For the more than 6 million people who live with heart disease in the United States, Houston-based startup Corveus Medical is working to be their beacon of hope. The startup received some strong reinforcement of its efforts by placing first at the 2023 Texas A&M New Ventures Competition (TNVC).
Corveus Medical was among six finalists in the annual competition and is now $35,000 closer to its goal of bringing a one-time catheter solution for congestive heart failure to market. The company also received the Winstead Legal Services Prize.
Corveus Medical CEO Tyler Melton said the solution is a result of previous research that identified a nerve branch in the abdominal cavity that is the driving force behind some heart failure issues. Traditionally, moderate-stage patients suffering from heart failure lack treatment options and require invasive procedures such as surgery.
Corveus Medical and Melton recognized the lack of options and the needs of these patients. The one-time catheter provides a minimally invasive solution to essentially “switch off” the nerve branch, reducing the progression of the disease.
“This catheter is giving physicians and families the opportunity to treat their loved ones because essentially, there is nothing right now,” Melton said.
Melton entered the competition confidently, but recognized his company would face robust competition from other innovative companies. He also knew the impact TNVC would have on the assurance in Corveus Medical’s work.
“The financial winnings allow us to proceed in the current market, and all of it is vital. But more importantly, it shows a level of confidence and de-risking from others, such as TNVC, who are outside the process,” Melton said. “So now, because we were able to make it through with such a robust level of competition and prove we can execute, we have another level of confidence in the local ecosystem and a new resource we can utilize long term.”
The annual TNVC is a joint venture between the Texas A&M Engineering Experiment Station and Texas A&M Innovation, as well as a growing ecosystem of entrepreneurial sponsors to ensure innovative ideas throughout the state of Texas become a reality. The competition aims to promote commercialization of emerging technologies and recognized companies with high-growth potential, providing them with seed funding to help effectively execute their ideas and advance product development.
Corveus Medical will use the funding to help reach their $1.5 million funding goal and the next critical development step: in-human clinical trials. Melton said this step will be crucial to prove the viability of the product and gain additional funding for the catheter to reach the market.
Visit the TNVC website to learn more about the competition, its impact on Texas startups and other 2023 winners.