Company selected from over 1600 applicants
PALO ALTO, CA (May 9, 2011) — AirXpanders Inc., a company developing technology to address current unmet needs for patients who require tissue expansion for reconstructive surgery, today announced it has been recognized as a “Top 50 Startup” by the 2011 TiE50 Awards Program recognizing the 50 most promising startups worldwide. AirXpanders is one of only 10 life sciences companies chosen from among over 1600 prospective companies.
“We’re tremendously honored to have been selected by TiE for this award,” said Scott Dodson, AirXpanders President and Chief Executive Officer. “We’re working hard to bring to market the first true innovation in tissue expansion in more than 30 years, and it’s gratifying to have TiE recognize our efforts.”
AirXpanders has developed a breakthrough product, the AeroForm™ tissue expander, which addresses the limitations of traditional tissue expanders and changes the face of reconstructive surgery. The system consists of a technologically advanced and anatomically shaped tissue expander and a small hand-held wireless controller. One of the first patient populations AirXpanders is working with will be women undergoing breast reconstruction. Current standard of care is painful and time-consuming and consists of a doctor placing a silicone expander under the skin, and subsequently injecting the expander with as much saline as the patient can stand over a series of doctor visits lasting up to five months, stretching new skin over the tissue. In contrast, the AeroForm offers needle-free, controlled, daily expansion and the potential for a much shorter and less painful recovery period with the patient managing the process from the comfort of her home.
This year, the TiE50 program screened 1619 high quality companies worldwide, through a multi-tier screening and judging process. “AirXpanders was clearly ranked amongst the best of the breed by a team of 60 highly accomplished and experienced judges. These experts included globally recognized venture capitalists, CEO’s, academia, and serial entrepreneurs,” said Mr. Vish Mishra, Chairman of TiEcon 2011 and President of TiE Silicon Valley. “Being recognized as a TiE50 winner is a true testament to their entrepreneurial spirit and world class caliber.”
“TiE50 companies this year again represented an extraordinary set of ideas, innovation, and business opportunities. Since its inception two years ago, 94% of TiE50 companies have been funded, attracting over $20 Billion in investments! 42 companies have already exited,” said Ram K. Reddy, Chair TiE50 2011. “We plan to feature our finalists and winners through various channels and outreach programs during the year.”
The company recently completed a finance round which will serve to fund the company’s planned Investigational Device Exemption (IDE) trial. This will be the company’s second clinical study and the results will be submitted to the FDA as part of an application for 510(k) clearance.
AirXpanders Inc. is a tissue-expansion company focused on the area of breast cancer reconstruction. By employing a revolutionary patient-controlled expander, activated by a wireless remote control unit, the sometimes painful process of recovering one’s body from cancer can potentially be eased with needle-free technology that is inherently less painful, easy to use, and may allow the patient to proceed to a permanent implant much faster than current standard-of-care allows. At this time, AirXpanders’ products are not cleared or approved for sale. AirXpanders is backed by GBS Venture Partners, Prolog Ventures, Heron Capital and Shalon Ventures.
Lazar Partners Ltd.
President & CEO