MAPLE GROVE, Minn., Aug. 2 /PRNewswire/ -- NeuroVasx, Inc. announced today that it has completed a private placement of convertible promissory notes in the aggregate amount of $1,075,000 with Miller Johnson Steichen Kinnard of Minneapolis, MN and The Stephens Group of Little Rock, AR. Terms of the financing were not disclosed. The monies will support the completion of the Company's 510(k) application to the Food and Drug Administration for its Aneurysm Filler, a cerebral aneurysm treatment device currently in development.
The Company also announced the hiring of Eric B. Timko as President/CEO effective July 19, 2004. Mr. Timko was the former President of Carl Zeiss Surgical of Thornwood, NY. Prior to his employment with Zeiss he was the Vice President for Siemens Medical Systems, Inc.
"Eric Timko brings to NeuroVasx a strong background in developing and building successful teams and business strategies essential to the future success of NeuroVasx," said Dan Gladney, President and CEO for Compex Technologies, Inc., and NeuroVasx, Inc. Director.
Jeffrey A. Lee, Founder of NeuroVasx, will devote full-time his efforts in technology development and product commercialization with the Company as its Vice President of Research and Development.
NeuroVasx retained the services of Bob Gillespie of R.M. Gillespie & Associates, Inc. in its search for its new President/CEO.
NeuroVasx, Inc. is a development stage company founded in 1997 focused on developing a portfolio of unique catheter and implant technologies to treat acute stroke, aneurysms and other cerebrovascular disorders. Stroke is the third leading cause of death and is the leading cause of adult disability in the United States. The worldwide market potential for stroke treatment devices is estimated to be $3 billion.
NeuroVasx, Inc.CONTACT: Eric B. Timko, President and CEO of NeuroVasx, Inc.,+1-763-315-0013
Web site: http://www.neurovasx.com/
