PAVmed has entered into a licensing agreement with a group of academic institutions to develop and commercialize antibiotic-eluting resorbable ear tubes.
The multi-product medical device firm has collaborated with Tufts University and two Harvard Medical School teaching hospitals, Massachusetts Eye and Ear Infirmary and Massachusetts General Hospital.
PAVmed will develop and commercialize new ear device by using aqueous silk technology conceived and developed at these institutions.
The deal offers PAVmed with a worldwide license to develop and commercialize the aqueous silk-based resorbable ear tube technology for the life of the underlying patents.
Once the new device is commercialized, the institutions will secure royalties based on revenue and a portion of certain additional proceeds from the sale or sublicensing of the technology to a third party.
PAVmed chairman and CEO Lishan Aklog said: “Academic medical centers and individual clinician innovators have often struggled to advance their medical device innovations to commercialization.
“Academic medical centers and individual clinician innovators have often struggled to advance their medical device innovations to commercialization.”
Massachusetts Eye and Ear Infirmary and Massachusetts General Hospital Pediatric Otolaryngology chief Dr Christopher Hartnick said: “I believe that the antibiotic-eluting resorbable ear tube technology will revolutionize the care of children with complex or recurrent otitis media.”
PAVmed offers products for a wide range of clinical areas, including carpal tunnel syndrome, medical infusions, interventional radiology, tissue ablation and cardiovascular intervention.