PAVmed Inc. (NSDQ:PAVMU) said today that it inked an exclusive licensing agreement with academic institutions to develop and commercialize antibiotic-eluting resorbable ear tubes based on an aqueous silk technology designed by the institutions.
As many as 1 million children annually undergo pediatric surgery to place metal, plastic, or latex bilateral ear tubes to ventilate and drain the middle ear as a means to relieve persistent ear infections (otitis media) or middle ear fluid collections (effusions), the company said. The procedure is the most common pediatric surgical procedure in the U.S., according to PAVmed.
Although financial terms of the agreement were not disclosed, PAVmed said it has committed to a timeline with certain milestones towards commercialization.
The institutions will receive royalties based on revenue and portion of additional proceeds from the sale or sublicensing of the tech to a 3rd party.
In addition, PAVmed said that Dr. Christopher Hartnick joined the Medical Advisory Board. Dr Hartnick is a professor at Harvard Medical School, chief of pediatric otolaryngology at Massachusetts Eye & Ear Infirmary and Massachusetts General Hospital.
“We are thrilled to partner with these world-renowned institutions to develop and commercialize this revolutionary technology. Academic medical centers and individual clinician innovators have often struggled to advance their medical device innovations to commercialization,” chairman & CEO Dr. Lishan Aklog said in prepared remarks. “One of PAVmed’s central goals has been to provide innovators with a rapid, capital-efficient and streamlined pathway to commercialization, free from traditional structural and capital constraints. We anticipate this agreement will serve as a model for future engagements with medical device innovators worldwide.”
“I believe that the antibiotic-eluting resorbable ear tube technology will revolutionize the care of children with complex or recurrent otitis media,” Dr. Hartnick added. “I see many clinical benefits, including eliminating the post-operative ear drop regimen, which is a major challenge for parents, and reducing the need for a second operation to remove retained tubes. I also expect fewer complications such as ear tubes remaining in the ear canals for years after becoming dislodged and either causing pain or bleeding, which may lead to a separate procedure to remove the tubes, or obstructing a clear view of the ear drum to identify occult middle ear infection.”