CLEVELAND, June 11 /PRNewswire-FirstCall/ -- Intelect Medical, Inc., a Cleveland Clinic-founded company that develops implantable neuromodulation systems for brain injury recovery, announced today it has closed its Series B financing for $7 million from Boston Scientific Corp. (NYSE: BSX - News) and Greatbatch, Inc. (NYSE: GB - News). Cornell University, a partner in the company, provided key technology.
The company plans to use the proceeds to expand clinical feasibility trials for its investigational traumatic brain injury (TBI) recovery and stroke recovery therapies using deep brain stimulation (DBS).
"Stroke and traumatic brain injury affect millions of people," said Vincent Owens, President and Chief Executive Officer, Intelect Medical. "The funding from Boston Scientific and Greatbatch will allow us to continue our applied research and clinical studies of DBS therapies and provide therapeutic options to help patients recover from stroke and TBI disabilities."
"Neuromodulation devices represent a large and growing market," said Thomas J. Hook President and Chief Executive Officer of Greatbatch, Inc. "We are pleased with the progress that Intelect has made in this important development initiative and are delighted to provide funding to further develop its DBS therapies and products."
Intelect Medical was founded in 2005 based on technologies developed by Ali Rezai, M.D., Director of Cleveland Clinic's Center for Neurological Restoration, Cleveland Clinic physicians and researchers, and Nicholas Schiff, M.D., Director of the Laboratory of Cognitive Neuromodulation at the Weill Cornell Medical College. The company is one of 18 companies spun off from Cleveland Clinic in the past five years.
"It is gratifying to see our technology and therapies move from the lab and closer to patient care," said Ali Rezai, M.D., Director of Cleveland Clinic's Center for Neurological Restoration. "Our therapies present a significant opportunity to improve treatment options for stroke and TBI recovery."
Cleveland Clinic and Cornell Research Foundation, Inc., have ownership stakes in Intelect Medical.
About Stroke and TBI
Both stroke and TBI are leading causes of serious, long-term disability worldwide. According to the National Institute for Neurological Disorders and Stroke, these two disabilities combined have an annual incidence of 2.2 million, while creating in excess of $115 billion in direct healthcare costs annually. Four million people in the United States are survivors of stroke and more than 5 million suffer from TBI disabilities.
About Intelect Medical
Intelect Medical, Inc., headquartered in Cleveland, OH, is an early stage medical device company focused on providing neuromodulation solutions to patients suffering with disabilities from brain injury. For more information, visit http://www.intelectmedical.com.
About Weill Cornell Medical College
Weill Cornell Medical College - located in New York City - is committed to excellence in research, teaching, patient care and the advancement of the art and science of medicine. Weill Cornell, which is a principal academic affiliate of NewYork-Presbyterian Hospital, offers an innovative curriculum that integrates the teaching of basic and clinical sciences, problem-based learning, office-based preceptorships, and primary care and doctoring courses. Physicians and scientists of Weill Cornell Medical College are engaged in cutting-edge research in such areas as stem cells, genetics and gene therapy, geriatrics, neuroscience, structural biology, pharmacology, cardiovascular medicine, AIDS, obesity, cancer and psychiatry - and continue to delve ever deeper into the molecular basis of disease in an effort to unlock the mysteries behind the human body and the malfunctions that result in serious medical disorders. Weill Cornell Medical College is the birthplace of many medical advances - from the development of the Pap test for cervical cancer to the synthesis of penicillin, the first successful embryo-biopsy pregnancy and birth in the U.S., and most recently, the world's first clinical trial for gene therapy for Parkinson's disease. Weill Cornell's Physician Organization includes 650 clinical faculty, who provide the highest quality of care to their patients. For more information, visit http://www.med.cornell.edu.
About CCF Innovations
CCF Innovations, the technology commercialization arm of Cleveland Clinic, stewards the Clinic's technology innovation strategy. It enhances product- oriented innovation throughout Cleveland Clinic and transforms promising therapies, devices and diagnostics into beneficial medical products, via spin- off companies, licensees and equity partnerships.
About The Cleveland Clinic
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 http://www.clevelandclinic.org.
Source: Intelect Medical, Inc.