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Richmond medical technology company raises $1M

Richmond medical technology company Tympanogen Inc. has raised $1 million in fresh funding, according to a Securities and Exchange Commission filing.

Tympanogen raised the money from 12 investors and said it is seeking to raise up to $2.5 million through debt and other options, according to the March filing. The round includes participation from Williamsburg’s ShockVentures and Virginia Venture Partners, according to PitchBook.

The Richmond company also received funding in March from the NOLA Angel Network of New Orleans, according to NOLA.com. Tympanogen was founded in 2014 by Elaine Horn-Ranney and Parastoo Khoshakhlagh when they were pursuing their doctorates from Tulane University, which is located in New Orleans. The company set up shop in Virginia when Horn-Ranney and her husband moved to the state.

We’ve reached out to Horn-Ranney, who is the CEO, for comment and will update this story when we hear back. Companies generally do not comment on ongoing funding raises because of SEC regulations.

Tympanogen develops treatments to improve ear, nose and throat procedures, including a gel-patch system for eardrum repair called Perf-Fix.

Its lab space is located at Richmond’s VA Bio+Tech Park and the company counts seven employees on its website.

Tympanogen has racked up some previous grant funding, including $737,369 in November from Virginia Catalyst, a state life sciences organization funded by the general budget and state research universities. It also received $75,000 from the Commonwealth Research Commercialization Fund in 2020 and an undisclosed investment from the state’s Center for Innovative Technology in 2019. Crunchbase pegs the company’s lifetime funding at $2.3 million.

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