HOBOKEN, N.J. Stevens Proof of Concept Inc. (SPOC) of Stamford, Conn., a Technogenesis Company incubated at Stevens Institute of Technology, and Connecticut Innovations (CI), the states quasi-public authority responsible for technology investing and innovation development, have announced that CI has completed a follow-on pre-Series A investment of $300,000 in SPOC. CI made this investment through its Eli Whitney Fund. Earlier this year, CI invested in SPOC through its Connecticut BioSeed Fund.
SPOC was formed in July 2005 at Stevens Institute of Technology, Hoboken, New Jersey, by its University Research and Enterprise Development office along with Dr. Norman Marcus, a leader in pain management, and three Stevens undergraduate students in biomedical engineering. SPOC has developed a proprietary point-of-care medical diagnostic system, consisting of a medical device and methodology that pinpoint the specific myofascial (muscle) trigger points causing pain. The patent pending device is the first use of electroneural stimulation for diagnostic purposes. SPOCs diagnostic system will benefit patients by helping to eliminate treatments that prove to be ineffective, such as surgical procedures, and by allowing physicians to locate more effectively and to treat muscles that generate pain.
Since approximately 100 million people in the United States suffer from chronic pain and approximately 80 percent of Americans suffer from some form of pain in their lifetime, the potential market for such a system is enormous.
Vikki Hazelwood, chief executive officer of SPOC, commented, We are pleased to have had such solid and active support from our investors CI and Stevens. CIs follow-on financing will ensure that we maintain our stride as we continue to develop SPOC Inc. in Stamford and position it well for our Series A investment.
Dr. Helena Wisniewski, vice president of University Research and Enterprise Development at Stevens Institute of Technology added, We appreciate CIs commitment to SPOC. The additional funding from CI provides a confirmation of SPOCs commercial value. CIs business guidance together with its funding has contributed significantly to SPOCs rapid development, and we feel that working together we can reach SPOCs true market potential.
We have been extremely encouraged by the ability of the team at SPOC to achieve its technical and business milestones, said Peter Longo, president and executive director of CI. Progress at the company has been faster and better than anticipated. Consequently, we wanted to help the company maintain its strong momentum and have supported it with this follow-on funding. Longo added, We look forward to providing further investment assistance to SPOC in early 2008, when it will be seeking a Series A round of funding.
|Contact: Patrick A. Berzinski|
Stevens Institute of Technology