By E. Janene Geiss
Philadelphia, Oct. 17 - IntElect Medical Inc. announced Monday that it raised $3 million in a series A financing round.
Biomec Inc., a Cleveland-based medical device development and commercialization firm, is the investor.
IntElect is working with researchers and clinicians at The Cleveland Clinic's Center for Neurological Restoration and Lerner Research Institute Department of Biomedical Engineering to develop neuromodulation therapies and devices for the treatment of neurological diseases and disorders, according to a press release.
Vincent P. Owens, president and chief executive officer of IntElect, said in the press release that the financing raised will be used to develop and commercialize the technologies licensed from the Cleveland Clinic.
"In addition to its cash investment, Biomec offers a talented team of medical device engineers and scientists to assist in the development of our technologies," Owens said.
Among the products under development are deep brain stimulation therapies for target sites in the brain and acute and chronic neuromodulation therapies for target sites outside the brain.
"Neuromodulation is the next major frontier for medical devices and is where heart pacemakers were 30 years ago," Trevor Jones, chairman of Biomec, said in the press release.
The development of IntElect's neuromodulation technologies is partially funded by a $7.6 million Biomedical Research and Technology Transfer grant awarded to the Cleveland Clinic in 2003 under Ohio's Third Frontier Project. The clinic and IntElect are working on the forefront of this science to further treatment options available to patients with neurological conditions, officials said.
IntElect, a Cleveland-based company, is an early stage medical device company focused on providing innovative solutions for patients with neurological diseases or disorders.
| Issuer: | IntElect Medical Inc.
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| Issue: | Series A financing
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| Amount: | | $3 million
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| Investors: | Biomec Inc.
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| Announcement date: | Oct. 17
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