December 22, 2022 – Olfax Medical has received $81,000 in cumulative funding from the North Carolina Department of Commerce to support development of novel, nasally delivered therapeutics for treatment of neurological conditions. This non-dilutive funding is made possible through the One NC Incentive and Matching Programs and supplements a Phase I SBIR grant awarded to Olfax Medical by the National Institute of Neurological Disorders and Stroke (NINDS) at the National Institutes of Health (NIH).
“In today’s investment climate, where limited options exist for start-up life science companies, the One NC Program is critical to Olfax’s eventual success”, said Olfax Medical CEO, Jonathan Beckwith. “This funding enables acceleration and expansion of our product development, while also increasing the likelihood of securing Phase II SBIR funding.”
The One NC Small Business Program was established by the State of North Carolina to encourage development and commercialization of high-quality, advanced technology within the state. The program fosters job creation and economic development by providing financial, educational, and policy support to small businesses in capital-intensive, highly-impactful industries, such as medical technology development.
“Our core innovation was borne from clinical practice and over a decade of evaluating, treating, and managing patients with neurological disorders”, said Dr. Jason Cook, Chief Medical Officer of Olfax Medical. “Our target users are individuals who deal with chronic pain – and chronic frustration – from a lack of effective and tolerable treatments. Many of whom come from rural towns in Western NC where opioids are commonly prescribed.”
Since its inception in 2006, One NC Small Business Program has distributed over $32M to 676 small businesses throughout the state, leading to the creation of more than 1000 new jobs and over $8B in follow-on funding raised. To date, Olfax Medical is the eighth small business based in Buncombe County to receive an award.
“Asheville and Western North Carolina, in general, have traditionally been an under-represented region of the state in terms of medical technology development, clinical research, and SBIR funding”, said Jeffrey Kaplan, Director of Venture Asheville. “One NC is a great program that supports the next generation of high-growth ventures. The success of emerging life science companies like Olfax Medical provides new and unique professional opportunities and ushers in a wave of entrepreneurship to the region.”
About Olfax Medical
Olfax Medical is a start-up product development and commercialization company specializing in nasally administered therapeutics. Our mission is to help patients avoid the harmful and addictive side effects of systemic pharmaceuticals by revolutionizing nasal drug delivery. Founded in 2017, our experienced team of engineers, clinical care specialists, and clinical researchers are creating novel, self-administered therapeutic treatments that utilize the nerve networks of the turbinates and the olfactory and trigeminal nerves, to absorb neurologically active medications directly from the nose to the brain, bypassing the blood-brain barrier. Further information about Olfax Medical is available at www.olfaxmedical.com.
About the One North Carolina Small Business Program
The One North Carolina Small Business Program helps small, innovation-based companies bridge the gap between innovation and the marketplace – by matching highly competitive federal Phase I Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) grants. Since its inception in 2006, the program has helped 400 small businesses in 38 counties create and maintain more than 1,200 jobs and leverage more than $8 billion in follow-on funding from other sources. This is a 250x return on state investment. More information on the One North Carolina Small Business Program can be found at: https://www.commerce.nc.gov/grants-incentives/technology-funds/one-north-carolina-small-business-program