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CLEVELAND, March 17 OH-JumpStart-CWRU
CLEVELAND, March 17 /PRNewswire/ -- JumpStart Inc., the Northeast Ohio venture development organization that accelerates the progress of high growth early-stage businesses, and Case Technology Ventures (CTV), a pre-seed stage venture capital and technology validation fund at Case Western Reserve University, recently announced an investment commitment of $375,000 in Neuros Medical, Inc., a Cleveland, OH company commercializing neurostimulation technology developed at Case Western Reserve University.
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Neuros' technology, which was created by Drs. Kevin Kilgore and Niloy Bhadra of Case Western Reserve University's Department of Biomedical Engineering and MetroHealth Medical Center, in partnership with the Cleveland FES (Functional Electrical Stimulation) Center, is referred to as "Nerve Block" and delivers high-frequency stimulation to sensory nerves in the peripheral nervous system to block chronic pain. The system consists of an electrode (also known as a lead) placed around a peripheral nerve and powered by a pace-maker size generator that is implanted into the chest cavity, abdomen, or lower leg. Because the generator operates in a much higher frequency range than conventional neurostimulation devices, Neuros' technology is able to stop nerve activity to block pain completely, as opposed to simply masking the pain signal. Case has secured a patent for this unique high-frequency application and has an additional 2 patents pending.
The company's initial target market is patients with chronic pain, specifically residual limb pain, a common occurrence after undergoing limb amputation due to vascular disease, circulatory issues, diabetes, cancer or trauma-related events. According to Arch Phys Med Rehab Vol 86, Oct 2005, 68 to 76 percent of the 1.7 million U.S. patients who have undergone amputation experience residual limb pain. This number is expected to double by 2050.
The company is currently conducting investigational studies and will use the JumpStart and CTV investment to complete the testing.
"We are very excited to be providing funding that will help Neuros further develop and test this unique treatment for chronic pain conditions," said Lee Poseidon, the JumpStart Venture Partner who will be working with the company. "We have been impressed with the Neuros team from the very beginning and look forward to working collaboratively on this venture with so many Cleveland-based health and research organizations such as Case and the Cleveland FES Center."
The company's Chief Executive Officer, Jon Snyder, is a CEO-in-Residence at BioEnterprise and Venture Partner at Arboretum Ventures with over 20 years of experience in biomedical and healthcare sales, marketing, and operations. The CEO-in-Residence program was funded by the Entrepreneurial Signature Program, an initiative of Ohio's Third Frontier Project. The 10 year, $1.6 billion Third Frontier Project is the state's largest ever initiative to expand Ohio's high tech research capabilities, innovation commercialization, and company formation, leading to high-paying jobs for generations to come.
"I'm excited about the investments from JumpStart and CTV," says Snyder. "It allows us to further advance the Neuros technology towards our goal of market introduction for patients suffering from chronic pain conditions including the residual limb pain market. This investment recognizes the positive results of our research, validates the potential in our technology, and supports our continued clinical trial plans and commercialization efforts going forward. It's very gratifying."
CWRU's Associate Vice President for Technology Management, Dr. Joseph Jankowski stated "It's satisfying to see the intimate collaboration among JumpStart, BioEnterprise and Case Western Reserve University's researchers and commercialization leadership so quickly lead to this venture that portends to impact the region in terms of health care and financial returns. Likewise, the process of technology assessment, company launching and ultimate technology validation was enabled by and will positively impact other stakeholders including the FES Center and Ohio Neurostimulation Neuromodulation Partnership and its regional for-profit partners."
This is JumpStart's 49th investment in its 38th company and its fourth direct co-investment with CWRU's CTV Fund. Other healthcare companies in JumpStart's portfolio include AcelleRX Therapeutics, AnalizaDx, CardioInsight Technologies, CerviLenz, Freedom Meditech, Great Lakes Pharmaceuticals, Synapse Biomedical, Tursiop Technologies, and VasoLux MicroSystems.
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About Neuros Medical, Inc.
Neuros Medical, a Cleveland, Ohio based neurostimulation company, is focused on developing neurostimulation therapies for unmet needs to patients worldwide. The Company's platform technology, Nerve Block, provides patients with elimination of chronic pain and spasticity in a variety of applications including neuroma/residual limb pain with potential applications in cancer pain, diabetic neuropathy, cerebral palsy, multiple sclerosis, and stroke.
About JumpStart Inc.
JumpStart (www.jumpstartinc.org) is a nationally recognized venture development organization that accelerates the progress of high potential, early-stage businesses and includes a special focus on diverse entrepreneurs working in the highest growth industries. Through the depth of its entrepreneurial team and the breadth of its high value resources, JumpStart improves client success in achieving significant milestones, including raising the follow-on capital necessary to create wealth. JumpStart strives to create a more prosperous future for Northeast Ohio. As part of its robust public/private partnership model, JumpStart recognizes the integral support of Ohio's Third Frontier Project, the state's largest-ever commitment to expanding Ohio's high tech research, innovation, commercialization, and company formation activities, which are increasing opportunities for all Ohioans.
About Case Technology Ventures
Case Technology Ventures (CTV) is the pre-seed venture capital and technology validation fund at Case Western Reserve University. CTV focuses on creating new companies for the Northeast Ohio region by providing capital to pre-seed stage companies based on intellectual property developed at Case and its affiliate institutions. The fund was launched in November 2002 and invests across technological boundaries. Financial support for CTV comes from Case Western Reserve University and the State of Ohio's Third Frontier Project.
About Case Western Reserve University
Case Western Reserve University is among the nation's leading research institutions. Founded in 1826 and shaped by the merger of the Case Institute of Technology and Western Reserve University, Case is distinguished by its strengths in education, research, service, and experiential learning. Located in Cleveland, Case offers nationally recognized programs in the Arts and Sciences, Dental Medicine, Engineering, Law, Management, Medicine, Nursing, and Social Sciences.
About the Cleveland FES Center
The Cleveland FES Center is a consortium of three nationally recognized institutions: the U.S. Department of Veterans Affairs, MetroHealth Medical Center, and Case Western Reserve University. Through the support of these partners, the Cleveland FES Center is able to provide a continuum of advancement. The Cleveland FES Center strives to create a fertile environment in which researchers, engineers, and clinicians work in collaboration to develop technological solutions that improve the quality of life of individuals with neurological or other muscular skeletal impairments through the use of functional electrical stimulation and enables the transfer of this technology into clinical deployment.
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