University of Melbourne spin-off Otifex has reportedly raised $1.1 million for the development of a nasal spray to treat otitis media with effusion (OTE), in which viscous fluid builds up in the middle ear, potentially leading to hearing loss. The Medical Research Commercialisation Fund and Uniseed are providing the funding.
No medications for OTE are available at this time; instead children often have tubes placed in their ears to drain the fluids and take antibiotics to deal with any infection that may occur. The nasal spray under development would help to clear the fluid from the ear.
The funding will help to pay for formulation, manufacture of the nasal spray, and a Phase 1 clinical trial. Additional funding will be required for the company to advance the product to Phase 2.
Otifex also announced the appointment of Christopher Wraight as Chief Operating Officer.
Read an Australian Life Scientist article.
