DALLAS, TX--(Marketwire - October 21, 2010) - Neuro Resource Group (NRG), the Plano-based manufacturer of InterX® products, has received approval from the State of Texas Emerging Technology Fund (TETF) for an investment of $1.5 million.
The TETF is a $200 million initiative created by the Texas legislature in 2005, reauthorized in 2007 and again in 2009. A 17 member advisory committee of high-tech leaders, entrepreneurs and research experts review companies and recommend funding allocations to the governor and speaker of the House. The TETF is a valuable contributor to the job-friendly environment that has made Texas a national leader in technology development, innovation and job creation.
Following the successful completion of the application and review process, NRG received the first tranche of $300,000 in July of 2010. Additional payments were scheduled to be made in successive tranches dependent on meeting specific milestones over the following 12-18 months.
Due to the success of yet another peer reviewed published clinical trial and the completion of the new InterX Single Patient System, the state decided to move forward with investing all of the remaining $1.2 million without further delay.
President and CEO of Neuro Resource Group, Sean Browne, said, “This capital will allow NRG to start building a sales and marketing team to sell the new InterX Single Patient System. This new pain system is a clinically proven solution for a wide range of acute and chronic conditions. Through our published clinical trials we have successfully shown that the InterX reduces pain, improves function and reduces the amount of pain medication a patient needs. In short, the InterX is redefining expectations for an active life.”
ABOUT InterX®
InterX® products are portable, handheld neurostimulation devices that are available to physicians, physical therapists, occupational therapists, chiropractors and other healthcare professionals for a wide range of acute and chronic pain conditions. The InterX® delivers high amplitude, high density electrical stimulation resulting in effective pain relief and has been clinically proven to promote a more powerful physiological response than standard TENS. This unique technology, previously available in Europe, has been developed and re-designed to provide InterX® FDA cleared medical products with defined treatment applications for healthcare professionals in the US. Personal products are also available for home use as a supplement to professional treatment. InterX devices require a prescription for home use in the USA and Canada. In 2010, the new single patient systems were released providing body specific conductive garments and new and simple treatment solutions for acute and chronic pain. InterX single patient systems are reimbursable through most US insurance companies.
ABOUT NEURO RESOURCE GROUP
Neuro Resource Group (NRG) specializes in the development, design and manufacture of innovative medical products for injury management, rehabilitation, and pain management. The Company’s management team has extensive experience in the healthcare industry and is committed to providing products and developing training materials and protocols that help to improve the quality of patients’ lives. Neuro Resource Group 1100 Jupiter Rd, Suite 190. Plano, TX 75074. 877 314 6500. www.nrg-unlimited.com
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