par Lynn Shapiro
, Writer | December 09, 2008
Intelect Medical, Inc., a start up company developing an implantable neuromodulation system for stroke and traumatic brain injury recovery, announced it has closed a licensing and financing deal, led by existing investor Boston Scientific Corporation,
Existing investor, Greatbatch, Inc., also participated in the equity portion of the round that will provide between $11 million and $13.5 million plus the potential for future payments.
The company plans to use the proceeds to continue its experimental work on traumatic brain injury (TBI) recovery therapy, in an expanded clinical study in Europe, and for a U.S. trial for its stroke recovery therapy, both using deep brain stimulation (DBS).
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As part of the arrangement, Boston Scientific receives a co-exclusive license to Intelect's Dimension Visual software for certain fields of use within DBS.
The Dimension software, currently under development, will provide clinicians with information about changes in the stimulation field created around electrodes in the brain as electrical parameters are adjusted.
Intelect's software is based on the work of Cameron McIntyre, Ph.D. and his colleagues at the Cleveland Clinic's Lerner Research Institute Department of Biomedical Engineering.
"We are pleased to broaden our partnership with Intelect Medical," said Michael Onuscheck, President of Boston Scientific Neuromodulation. "This relationship will improve our footprint into the DBS space and enable Intelect Medical to pursue their landmark research."
Vince Owens, President and Chief Executive Officer of Intelect Medical, said "This funding from Boston Scientific and Greatbatch will support our on-going R&D efforts related to our Enspire DBS Therapy system and additional clinical studies of our DBS therapies for stroke and TBI recovery in the U.S. and Europe."
Intelect Medical was incorporated in 2005, as a spin off of both the Cleveland Clinic and Cornell to develop new DBS therapies for recovery from stroke and TBI.
Intelect's stroke recovery therapy is based on the work of Andre Machado, M.D. and his colleagues at Cleveland Clinic's Center for Neurological Restoration.
The company's traumatic brain injury technology, based on the work of Nicholas Schiff, M.D., was licensed through the Cornell Center for Technology Enterprise and Commercialization (CCTEC), the technology transfer arm of the Weill Cornell Medical College. The Cleveland Clinic Foundation and Cornell Research Foundation, Inc. are shareholders in Intelect Medical.