Hungary’s DP Innovations Ltd. finished in second place at the leading health innovations competition in Central, Eastern and Southern Europe, the EIT Health, the organizer of the competition told the state news agency MTI.
According to the press release, the Hungarian company won second place out of 100 startups in the EIT Health InnoStars Awards competition, which was held for the sixth time this year.
The program supports early-stage start-ups from regions of the continent with a lower innovation potential that are looking for mentoring and financial support to further develop their existing prototypes and bring them to market.
The Hungarian company's smart nebulizer for inhaled drug delivery, called Sprin, is designed to help deliver precision medicines more safely, efficiently and painlessly, they said.
The ten finalists represented companies from different fields of biotechnology, medical technology and life sciences.
The winner in the InnoStars Awards was Shuttle Catheters, a Greek company developing innovative catheter technology, while Rome-based Medicud came third with its solution to prevent post-operative infections.
The winner received EUR 25,000, while the second and third place teams received EUR 15,000 and EUR 10,000 respectively.
In addition to the cash prize, EIT Health will also provide the winners with networking opportunities with EIT Health InnoStars partners, healthcare providers and investors, they said.
According to publicly available data, 91.9% of the shares in DP Innovations, founded in 2017, are held by six individuals, with the remaining 8.1% held by the Research, Development and Innovation Capital Fund.
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