Endomedix was founded in July 2005 by John Abrahams, MD and Weiliam Chen, Ph.D. Organized as a C corporation, Endomedix's laboratory was located at the Long Island High Technology incubator at Stony Brook. Richard Russo joined the firm as president and CEO in 2009, and later moved the firm to its current location at the Enterprise Development Center (EDC) incubator at NJIT in Newark, New Jersey. The Company's core focus has been the development of a hydrogel technology using natural biopolymers for medical device applications.
Since 2009, Endomedix has raised $950,000 in sales of common stock to accredited investors, most of whom are surgeons enthusiastic about the Company's technology and product prototypes. Additionally, the National Institutes of Health has awarded Endomedix 7 SBIR grants for an aggregate total of more than $2.6 million. These grants were awarded through a competitive process of peer review and are recognition of the value and quality of the firm's research program. These grants have provided valuable non-dilutive capital to the Company.
Activities and Focus
Endomedix's principal activities revolve around the development of its proprietary technology, obtaining patents for the protection of its intellectual property, and the development of its first device, a surgical hemostat to be indicated for use in intracranial and spinal surgical procedures.
Personnel and Facilities
As of December of 2014, Endomedix employs 4 full time and 3 part time personnel, and leverages these personnel through the use of consultants, contractors and external laboratories. Endomedix leases dedicated laboratory space at the EDC for its product development activities as well as office space.
The Company has developed policies and procedures consistent with the accounting and operational standards consistent with US regulations pertaining to the Company's participation in the SBIR program. Additionally, to assure the prudent use of funds provided by the federal government and to guide and support the Company's research and development program that will be executed at universities and hospitals in the US and at locations outside the US, the Company maintains a policy of limiting the overhead charges that it can pay to these institutions for such research; the maximum overhead rate charge that Endomedix is willing to pay such institutions is 39%.