MANCHESTER — The maker of a low-cost, medical office-based treatment for chronic tendon pain won the seventh annual TechOut competition that the New Hampshire Tech Alliance hosted Thursday night.
TendoNova Corp. devised the Ocelot System, a novel medical technology created to help the seven million Americans whose tendon pain was not completely erased by physical therapy, according to CEO Roy Wallen.
“We want folks to first go through physical therapy, but as many as 40 percent or even more aren’t completely served by this conservative treatment,” Wallen said during an interview prior to the awards ceremony at Oracle/Dyn in Manchester’s Millyard.
“Our device is designed in a painless, effective and affordable way to take them to that next level in treating tendonopathy.”
A team of five including experts from Georgia Tech University and $125,000 in seed investment came up with the handheld prototype device designed to deliver treatment with the assist from an ultrasound for conditions such as tennis elbow, jumper’s knee, plantar fasciitis and rotator cuff pain, Wallen said.
Two of the principals worked as athletic training expert physicians with the Atlanta Braves and Atlanta Hawks professional sports teams.
Wallen said the two parts to the Ocelot system will cost a health care provider no more than $600 for each application when other devices used in hospital settings can cost more than $50,000.
“Our goal is to expand the use of this system to any size provider,” Wallen said.
The device is awaiting Food and Drug Administration approval in the coming months and the firm, during its $1.2 million development phase, intends to sign an agreement with a contract manufacturer to mass produce the Ocelot, Wallen said.
“Those decisions have yet to have been made but there are some excellent firms right here in New Hampshire that could do it,” Wallen added.
TendoNova Corp. won the $150,000 first prize that was announced after all five finalists gave live presentations of their products.
The firm also won the use of 4,000 square feet of prime retail office space for a year in one of Brady Sullivan’s Elm Street properties.
VentriFlo made by Design Mento Inc. won the $100,000 second prize for its cutting-edge blood pump that delivers enough flow to achieve superior outcomes and reduce costs for both patients and hospitals.
President Doug Vincent said the company’s pump delivers a life-like pulse that improves the flow of blood to organs and is the first and only one for patients undergoing open heart surgery.
“We deliver blood flow the way it should be, starting with pediatric exposure.” Vincent said.
“This will change the world for open-heart surgery.”
Cyborg, the maker of a voice-activated mobile fitness platform, won the third prize and a $50,000 check.
CEO Tim Near said the fitness system comes equipped with an artificial intelligence activity assistant that uses a score and biometrics to create customized fitness plans.
The other finalists were:
Aisling Organics is an organic cosmetics company that makes makeup with crushed plants and herbs that last longer on the face and allows the company to offer even brighter pigments.
CEO Krysta Lewis said she went on a journey for this product after learning her makeup that contributed to severe migraines and other medical complications had such elements in it as formaldehyde and aluminum.
Nolen Ortho develops a next-generation tissue repair that produces a synthetic bone graft that hardens and bonds to adjacent tissue, which then mimics native bone and encourages cell growth.
Founder Darren Nolen said he was motivated to invent this structural adhesive for bone tissues after his long, painful recovery from a motorcycle accident.
TechOut was created to honor early startups.
The Mill Works Fund II, a partnership among NH investors, and the New Hampshire Business Finance Authority provide the capital prizes for this contest.
The contest was open to any company in business for fewer than five years, raised less than $250,000 in funding and has less than $250,000 in revenue. Borealis Ventures was the lead sponsor for this competition.
Additional sponsors included with Brady Sullivan, UBS, Oracle + Dyn, Cook, Little, Rosenblatt and Manson, Consolidated Communications, Dunn Rush, Lavallee Brensinger Architects, Meltwater, Slavic 401k, Clark Insurance, miEdge, Sheehan Phinney, the Entrepreneurs’ Fund of New Hampshire and New Hampshire Business Review.