Press communication
Lund, Sweden, March 28, 2024
This is a translation of the Swedish press release published 2024-03-28
Neola Medical’s product for lung monitoring of preterm born infants, Neola®, was selected by Stanford as one of the top ten most promising medical technology products in the world that can improve care for children. On Friday, March 22, 2024, Neola Medical, as one of the finalists for the PDC Accelerator Award in the Stanford Pediatric Device Consortium (PDC) Accelerator Pitch Competition 2024, had the opportunity to present the company’s innovation at the Michael R Harrison Innovation Symposium at the University of California, San Francisco (UCSF), USA. CEO Hanna Sjöström was present and pitched Neola® to win the silver medal, receiving a 25 000 USD PDC Accelerator Award as well as mentorship and tailored guidance from Stanford’s team of world-leading experts in medical technology.
The first part of the competition began with a pitch in front of a large audience, followed by questions from a panel of international industry experts. During the final part of the competition, a prize ceremony was held where the panel selected the best innovations to receive the PDC Accelerator Award based on the level of innovation, marketability, and clinical utility of the medical technology product. Thanks to funding from the U.S. Food and Drug Administration (FDA) through the Pediatric Device Consortia Grants Program, and generous support from the Frederick Gardner Cottrell Foundation and The Hooper Family, a total of 250 000 USD was awarded in grants.
“I am honored that Neola Medical has been awarded the silver medal and 25 000 USD in the PDC Accelerator Award in such a prestigious international competition for advanced medical technology in the USA. The competition has been tough, and it is a privilege to be recognized among the best innovative companies that can improve healthcare for children by Stanford’s own international industry experts. This recognition is especially meaningful as we approach the commercial launch of Neola®, our medical technology product for non-invasive, continuous monitoring of lung function in preterm born infants, in the USA.”, says CEO Hanna Sjöström.
About the UCSF-Stanford Pediatric Device Consortium (PDC)
The UCSF-Stanford Pediatric Device Consortium (PDC) Accelerator is a direct funding program targeting companies, innovators, and academic institutions based in the USA with a promising idea for a pediatric healthcare medical technology product that can enhance care for children. The program is offered once a year, and participants are selected through the PDC Accelerator Pitch Competition in March, with participation lasting for one year for accepted applicants who meet the FDA’s definition of a medical technology product. Opportunities are provided to collaborate with UCSF-Stanford PDC’s pediatric team and its advisors to develop the idea into a marketable product and to expedite its market availability for the benefit of patients. A few selected participants will also be given the opportunity to be part of and work closely with the world-leading medical technology incubator, Fogarty Innovation Accelerator in the USA, with the aim of advancing their pediatric innovations and contributing to the promotion of pediatric healthcare.
The University of California, San Francisco (UCSF) – Stanford Pediatric Device Consortium (PDC) remains one of the five centers participating in the national program aimed at accelerating the development and availability of medical devices specifically designed for children. The UCSF-Stanford Pediatric Device Consortium (PDC) has received $7.4 million from the FDA over the next 5 years to facilitate the development of innovative medical devices specifically intended for children. There is a critical need for new medical devices designed specifically for the unique needs of children, and the FDA launched the Pediatric Device Consortia (PDC) Grants Program in 2009 to address this. As one of the first PDCs, UCSF has been a leading institution since 2009, and the grant award in 2023 makes UCSF the longest continuously funded consortium of its kind, with a successful track record of supporting several hundred pediatric innovations on their path to commercialization and patient access. In 2018, UCSF PDC merged with Stanford University to expand it into UCSF-Stanford PDC.
For further information, contact:
Hanna Sjöström, CEO Neola Medical, phone: +46 (0)760-10 71 16, e-mail: hanna.sjostrom@neolamedical.com
Neola Medical AB (publ) develops medical technology device for continuous monitoring of preterm born infants’ lungs. Immediate detection of complications provides the possibility of early treatment and improved health care. The patented technology is based on a spectroscopic method developed at Lund University in Sweden. The company was founded in 2016 and is listed on NASDAQ First North Growth Market (ticker: NEOLA). Read more at www.neolamedical.com. The company’s Certified Adviser is FNCA Sweden AB.