A new and innovative technology company participating in the Enterprise Development Center program at New Jersey Institute of Technology (NJIT) has received two awards for its promising achievements. Last week, Urovalve, Inc., a small startup medical device company, participated in the SmartStart Venture Forum in Albany, and received the best presentation prize.
This week, the company participated in the “Bio-Life-Tech Conference” in Baltimore and received an award for the company most likely to receive funding.
“We are happy to receive encouragement from our peers that our business plan and technology have merit,” said Urovalve, Inc. President and Chief Executive Officer Harvey D. Homan, PhD. “We hope this kind of attention can increase our odds for future funding and support from the business community.”
Urovalve, Inc. is a fledgling enterprise that holds patents on a device which can be implanted through the urethra into the bladder via a simple procedure that does not require surgery. The device contains a metal valve which opens whenever the user wants and is activated by a pocket-sized magnetic wand the user carries.
Urovalve's device will improve the quality of life for men who cannot urinate due to nerve damage, disease or physical problems that affect the urethra. “About 4.5 million men in the U.S. are believed to suffer from these problems,” said Homan. For more information about Urovalve, please visit: http://www.urovalve.com.
The EDC is a high-tech business incubator program that was the first of its kind in New Jersey. Since 1988, the EDC has helped inventors move innovative products out of the lab and into the marketplace. The program, housed in a trio of Newark buildings, provides office and laboratory space, financial help, business and technical services, and the shared expertise of the center’s managers. Goals include reducing risk for fledgling entrepreneurs while creating businesses that will generate jobs and bolster New Jersey’s economy.