October 20, 2016
Purdue-related company wins funds to advance wound-healing technology in military veterans' startup competition
WEST LAFAYETTE, Ind. and AUSTIN, Texas – MedNoxa LLC, a medical device company founded by a military veteran that is commercializing a Purdue innovation to provide a novel, over-the-counter oxygen–based bandage, won $5,000 at a business pitch competition during Austin Startup Week earlier this month.
MedNoxa's wining technology is a wound-healing device designed to deliver localized oxygen directly to a wound to promote and accelerate healing in the form factor of a traditional bandage. The technology is designed to be used on everything from a cut, blister or surgical incision, to ulcers and burns.
The startup week, including the pitch competition, was hosted by The Bunker Labs, a national nonprofit organization built by military veteran entrepreneurs to empower other military veterans as leaders in innovation. The competition encouraged veterans, military spouses, corporate partners and innovators to bring their best ideas to the pitch stage for a chance to win prize money. At the competition, 21 people representing 21 military veteran-founded businesses pitched in front of a panel of judges.
Eric Frey, founder of MedNoxa, graduated from the U.S. Naval Academy and was commissioned in the U.S. Marine Corps. He served nine years as a combat engineer officer. Frey did two deployments to Iraq in 2006 and 2007 and medically retired in 2013 as a captain.
Frey said winning the competition helped validate his work.
"Winning this competition means a lot," he said. "Somewhere in the world a leg is lost to diabetes every 30 seconds, so winning this competition and getting our name and work out there will help us get to market faster so we can help those in need faster, which is our primary focus for now."
MedNoxa will use the money won in the competition, as well as a recently received sponsored research agreement, to further product design, development and production of 100 functional prototypes of the bandage for further testing.
Frey said the company is exploring the technologies use in a variety of applications.
"Although originally the technology was designed for diabetics, we have been exploring how our technology could be used to support the warfighter recovering from a variety of wounds to get back into the fight," Frey said. "We also believe the technology would be beneficial in the veterinary market and plan to look further into that. With these different markets we truly believe there's a lot of potential for the technology and company, and room to grow."
MedNoxa will be showcasing its technology at the Defense Innovation Medical Showcase Challenge on Nov. 29 and 30. The innovation showcase allows companies to share their technology with top Department of Defense leadership.
MedNoxa is also part of the Texas Venture Labs accelerator program at the University of Texas, Austin. The program has allowed MedNoxa to receive support from five graduate students who are completing market research and validation in the veterinary market for the company's technology. MedNoxa will complete the accelerator program with a business pitch at the Texas Venture Labs Venture Expo with 10 other companies on Dec. 1.
MedNoxa is an early stage medical device company bringing effective and affordable over-the-counter oxygen based wound-healing devices to consumers that do not interrupt lifestyle or impede physical activity.
About Purdue Research Foundation Office of Technology Commercialization
The Purdue Research Foundation Office of Technology Commercialization operates one of the most comprehensive technology transfer programs among leading research universities in the U.S. Services provided by this office support the economic development initiatives of Purdue University and benefit the university's academic activities. The office is managed by the Purdue Research Foundation, which received the 2014 Incubator Network of the Year from the National Business Incubation Association for its work in entrepreneurship. For more information about funding and investment opportunities in startups based on a Purdue innovation, contact the Purdue Foundry at email@example.com. For more information on licensing a Purdue innovation, contact the Office of Technology Commercialization at firstname.lastname@example.org
Purdue Research Foundation contact: Hillary Henry, 765-588-3586, email@example.com
Source: Eric Frey, 661-301-8305 Eric.Frey@mednoxa.com