MBJ: After completing the ZeroTo510 accelerator, SOMOVAC poised to take the next steps toward FDA approval
A few months after completing the ZeroTo510 accelerator, SOMOVAC Medical Solutions is getting closer to meeting its funding goals and has been awarded a fellowship in the Delta Regional Authority’s Delta Entrepreneurial Network.
The company, which designed a patient-friendly, post-surgical drainage system, is on pace to submit its device to the U.S. Food & Drug Administration for 510(k) approval in late 2017.
Esra Roan, one of the co-founders of SOMOVAC, said the company’s post-accelerator focus is on product design and fundraising. Roan and fellow co-founder, Josh Herwig, have set their fundraising goal at $700,000.
That money would fund a continuation of the design process and product testing. Currently, they have commitments for $400,000 from a group of investors.
Through the ZeroTo510 accelerator, Roan and Herwig — who are engineers by trade — learned how to run a business and develop their product.
The Delta Entrepreneurial Network will help them continue their education. Through the network, they will receive intensive technical assistance training, including support for their business plans and detailed feedback on their product pitches. When the program is complete, they’ll have the opportunity to pitch at New Orleans Entrepreneur Week next March.