LITTLETON, Colo., and CLEARWATER, Fla., March 15, 2010 - Pico-Tesla, The Magneceutical™ Therapy Company, announced today that it has received the first tranche, $1 million, of a $4 million Series A capital raise. Pico-Tesla will use some of the proceeds to fund two ongoing clinical trials, as well as initiate new studies.
The Company also announced that it has expanded its operations by opening an East Coast headquarters near Tampa, Florida.
“We have gotten off to a very fast start in 2010,” said Allen Braswell, CEO of Pico-Tesla. “Of course, we are pleased that new investors have determined that Pico-Tesla has a significant opportunity ahead of it. But we also are very excited about our new operations in Tampa Bay, which we believe will allow us to accelerate enrollment in our two ongoing clinical trials, one for Parkinson’s Disease and the other for type 2 diabetes.”
The purpose of the ongoing Phase III clinical trial is to demonstrate the efficacy of Magneceutical™ Therapy as an adjunctive therapy to improving aspects of health and quality of life that are relevant to patients with Parkinson’s Disease. Pico-Tesla intends to submit the Phase III data and analysis via a 510(k) de novo application to obtain FDA clearance to sell the device in the United States. The Phase III clinical trial was designed by principal investigator Rajeev Kumar, M.D., a movement disorder specialist and medical director of the Colorado Neurological Institute Movement Disorder Center, Englewood, Colo.
Pico-Tesla also has been enrolling patients in a randomized, double-blinded, placebo-controlled Pilot Study of persons who have type 2 diabetes, the most common form of diabetes. The Pilot Study seeks to determine whether the application of magnetic fields generated by the Company’s patented Resonator™ system can be effective as an adjunctive therapy to oral medications in reducing hemoglobin A1c levels.The protocol for the Pilot Study was developed in consultation with Michael McDermott, M.D., Director, Endocrinology and Diabetes Practice, University of Colorado Health Science Center, Aurora, Colo.; and with Mitchell Gershten, M.D., an internist and staff physician at Saint Mary’s Hospital in Grand Junction, Colo.
Pico-Tesla’s Magneceutical™ Therapy involves the use of an extremely low-level electromagnetic field (EMF) applied by a specially designed device-the Resonator™, invented by Dr. Jerry I. Jacobson, along with proprietary therapeutic protocols-intended to improve a number of the signs and symptoms of Parkinson’s and other diseases, including Type 2 Diabetes.
Privately held Pico-Tesla Magnetic Therapies is an emerging medical technology company with operations at: 7852 South Elati, Suite #202, Littleton, CO 80120 (303-795-3222); and, 4700 140th Avenue North, Suite #101, Clearwater, FL 33762.
CAUTION: The Resonator™ device is an Investigational Device limited by federal (or United States) law to investigational use. The Resonator™ device is not for sale, nor is the Magneceutical™ Therapy generally available outside of Investigational Review Board (IRB)- approved clinical studies.
