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Intelect Medical Closes $11 Million in Funding from Boston Scientific and Greatbatch for Stroke and TBI Recovery Clinical Trials
Date:11/12/2008

CLEVELAND, Nov. 12 /PRNewswire/ -- Intelect Medical, Inc., an early stage 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 (NYSE: BSX). Existing investor, Greatbatch, Inc. (NYSE: GB), 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 investigational work on traumatic brain injury (TBI) recovery therapy, in an expanded clinical feasibility study in Europe, and for a U.S. trial for its stroke recovery therapy, both using deep brain stimulation (DBS).

As part of the arrangement, Boston Scientific receives a co-exclusive license to Intelect's Dimension(R) Visual Programming Software for certain fields of use within DBS. The Dimension(R) software, currently under development, will provide clinicians with graphical 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 foot print i
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SOURCE Intelect Medical, Inc.
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