Hearing loss is extremely common, but Ann Arbor-based OTO Medicine is focused on making it less so. Founded in 2006 by former Pfizer employees, the company is currently seeking funding to run clinical trials and is looking for a CEO. Vice president Peter Boxer expects that both objectives will be achieved within three months.
Boxer explains the focus of their company is preventing hearing loss. "We're not going to restore hearing loss. What our product is designed to do is to prevent noise-induced hearing loss. Anybody who has partial hearing loss is more susceptible to additional noise-induced hearing loss."
OTO's initial target market is the military. Boxer explains why. "They have the greatest need. The federal government estimates that one-third of soldiers that served in Iraq and Afghanistan cannot be redeployed because of hearing loss." He says the company plans to work directly with the military to test their product, which is can be consumed in pill form or as a food additive. By keeping data on how the product works for the soldiers, Boxer hopes it will be able to be sold to the public without an FDA disclaimer.
Boxer says Ann Arbor is "getting better" as a place to do business, but that it falls short in two areas: CEO-level talent and capital. "The two are very linked," he observes. "People who invest want to see that somebody in the company has done this before, has a track record."
OTO has received a Small Business Innovation Research Grant from the federal government. It is currently staffed by its three founders.
Source: Peter Boxer, OTO Medicine
Writer: Kelli B. Kavanaugh
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