectively deliver drugs and other therapeutic payloads to challenging locations such as the ear, eye and skin using magnetic forces.
The Otomagnetics system replaces a needle by leveraging magnetic forces that deliver drugs, genes or proteins through tissue barriers to hard-to-reach targets.



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