Medical Screening Device for the Prevention of Strokes Being Developed in Dublin

Support from TechColumbus Venture Development Services Helps Keep Innovative Startup in the Region

After launching five previous companies, including one which went public, serial medical device inventor, Philip Eggers says he’s very excited about the fact that his sixth company will be funded and grown in the Midwest – specifically in Central Ohio. 

Eggers heads Cardiox Corp., a Dublin-based medical device development firm that is currently working on a non-invasive diagnostic system that will help in the prevention of strokes, mini-strokes and potentially migraine headaches. 

The company recently received an investment of up to $500,000 from the TechColumbus Regional Commercialization Fund (RCF). This, combined with investments from another Central Ohio resource, Reservoir Venture Partners, allowed Cardiox to complete its critical round of Series A funding. 

Over the years Eggers has raised over $170 million in capital for his previous enterprises. He says his encounters with TechColumbus in gaining pre-seed funding for his newest venture have been a complete and surprisingly pleasant departure from what entrepreneurs generally experience in dealing with venture capitalists.

“Typically you make a lot of presentations and get very little feedback other than ‘no’ or ‘not a good fit’” says Eggers. 

With TechColumbus, Eggers says he and his associates actually received valuable advice about how to restructure their pitch to make it more attractive to venture capitalists. 

“Rather than just sitting across the table from us reviewing our concept, they actually joined us on our side of the table and became a part of our team.”

Cardiox is Eggers’ first company that will have the opportunity to grow and remain in Central Ohio (the economic impact of which is projected to be $5.7 million in payroll created by the end of the fifth year following market launch). Previously Eggers has had to go the West Coast for funding partially because that is where early-stage medical device VC funding has typically been concentrated and partially because that is where he has a proven track record and the most contacts. 

“If it wasn’t for Reservoir and TechColumbus, I would have ended up back in the Bay Area,” he says. “It’s an encouraging time for entrepreneurs in Central Ohio, with programs like TechColumbus and other state supported initiatives, companies can get their start and then grow to a stage where they gain the attention of Midwest investors.” 

Egger’s latest venture, Cardiox, is developing a non-invasive method of detecting a right-to-left shunt (or hole) in the heart.. During the fetal stage of development, an opening naturally exists between the right and left sides of the heart which enables circulation of the mother’s oxygen-rich blood throughout the vasculature of the fetus. With 80 percent of the population, this opening seals permanently within the first year following birth. However, in the remaining 20 percent, the opening fails to shut completely. Most of these openings are typically small enough that the person never experiences any symptoms (dizziness, numbness, blurred vision, etc.). However for some, this normally closed flap in the heart temporarily opens and allows blood to flow directly from the right side of the heart to the left side without going through the filtering process of the lungs. Without this filtering, tiny blood clots and other agents can potentially by-pass the filtering benefit of the lungs and pass directly into the blood being pumped into the body. If these tiny blood clots reach the brain they can produce debilitating and even life-threatening consequences. These consequences are known to include stroke, heart attack and are also believed to be one of the causes of certain forms of severe migraine headaches.  

Current methods for diagnosing a right-to-left shunt are both invasive and traumatic to the patient. Most who undergo the gold standard diagnostic procedure, known as transesophageal echocardiography, say they will never go through the procedure again because of the discomfort of the procedure and the trauma it causes to their esophagus. In addition, such procedures and others used to diagnose a right-to-left shunt need to be performed in a catherization lab facility with specially trained cardiologists and an anesthesiologist. Consequently the procedure is not only invasive, but expensive.  

Cardiox is developing a procedure that detects right-to-left shunts through the injection of an indicator into a vein in the arm and placing a sensor on the ear. While the indicator is being injected, the patient performs a breathing maneuver to reveal the presence of a right-to-left shunt. The procedure can be done by a nurse or a technician in a doctor’s office in less than ten minutes. This provides a non-invasive and cost-effective method for pre-screening for the presence of a clinically significant right-to-left shunt in patients presenting with strokes, mini-strokes and some types of migraines. 

If a right-to-left shunt is detected, and subsequently repaired, the Cardiox device can also then be used to test the effectiveness of the seal during post operative follow-ups.

Eggers says Cardiox is currently undergoing several key phases including internal review board (IRB) approval for planned clinical trials at New York Presbyterian/ Columbia University Medical Center and the Royal Brompton Hospital in London. He anticipates the first clinical studies will be underway by 4Q, 2009 with market launch projected by 1Q, 2011.

Cardiox has applied, and is currently under consideration for funding from the Global Cardiovascular Innovation Center, another State of Ohio backed program, dedicated to developing, incubating and commercializing cardiovascular technology within the state. 

“Central Ohio is home to a lot of very creative ideas and innovators,” says Eggers, who himself is a named inventor on over 165 U.S. patents. “TechColumbus and similar programs are now making it possible for these innovators to raise money and launch their companies in the region – and that’s encouraging.”