CLEVELAND, Oct. 17 /PRNewswire/ -- Vincent P. Owens, President and CEO of Cleveland-based IntElect Medical Inc., announced today the completion of a $3 million Series A financing round for the development and commercialization of neuromodulation technologies licensed from The Cleveland Clinic. Biomec Inc., a Cleveland-based medical device development and commercialization company, is the investor.
IntElect, in collaboration with researchers and clinicians at The Cleveland Clinic's Center for Neurological Restoration and Lerner Research Institute Department of Biomedical Engineering, is developing neuromodulation therapies and devices for the treatment of neurological diseases and disorders. Among the products the company has in development are deep brain stimulation (DBS) therapies for target sites in the brain and acute and chronic neuromodulation therapies for target sites outside of the brain.
"We are pleased to have Biomec as an investor and collaborator in launching IntElect Medical," Mr. Owens said. "In addition to its cash investment, Biomec offers a talented team of medical device engineers and scientists to assist in the development of our technologies. We also are grateful to the State of Ohio's Third Frontier Project, which also is providing funding for the development and commercialization of these novel neuromodulation technologies at The Cleveland Clinic."
The development of IntElect's neuromodulation technologies is being partially funded by a $7.6 million Biomedical Research and Technology Transfer (BRTT) grant awarded to The Cleveland Clinic in 2003 under Ohio's Third Frontier Project.
"This is a significant opportunity to continue the creation of a highly visible biomedical industry cluster in Northeast Ohio," said Trevor Jones, Chairman of Biomec. "Neuromodulation is the next major frontier for medical devices and is where heart pacemakers were 30 years ago."
The Clinic and IntElect are among those working at the forefront to further the treatment options available to patients with neurological conditions.
"IntElect is the result of many years of innovative work by an outstanding research and clinical team," said Ali Rezai, M.D., Co-Chair of the Center for Neurological Restoration at The Cleveland Clinic. "The field of neuromodulation is still in its infancy, and we have put together an outstanding team that we believe can help take this field to the next level by rapidly translating new ideas into therapies and devices to benefit patients."
The progress made by the Clinic and IntElect stands to benefit countless patients and their families and will further the course of restoring neurological function.
"We are very pleased that IntElect has been officially launched and financed to further develop new neuromodulation therapies in collaboration with The Cleveland Clinic," said Dr. Hahn, Chief of Staff at The Cleveland Clinic. "In seeking to bring these therapies and devices to market, we hope to improve the quality of life of patients with neurological diseases and disorders."
About IntElect Medical
IntElect Medical Inc., headquartered in Cleveland, Ohio, is an early stage medical device company focused on providing innovative solutions for patients who suffer from neurological diseases and disorders. IntElect works in collaboration with researchers and clinicians at the Cleveland Clinic Foundation's Center for Neurological Restoration and Lerner Research Institute Department of Biomedical Engineering to develop new neuromodulation therapies and devices. IntElect Medical's website address is www.intelectmedical.com.
About The Cleveland Clinic Foundation
The Cleveland Clinic Foundation, located in Cleveland, Ohio, is a not-for- profit multispecialty academic medical center that integrates clinical and hospital care with research and education. The Cleveland Clinic was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. U.S. News & World Report consistently names The Cleveland Clinic as one of the nation's best hospitals in its annual "America's Best Hospitals" survey. Approximately 1,500 full-time salaried physicians at The Cleveland Clinic and Cleveland Clinic Florida represent more than 100 medical specialties and subspecialties. In 2004, patients came for treatment from every state and 100 countries. The Cleveland Clinic website address is www.clevelandclinic.org.
Biomec Inc. is a Cleveland based medical device company with the specific objective of accelerating promising technology from major medical and academic institutions, national laboratories, and from internal proprietary developments to successful commercial products. Biomec's website address is www.biomec.com.
About the State of Ohio Third Frontier Project
The State of Ohio Third Frontier Project, a 10-year, $1.1 billion initiative, is the state's largest-ever commitment to expand Ohio's high-tech research capabilities and promote start-up companies to create high-paying jobs for generations to come. The Third Frontier website address is www.thirdfrontier.com.
IntElect Medical Inc.