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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

nto 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(TM) DBS Therapy system and additional clinical studies of our DBS therapies for stroke and TBI recovery in the U.S. and Europe."

"Greatbatch is committed to supporting the large and growing Neuromodulation device market," said Thomas J. Hook President and Chief Executive Officer of Greatbatch, Inc. "We are pleased to provide funding for Intelect to further develop its innovative DBS therapies and products."

Intelect Medical was incorporated in 2005, as a spin out 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.

About Stroke and Traumatic Brain Injury (TBI)

Both stroke and TBI are leading causes of serious, long-term disability worldwide. According to the National Institute for Neurological Disorders and Stroke, these two disabilities combined have an annual incidence of 2.2 million, while creating in excess of $115 billion in direct healthcare costs annually. Four million people in the United States are survivors of stroke and more than 5 million suffer from TBI disabilities.

About Intelect Medical

Intelect Medical, Inc., headquartered in Cleveland, OH, is an early stage medical device
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SOURCE Intelect Medical, Inc.
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