"Intelect Medical Receives $7 M Investment"
Grant :
Brain Neuromodulation Center
Cleveland: 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) and Greatbatch, Inc. (NYSE: GB). 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."
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.
