LIFESERVE INNOVATIONS AWARDED LORAIN INNOVATION FUND
LifeServe Innovations, a LaunchHouse portfolio company, which develops medical device equipment and surgical techniques for airway management and oxygen delivery, has been awarded $75,000 from the Lorain Innovation Fund.
LifeServe Innovations (LifeServe) has developed a patent-pending approach for performing Percutaneous Dilatational Tracheostomy (PDT) to provide long-term oxygenation to patients suffering from respiratory dysfunction. This innovation in percutaneous tracheostomy will reduce the risk of injury to the patient and give greater ease of use to the physicians performing this procedure.
The Innovation Fund, founded by the Lorain County Community College Foundation, is a regional fund focused on supporting technology-based entrepreneurial endeavors and emerging technology-based businesses. The Innovation Fund is supported and administered through a regional and state network of higher education, government and economic development partners to nurture a technology-based entrepreneurial environment for wealth creation and job growth in Northeast Ohio.
The Innovation Fund awards two types of funds, “A” – Validating the Technology and “B” - Validating the Business, the latter of which LifeServe was most recently awarded. Guidelines include that the company is at the stage of validating the business, the technology has already been developed and a prototype exists, as well as an experience CEO and/or business team is in place.
The fund will aid completion of early stage development and advance the manufacturing of a clinical grade prototype. Ultimately, the funding will aid LifeServe in submitting the prototype(s) to the Food and Drug Administration (FDA).