ELKRIDGE, Md., April 29, 2021 /PRNewswire/ -- Small business, Evon Medics, LLC today announced that it has been awarded a non-dilutive grant of $2.5 million for its SBIR (Small Business Innovation Research) Phase II clinical trials for the development and evaluation of its non-invasive Computerized Olfactory Training (COT) medical device for home-based treatment of Alzheimer's Disease (AD). This funding is sponsored by the National Institute on Aging (NIA) of the National Institutes of Health (NIH).
The COT is a portable, safe, and user-friendly device that uses chemosensory stimulation of the Primary Olfactory Cortex (part of the brain where neuropathology of AD begins) for the treatment of AD. It works by using proprietary stimulation parameters that overcome Olfactory Cortex desensitization and administering olfactory cognitive tasks that synergistically engage the Olfactory Cortex with high fidelity to increase its neuroplasticity and induce lasting positive changes in its functions.
"This additional non-dilutive funding is yet another milestone achievement and a huge step towards our goal of getting our potentially disruptive and safe treatment to the millions of patients around the world suffering from Alzheimer's Disease," said Charles Nwaokobia, Chief Operating Officer at Evon Medics. "I believe the COT can effectively bridge the treatment gap and will be a delight to all Alzheimer's Disease patients who suffer from the numerous side effects of the currently available palliative treatments for AD. The pilot study showed very encouraging results and I am confident of similar results for the pivotal study we are about to embark on."
Evon Medics, LLC is a medical devices and neuroscience research company founded in April 2013 by Johns Hopkins trained physicians. The company develops therapeutics and devices for the treatment of Alzheimer's Disease, Opioid Use Disorder, Traumatic Brain Injury, Chronic pain, Treatment Refractory Depression, and other chronic neurological diseases that have remained elusive to treatment. The company Head Office is in Elkridge, Maryland.