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news.Intelect Medical, an early stage medical device company developing an implantable neuromodulation system for stroke and traumatic brain injury recovery, has closed a licensing and financing deal, led by existing investor Boston Scientific.
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Existing investor, Greatbatch, a developer of medical devices, 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 US trial for its stroke recovery therapy, both using deep brain stimulation (DBS).
As part of the arrangement, Boston Scientific will receive a co-exclusive license to Intelect’s Dimension visual programming software for certain fields of use within DBS. The Dimension 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.
Vince Owens, president and CEO 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 US and Europe.”